Rajratan Global Wire Ltd Management Discussions

Economic overview

Global economic overview

Global economic growth is expected to remain stable at 3.3% in 2025 and 2026, marking a slight improvement over the estimated 3.2% in 2024.

While this is below the historical average of 3.7% [2000-2019], the outlook remains encouraging despite ongoing global uncertainties. Evolving geopolitical dynamics, changes in trade patterns, and tighter financial conditions continue to shape economicand investment sentiment, presenting both challenges and opportunities for growth.

In contrast, the global services sector showed resilience. Growth in advanced economies held steady at 1.7%, while emerging and developing economies saw a dip from 4.4% to 4.2%. On a positive note, global inflation is expected to decline to 4.5% in 2024 (from 6.1% in 2023] and further ease to 3.2% by 2026, driven by stabilising supply chains, improved labour availability, and tightened monetary

policies. However, towards the end of 2024, Donald Trumps return as US President introduced major uncertainties. His administration imposed tariffs on imports, triggering retaliatory measures from several countries, thereby escalating global trade tensions. This development is expected to dampen global growth prospects, with the World Bank projecting a moderate growth rate of 2.7% in 2025 and 2026, factoring in geopolitical tensions, climate risks, and disrupted trade dynamics.

Regional growth (%)	2024	2025
World output	3.2	3.3
Advanced economies	1.7	1.7
Emerging and developing economies	4.2	4.4

(Source: IMF, KPMG, Press Information Bureau, BBC, India TodayI

Indian economic overview

Indias GDP grew by 6.5% in FY 24-25, down from 9.2% in the previous year, primarily due to softer manufacturing growth and subdued public investment. Despite this, India remained the worlds fifth-targest economy, with nominal GDP rising to Rs.330.68 trillion. Per capita income increased to Rs.2,35,108, and CPI inflation averaged 4.63%, the lowest since the pandemic. The rupee closed FY 24-25 at Rs.85.47/USD, despite showing resilience in March 2025. Foreign exchange reserves hit USD 676 Billion, supported by robust rural consumption, infrastructure investments, and low corporate debt. Gross FDI rose by 13.6% to USD 81 BiLlion despite a Q4 sLowdown triggeredby US policy shifts. The banking sector strengthened with gross NPAs falling to 2.6%, and exports grew to USD 824.9 Billion despite Red Sea disruptions. GST collections rose 8.6% YoY, while mutual fund assets surged 23% to Rs.65.7 Lakh Crore, driven by higher SIP participation. Though equity markets saw modest gains [Sensex up 7.5%), gold outperformed, rising 37.7% — reflecting investor preference amid global uncertainty.

Looking ahead, India is expected to remain the fastest-growing major economy, with FY 25-26 growth forecasted at 6.5%. Several factors support this outlook: competitive advantage from US-China tariff differentials, increased capitaLexpenditure under Union Budget 2025-26, personal income tax cuts to spur consumption, and a new FTA with the UK benefiting key export sectors.

A predicted above-normal monsoon could support agriculture and control food inflation, while the easing CPI (3.34% in March 2025) may lead to further interest rate cuts by the RBI [repo rate currently at 6%). The RBI has also rolled back credit restrictions, aiming to revive retail lending growth. The implementation of the 8^th Pay Commission is expected to boost income and consumption. Overall, strong macro fundamentals, reform momentum, and domestic demand are likely to cushion India against external headwinds.

Growth of the Indian economy
	FY 21-22	FY 22-23	FY 23-24	FY 24-25 1
Real GDP growth (%)	8.7	7.2	9.2	6.5

iSource: MoSPI, Financial Expressl

Growth of the Indian economy quarter by quarter, FY 24-25

	Q1 FY 25	Q2 FY 25	Q3 FY 25	Q4 FY 25 1
Real GDP growth [%)	6.5	5.6	6.2	7.4

(Source: The Hindu, National Statistics Office]

Global tyre industry overview

The global tyre market is poised for significant growth, driven by the thriving automobile industry, increasing population, globalisation, and technological advancements. In 2024, the market value reached USD 354.89 Billion, and its expected to grow at a compound annual growth rate of 6.30% from 2025 to 2034, reaching USD 653.77 Billion. Factors contributing to this growth include increasing demand for electric vehicles, sustainability and eco-friendly materials, smart tyre technology, and re-treading services. The Asia Pacific region is expected to Lead the market, with a CAGR of 6.9%, followed by North America at 6.5%. China dominates the global tyre market, making up around 50% of the sector, followed by Europe, US, India and Japan.

