Rajeswari Infrastructure Ltd Management Discussions

The operational performance and future outlook of the business has been reviewed by the management based on current resources and future development of the company.

Industry Structures & Developments

"Despite being burdened with high construction costs and increased cost of borrowin&the Indian construction and real estate sector continues to be a favored destination for global investors," said the Grant Thornton International Business Report.

Over the years the Indian construction industry has seen tremendousgrowth.This growth can be associated with various factors such as multinational entrepreneurialism, buoyant local stock markets, robust economy changing demographics and the overall emergence of India on the global stage. Consequentially with improved living standards, there came a growing need for sophisticated commercial spaces and increased demand for improved housing.This in turn led to policies which encouraged steady supply of power and efficient transport infrastructure, which in turn provided a boost to investments in the construction industry, and made it an attractive sector to both domestic and foreign investors and developers. Construction industry is the second largest employer after agriculture in the country.

The last few years have been tougher for the construction and engineering sector. Environment and forest clearances, land acquisition, delay in decision making etc., created a negative environment

OPPORTUNITIESANDTHREATS

Business conditions continue to be challenging.The growth of the company is subject to opportunities and threats as are applicable to the industry from time to time.

CHALLENGES, RISKS AND CONCERNS

Your Company operates in an environment which is effected by various factors some of which are beyond its control. The management periodically reviews the control mechanisms in place, so that risks can be minimized to the optimum.

INTERNAL CONTROL SYSTEMS ANDTHEIR ADEQUACY

The Company has an adequate system of internal controls to ensure that transactions are properly authorized, recorded and reported, apart from safeguarding its assets.The internal control system is supplemented by well-documented policies, guidelines and procedures and reviews carried out by the companys internal audit function, which submits reports periodically to the Management andAudit Committee of the Board.

HUMAN CAPITAL

Human capital plays a crucial role in achieving our growth aspirations.Your Company has a favorable work environment that motivates performance, customer focus and innovation while adhering to the high degree of quality and integrity The senior management team consists of experienced professionals with diverse skills.

The employees are the key to success and growth. The organization faces various challenges at many fronts. In such situations, it is the quality of the talent which helps us withstand the pressures.

SEGMENTAL ANALYSIS

Segment wise revenue, profit and capital employed have been reported in the notes on accounts for the year ended 31 stMarch, 2022.The Segmental report has been prepared in the manner prescribed in Accounting Standard 17 issued by the Institute of Chartered Accountants of India and audited by theAuditors of the Company.

CAUTIONARY STATEMENT

Statements in the Management discussion and Analysis report with regard to projections, estimates and expectations have been made in good faith. The achievement of result is subject to risks, uncertainties and even less than accurate assumptions. Market data and information are gathered from various published and unpublished reports; their accuracy, reliability and completeness cannot be assured.

CHIEF EXECUTIVE OFFICER (CEO)/CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION

I, G. Ramamurthy, Chairman and Managing Director and Mr. R. Kishor Kumar, Chief Financial Officer of Rajeswari Infrastructure Limited, to the best of our knowledge and belief hereby certify that;

(a) We have reviewed financial statements and the cash flow statement for the year and that to the best of my knowledge and belief;

(i) These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

(ii) These statements together present a true and fair view of the Companys affairs and are in compliance with existing accounting standards,applicable laws and regulations.

(b) To the best of our knowledge and belief, no transactions entered into by the Company duringtheyearwhich arefraudulent,illegal or violative of the Companys code of conduct.

(c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that I have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and I have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which I am aware and the steps we have taken or propose to take to rectify these deficiencies.

(d) We have indicated to the auditors and theAudit Committee:

(i) Significant changes in internal control over financial reporting during the year;

(ii) Significant changes in accounting policies consequent to the implementation of new Indian Accounting Standards (Ind AS) have been appropriately disclosed in the financial statements.The impact of new IndAS on the Companys financials is not material; and

(iii) We are not aware of any instance of significant fraud with involvement therein of the management or any employee having a significant role in the Companys internal control system overfinancial reporting.

Place: Chennai	R.Kishor Kumar	G. Ramamurthy
Dated: 19-08-2022	Chief Financial Officer	Chairman & Managing Director (DIN:00060323)