The global tyre market is driven by innovations that lead to improved fuel economy, increased safety, and enhanced performance. Canadas substantial automotive production,valued at USD 74,598 Million, significantly contributes to the industry. The market is characterised by diverse regional trends, shaped by local economic conditions, vehicle preferences, and regulatory frameworks. The Asia-Pacific region, led by China and India, dominates the market due to its massive automotive production and growing consumer base.

Emerging markets in Latin America and Africa offer growth potential, driven by urbanisation and economic development. The Asia-Pacific region is expected to continue leading the market, with a growing middle class and increasing vehicle ownership. Regional focuses vary, with North America prioritising electric vehicles, autonomous technology, and sustainabLe tyres, and Europe emphasising environmentally friendly tyres, reduced emissions, and advanced safety features. As the global tyre market continues to evolve, these regional trends will play a crucial role in shaping its future.

The market will also be shaped by the evolving automotive landscape, including the rise of electric vehicles [EVs] and autonomous vehicles, which will require specialised tyres. Overall, the tyre markets future looks promising, with opportunities for innovation and growth driven by technological advancements, environmental considerations, and shifting consumer preferences.

[Source: Expert market research, Markets and data, India rubber meet)

Outlook

The global tyre market is experiencing substantial growth, driven by increasing automotive production, rising disposable incomes, and a growing emphasis on sustainability. The market reached a value of USD 354.89 Billion in 2024 and is expected to grow to USD 653.77 Billion by 2034, exhibiting a compound annual growth rate of 6.30% between 2025 and 2034. Regionally, the Asia-Pacific and Indian markets are expected to witness significant growth, with Indias tyremarket estimated to reach USD 29.16 Billion by 2030. Key drivers include increasing vehicle production and sales, rising disposable incomes and urbanisation, the shift to radial tyres,technological advancements, and sustainability initiatives. The market is also witnessing trends and innovations such as the development of electric vehicle tyres, sustainable materials,and eco-friendly initiatives, which are expected to propel market growth.

(Source: Expert market research, Markets and data, India rubber meet, Globe newswire]

ASEAN tyre industry overview

The South East Asia tyre market is experiencing significant growth, driven by the increasing number of vehicles on the road and the rising demand for high-quality tyres. In 2023, the market was valued at USD 13.45 Billion and is expected to reach USD 19.45 Billion by 2029, growing at a CAGR of 6.41% during the estimated period.

The growth of the automobile sectors in countries such as Indonesia, Thailand, and Malaysia is a key factor contributing to the markets expansion. Rapid urbanisation and increasing per capita income have also fuelled the demand for tyres, as more individuals can now afford personal vehicles. As a result, the need for tyre replacements is on the rise, presenting a significant opportunity for tyre manufacturers and suppliers to cater to the demand for both new and replacement tyres.

The changing weather conditions across different countries are driving the demand for specialised tyres. Replacement tyres play a significant role. In areas with harsh winters, there is a growing need for winter or snow tyres to ensure safe driving, while in hot climates, the demand for tyres that can withstand high temperatures and provide optimal performance is increasing.

The tyre market is driven by several key factors, including strong economic foundations and a booming automotive industry. Evolving consumer needs for high-performance tyres, combined with a growing shift towards eco- friendly options, are also contributing to market growth. Urban growth and infrastructure investments areboosting demand, particularly for commercial tyres. The rise of electric vehicles is another significant factor, as it creates new opportunities for tyre manufacturers to cater to the unique needs of this emerging market segment.

As of 2025, Thailands tyre market is poised for strong growth, projected to expand at a CAGR of 6.12% between 2023 and 2029, reaching a market size of USD 15.45 Billion. The growth is primarily driven by the expansion of the countrys automotive industry, which has significantly boosted tyre demand. In 2023, Thailand produced approximately 58 Million tyres, with passenger car tyres accounting for nearly 90% of the total output. Production volumes are expected to rise steadily, reaching around 96.31 Million units by 2033, at a CAGR of 5.2%.

A key growth driver is the increasing preference for eco-friendly tyres, supported by growing environmental awareness among consumers and government policies promoting sustainable manufacturing and product innovation. In 2024, tyre production rose to approximately 60.87 Million units, with further growth projected over the coming decade. This upward trajectory is bolstered by substantial industry investments, such as Continental AGs USD 400 Million expansion of its Thailand facility. This project is expected to increase annual production capacity to 7.8 Million units and generate around 600 newjobs, reinforcing Thailands position as a key global hub for tyre manufacturing.

The tyre market is witnessing several trends, driven by consumer preferences

and technological advancements.

Radial tyres have gained popularity due to their superior performance, increased fuel efficiency, and longer lifespan. The rise of e-commerce has also led to a surge in online tyre sales, offering consumers greater convenience and accessibility. There is a growing demand for specialized tyres catering to specific uses, such as off-road, sports, and Luxury vehicles.

The premium tyre brands are becoming increasingly prevalent, reflecting consumers willingness to pay for high- quality and safe products.

Outlook

The South East Asia tyre market is experiencing substantial growth, with a valuation of USD 13.45 Billion in 2023 and expected to reach USD 19.45 Billion by 2029, exhibiting a CAGR of 6.41%. This growth is fuelled by the increasing number of vehicles on the road, thriving automobile sectors in countries like Indonesia, Thailand, and Malaysia, and rising demand for high-quality tyres. Rapid urbanisation, increased per capita income, and the growing preference for personaL vehicles are also contributing factors. The demand for tyre replacements is on the rise, presenting opportunities for manufacturers and suppliers to meet the needs of both new and replacement markets. The market is driven by strong economic growth, evolving consumer preferences for high-performance and eco-friendly tyres, infrastructure development, and the emergence of the electric vehicle sector.

ISource: Gii research, Techsci research, Blue wave consulting]

Indias tyre industry overview

The Indian tyre market is experiencing robust growth, driven by increasing vehicle demand and infrastructure investments. As of 2023, the market size was 194.57 MiLlion units. Themarket is expected to reach 263.8 Million units by 2033, growing at a CAGR of 2.85% during 2025-2033.

The Indian tyre industry aims to double its revenue to USD 22 Billion by fiscal 2032, up from USD 9 Billion in fiscal 2022. Indias tyre exportshave also shown significant growth, reaching Rs.23,073 Crore in FY 23-24. The growing automobile production, rising income levels, and government initiatives such as "Make in India" and the push for electric vehicles are the primary drivers of the market.

The market is segmented by vehicle type, tyre type, rim size, demand type, and distribution channel. Radial tyres are the fastest-growing segment, with North India being the largest market. As the Indian tyre market continues to grow, it is expected to present opportunities for tyre manufacturers, suppliers, and exporters to cater to the increasing demand for tyres in the country.

India has seen a surge in demand for Off-The-Road (OTR) tyres in recent years, driven by several factors. Significant infrastructure development, including road, highway, and airport construction, has increased the need for heavy machinery and vehicles that rely on OTR tyres for optimal performance in challenging terrains. Growth in the mining and construction sectors, as well as the mechanisation of agriculture, have contributed to thedemand for OTR tyres. As a result, manufacturers have expanded their OTR tyre offerings to cater to the specific requirements of these sectors, providing reliable and durable tyres for heavy-duty vehicles, earthmoving equipment, tractors, and other agricultural machinery.

(Source: IMARC group, Crisil, Expert market research, Research and Markets, Economic Times, Markets and data]

Government initiatives

India is advancing its automotive and EV sectors through key initiatives:

Automotive Mission Plan 2016-26targets 12% of GDP, 65 Million jobs, and Rs.7.6 Lakh Crore in exports, making India a gLobaL auto hub. The tyre industry is expected to grow in line.

EVpush: The government incentivises local EV production through duty benefits. Global firms like Tesla andVinFast show interest. A new EV policy starts April 2025.

FAMEscheme: Over 1.5 Million EVs subsidised. Rs.3,500 Crore allocated for FY 24-25. A follow-up scheme launches April 2025.

NEMMP: Supports deployment of 10,000 e-buses, 24.5 Lakh other EVs, and 10,000 charging stations.

PLI scheme (Rs.30,000 Crore,

FY 22-23 to FY 27-28) supports localmanufacturing of advanced vehicles, including EVs and hydrogen fueL cell vehicles. It aims to attract Rs.45,000+ Crore in investments and Rs.2.5 Lakh Crore in production.

These initiatives aim to boost manufacturing, reduce imports, and position India as a global EV leader.

(Source: Economic Times, Wright research, Markets and data, Techsci research, Research and market, Mobility foresights]

SWOT Analysis

Strengths

Strategic locations Chennai: Near 65% of Indias tyre production and major OEMs, ensuring just-in-time deLivery. Port access supports imports/exports.

Pit ham pur: Centrally located, serves North and West India efficiently.

Thailand: Access to ASEAN markets, supporting global supply.

Exclusive market presence: Sole bead wire manufacturer in Chennai region with minimal competition across locations, offering a strong regional edge.

Efficient supply chain: Proximity to key raw materiaL suppliers and port facilities streamlines logistics and enhances operational efficiency.

Weaknesses

Talent acquisition: Difficulty attracting skilled professionals, particularly in Chennai. Building a strong management team is essential.

Resource management: Coordinating operations across three geographically dispersed plants requires robust planning and control.

High capex & market uncertainty: Bead wire is niche with high investment needs, making new market expansion risky due to uncertain demand and regulation.

Threats

Policy Sc tariff risks: Changes in import duties or removal of anti-dumping protections could increase competition from low-cost imports.

Volatile input costs: Fluctuating prices of raw materials like steel and rubber, along with global geopolitical tensions, are raising costs.

New entrants: Larger global players may enter the bead wire market with aggressive pricing, capturing market share and international clients.

Opportunities

EV and infrastructure push:

FAME India scheme and green tax policies support EV adoption and scrapping of old vehicles, boosting tyre and component demand.

Make in India Sc PLI schemes:

Government incentives are attracting global players (Michelin, Goodyear, Yokohama), opening new supply opportunities.

Risingautodemand: Growth in population and per capita income is increasing demand for personal and commercial vehicles.

Export expansion: Proximity to ports in Chennai and Thailand facilitates global supply, aligning with Rajratans international ambitions.

Company overview

Rajratan Global Wire Ltd is a gLobaLly recognised manufacturer of essential bead wire for tyre production, with a total production capacity of 1,62,000 TPA across its facilities as of February 2025. The Companys main faciLity in Pithampur, Indore, Madhya Pradesh, has a capacity of 72,000 TPA, while its Thailand facility, the sole bead wire manufacturer in the country, has anincreased production capacity of 60,000 TPA. A new greenfield unit in Chennai, Tamil Nadu, is under construction with a planned capacity of 60,000 TPA.Rajratans strategic expansion is driven by its commitment to quality and innovation, establishing it as a leading player in the bead wire market. The Chennai plant represents a significant investment, aimed at reducinglogistics costs and enhancing supply capabilities to major automotive hubs in India. With a significant share in both domestic and international markets, Rajratan continues to focus on expanding its production capabilities to meet the growing demand for high-quality bead wire used in tyre manufacturing.

Highlights, FY 24-25

A. Standalone basis

The Company standalone revenue were Rs.59152 Lakhs in FY 24-25 as against Rs.55646 Lakhs FY 23-24. [+6%) Increase from previous year. The Profit before tax for the FY 24-25 was Rs.6265 Lakhs as against Rs.7493 Lakhs FY 23-

24. The profit after tax was Rs.4630 Lakhs in FY 24-25 compared to Rs.5583 Lakhs in FY 23-24.

B. Consolidated revenues

The Companys consolidated revenue were Rs.93525 Lakhs in FY 24-25 compared to Rs.89045 Lakhs in FY 23-24. The Companys profit aftertax decreased from Rs.7183 Lakhs in FY 23-24 to Rs.5879 Lakhs in FY 24-25. The EBITDA* decreased from Rs.12767 Lakhs in FY 23-24 to Rs.12696 Lakhs in FY 24-25.

*Other Income excluded from EBITDA to show core operational efficiency.

Risks and concerns

The Company recognises the importance of risk management and has an active approach to identifying, mitigating, and managing risks. Given the nature of its operations, the Company is exposed to various risks, including environmental, operational, political, legal, human, and other factors. To address these risks, the Company has a risk management strategy governed and overseen by the risk management committee, which monitors mitigating measures and regularly assesses major hazards to ensure that risk management practices are aligned with the Companys overall objectives.

Competitive and cost pressure risk

The Company faces pressure from pricing competition, competitor capacity expansion, and increased import duties on key raw materials like wire rods, impacting profitability and margins.

Mitigation: The Company responds swiftly to market dynamics by enhancing customer value through quality and timely deliveries. It moderates costs by engaging with suppliers, diversifying sourcing, and protecting competitiveness across business cycles.

Supply chain risk

Rising raw material, energy, and logistics costs—driven by geopolitical unrest and inflation—along with potential supply disruptions, threaten production stability and cost control.

Mitigation: The Company localises raw material sourcing, adopts longterm supply contracts, employs a just-in-time inventory model, anduses efficient freight strategies. It also switches production between India and Thailand based on cost advantages.

Financial risk

Foreign currency fluctuations, interest rate volatility, and liquidity issues can impact revenue, profitability, and capital expenditure plans.

Mitigation: The Company implements robust forex management, prioritises domestic sourcing, maintains strong banking relationships to access credit at favorable rates, and ensures sufficient liquidity for ongoing and future needs.

Operational risk

Technology gaps, equipment inefficiencies, and production downtime may disrupt operations, delay order fulfillment, and affect customer satisfaction.

Mitigation: Advanced digitisation provides real-time operational insights. The Company uses JH Step 1 qualified machines and maintains high OEElevels to ensure consistent production quality and minimise breakdowns.

Environmental risk

Climate change and shortages of critical resources such as water and energy can interrupt production and raise sustainability concerns.

Mitigation: Rajratan sources 85% of raw materials from recycled steel in Thailand, recycles 80% of process water, minimises chemical waste, and partners with OEMs to develop eco-friendly tyres, reducing its environmental footprint.

Social and safety risk

Workplace hazards and lapses in product quality can impact employee well-being, client relationships, and brand reputation.

Mitigation: The Company maintains a dust- and fume-free work floor, adheres to the 5S strategy, enhances R&D for better quality, and applies strict quality control systems, leading to reduced complaints and safer work conditions.

Regulatory and legal risk

Frequent changes in government policies, legal frameworks, and compliance requirements pose operational risks.

Mitigation:The Company regularly monitors policy changes, upgrades its management systems, and activelyengages with regulatory bodies to ensure compliance and reduce legal exposure.

Market and industry risk

Economic downturns, demand shifts, environmental concerns, and geopolitical tensions can affect the automotive sector and tyre demand.

Mitigation: The Company is expanding into Southeast Asia and Europe, growing its client base, optimising logistics and inventory, and Leveraging government initiatives like "Make in India" and the PLI scheme to support EV and sustainable mobility growth.

Financial overview

In accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Amendment)Regulations 2018, the Company is required to provide details of significant changes (i.e. change of 25% or more as compared to theimmediately previous financial year) in key financial ratios, along with detailed explanations therefor. The key financial ratios are given below:

Strategic objectives

		Standalone		Consolidated
Particulars	FY 24-25	FY 23-24	Change in %	FY 24-25	FY 23-24	Change in %	Reason for change
Debtors Turnover	5.41	5.68	(4.68)	5.55	6.12	[9.36]	Decrease due to an increase in the average credit period.
Inventory Turnover	6.49	8.03	(19.14)	6.46	7.37	(12.42)	Decrease due to higher inventory levels for the new facility in Chennai.
Interest coverage Ratio	3.95	5.98	(34.04)	3.75	5.80	(35.39)	Decrease due to lower EBITDA in the current year and higher interest costs on long-term loans for the Chennai plant.
Current Ratio	1.38	1.29	6.39	1.30	1.23	5.33	Increase due to a rise in long-term borrowings
Debt Equity Ratio	0.48	0.38	23.97	0.42	0.39	9.77
Operating Profit Margin Ratto %	16.34	17.81	(8.22)	13.75	14.72	(6.56)	Decrease due to operational losses at the Chennai unit.
Net Profit margin % or sector specific equivalent Ratio as applicable	7.83	10.03	(21.99)	6.29	8.07	(22.07)	Decrease due to operational losses at the Chennai unit.
Return on Net worth (%]	11.93	15.89	(24.97)	13.69%	12.87	(98.94)	Decrease due to operational losses at the Chennai unit.

Human resource

At Rajratan, our employees are the cornerstone of our success, and were committed to nurturing their growth and development. We provide regular training programs focusing on technical, behavioural, business, management, and leadership skills, as well as ample opportunities for career advancement. Our core values and code of conduct are emphasised throughout the organisation. We prioritise a safety-conscious culture, implementing programs and procedures to safeguard the health and well-being of our employees. Our goal is to create an inclusive workplace that embraces individuals from diverse backgrounds, acknowledging differences in preferences, culture, and gender. As of March 31,2025, we hadover 677 employees on our payrolls, each contributing to our shared success.

Internal control systems and their adequacy

The Companys internal audit system has been reviewed and updated to ensure that assets are safeguarded, established regulations are followed and outstanding issues are promptly remedied. The audit committee regularly looks over the internal auditors reports, notes any findings from the audit and takes corrective action, whenever necessary. To ensure the proper implementation of the internal control systems, it maintains constant communication with external as well as internal auditors.

Disclaimer

In accordance with applicable laws and regulations, certain comments in the management discussion and analysis report that include the Companys goals, projections, expectations and estimates may be deemed to be forward-looking. The remarks in this management discussion and analysis report may not exactly match with what is explicitly stated or implied.

Raw material availability and prices, cyclical demand and pricing in the Companys main markets, changes to the governmental regulations, tax regimes, currency markets, economic developments in India and the nations with which the Company conducts business, as weLl as other incidental factors could have a significant impact on the Companys operations

NOTICE is hereby given that the 37^th Annual General Meeting of the members of Rajratan Global Wire Limited will be held on Wednesday, August 13, 2025 at 11:00 a.m. IST through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM") to transact the following business. The venue of the meeting shall be deemed to be the Registered Office of the Company at Rajratan house 11/2 Meera Path Dhenu Market, Indore - 452003.

ORDINARY BUSINESS

1. To receive, consider and adopt the Audited Financial Statements of the Company (including consolidated financial statements) for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and Auditors thereon.

2. To declare dividend of Rs. 2/- per equity share for the financial year 2024-25.

3. To appoint a Director in place of Mr. Abhishek Dalmia (DIN- 0001 1958), who retires by rotation, and being eligible, offers himself for reappointment.

SPECIAL BUSINESS

4. Ratification of Cost Auditors Remuneration

To consider and if thought fit, to pass with or without modification(s), the following as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the company hereby ratifies the remuneration payable of Rs. 55,000 (Rupees Fifty Five Thousand Only) plus applicable taxes and reimbursement of out of pocket expenses to be paid to Dhananjay V. Joshi & Associates, Cost Accountant (Firm Registration No. 000030) appointed by the Board of Directors of the Company to conduct the audit of the cost records of the Company for the financial year ended 31^st March, 2026.

RESOLVED FURTHER THAT the B oard of Directors of the Company be and is hereby authorized to do all acts and take all such steps as may be necessary, proper or expedient to give effect to this resolution and/or otherwise considered by them to be in the best interest of the Company."

5. To appoint Secretarial Auditors of the Company

To consider and if thought fit, to pass, the following resolution as an Ordinary Resolution:

"RESOLVED THAT pu rsuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (SEBI (LODR) Regulations, 2015) read with Circulars issued thereunder from time to time and other applicable provisions as amended time to time (including any Statutory modification(s) or re-enactment thereof for the time being in force), and pursuant to the recommendation of the Audit Committee and the Board of Directors, Palash Jain & Co., Practicing Company Secretaries, Indore and Peer Review Certificate No.: 3078/2023), be and are hereby appointed as Secretarial Auditors of the Company for a term of five consecutive years, commencing from financial year 2025-2026 till financial year 2029-2030 to undertake secretarial audit as required under the Act and SEBI Listing Regulations and issue the necessary secretarial audit report for the aforesaid period on such remuneration, as may be approved by the Board of Directors of the Company.

RESOLVED FURTHER THAT the B oard of Directors be and is hereby authorized to avail or obtain from the Secretarial Auditor, such other services or certificates, reports, which the Secretarial Auditors may be eligible to provide or issue under the applicable laws at a remuneration to be determined by the Board.

RESOLVED FURTHER THAT the Board, be and is hereby authorized to delegate all or any of the powers herein conferred to the Committee of the Board or to any Director(s) or Officer(s) / Authorized Representative(s) of the Company, to do all such acts and take such steps, as may be considered necessary or expedient, to give effect to the aforesaid resolution.

RESOLVED FURTHER THAT any of the Directors and/or the Key Managerial Personnel of the Company be and are hereby severally authorized to do all such acts, deeds, matters and things as may be deemed proper, necessary, or expedient, including filing the requisite forms with the Ministry of Corporate Affairs or submission of documents with any other authority, for the purpose of giving effect to this Resolution and for matters connected therewith or incidental thereto and to settle all questions, difficulties or doubts that may arise in this regard at any stage without requiring the Board to secure any further consent or approval of the Members of the Company to the end and intent that the Members shall be deemed to have given their approval thereto expressly by the authority of this resolution.