Rishi Laser Ltd Management Discussions

A. Global Economy

The baseline forecast for the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023 (Source-IMF, April 2024 World Economic Outlook). Growth in advanced economies is anticipated to pick up slightly, increasing from 1.6 percent in 2023 to 1.7 percent in 2024 and further to 1.8 percent in 2025. However, this improvement will be balanced by a modest deceleration in emerging markets and developing economies, where growth is projected to decline from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The rate of economic growth remains subdued compared to historical norms, influenced by short-term factors like persistently high borrowing costs and reduced fiscal support. Additionally, the long-term impacts of the COVID-19 pandemic and Russias invasion of Ukraine, sluggish productivity growth, and rising geoeconomic fragmentation contribute to this slow expansion. Global headline inflation is forecasted to decrease from an annual average of 6.8 percent in 2023 to 5.9 percent in 2024 and further to 4.5 percent in 2025. Advanced economies are expected to achieve their inflation targets sooner than emerging market and developing economies.

Risks to the global economic outlook are currently balanced. On the negative side, potential new price surges due to geopolitical tensions, such as the ongoing war in Ukraine and the conflict in Gaza and Israel, could lead to higher interest rate expectations and lower asset prices. Additionally, persistent core inflation, particularly in regions where labor markets remain tight, could exacerbate these effects. On the positive side, a more relaxed fiscal policy than anticipated could boost economic activity in the short term, though this might necessitate more expensive policy adjustments later. Additionally, if labor force participation increases more than expected, inflation could decline more rapidly, potentially enabling central banks to implement easing measures sooner than planned.

B. Indian Economy

India is estimated to grow by 8.2 percent in Real Gross Domestic Product (GDP) at constant prices (2011-12) in the year 2023-24 compared to 7 percent in 2022-23 as per the provisional estimates released by the National Statistical Office, Ministry of Statistics and Programme Implementation, Government of India. This year growth was major driven by strong investment, manufacturing, construction and services. Agriculture growth dropped sharply due to the impact of erratic rainfall. This was compensated by an increase in manufacturing growth to 8.5 percent. Construction also grew rapidly by 10.7 percent due to strong housing demand. Services, which account for 50 percent of GDP, grew by 7.5 percent, led by financial, real estate and professional services. Consumer inflation moderated in FY 2023-24 despite higher food inflation on the back of declining commodity prices. The Reserve Bank of India kept the policy rate unchanged during the financial year under review to combat inflation. Bank credit growth remained robust in FY 2023-24 driven by demand for services and personal loans. Growth in credit to industry was relatively muted. However, the overall health of the banking sector remained robust with nonperforming asset declining to a ten year low. Merchandise exports contracted in FY 2023-24 as global trade remained weak, but the current account deficit narrowed due to lower prices for energy and food commodities.

Looking ahead, Indias growth momentum is expected to persist into the next fiscal year, sustained by strong domestic demand, easing inflationary pressures, strategic government fiscal outlays, and a revitalized manufacturing sector. However, the upcoming general elections may temporarily slow public capital expenditure in the near term. Private industrial capital spending is anticipated to increase in the next fiscal year, driven by global supply chain diversification trends and positive responses to the governments Production Linked Incentive (PLI) scheme targeting key manufacturing industries. A normal south-west monsoon is expected to bolster agricultural activity. Nonetheless, risks remain from geopolitical tensions, volatility in international financial markets, geo-economic fragmentation, ongoing disruptions in sea route trade, and extreme weather events.

C. Rishi Laser Limited - The Year 2023-24 in Brief

During the financial year 2023-24, your company delivered outstanding performance across all key parameters, underscoring our robust growth and operational efficiency. Revenue from operations during the year was Rs.140.11 Crores compared to Rs.134.07 Crores reporting a jump of 4.50 percent. The three major verticals namely Construction & Mining Equipment, Power Distribution and Rail Transportation contributed Rs.101.46 Crores to the topline of the Company accounting for 72.41 percent of the turnover compared to Rs. 100.64 Crores (75.06 percent)in the previous year. Our focus on cost management, effective procurement system and operational efficiencies resulted in substantial improvements in operational profitability. Operating profit (excluding other income) during the year under review significantly jumped to Rs.11.84 Crores from Rs.8.78 Crores in the previous year showing a growth of 34.71 percent. Despite a modest growth of 4.50 percent in topline, operating profit as a percentage of sales for the year improved by 190 basis points from 6.55 percent to 8.45 percent. Our focus on employee development and well-being has resulted in high levels of employee satisfaction and retention. We continued to invest in training programs and career development initiatives, fostering a positive and inclusive workplace culture. Your company maintained a strong financial position with a healthy balance sheet, robust cash flows, and prudent capital allocation strategies. Our financial stability has positioned us well for future growth and investment opportunities.

We are a proven supplier of complete ready to fit sheet metal parts, components, assemblies and sub-assemblies to capital goods and infra industries and believe that the capital goods & infra sectors are of strategic importance to the economic wellbeing of any nation as it has a multiplier effect on the overall economic growth of the nation. The Indian economy is on the threshold of next phase of growth through government sponsored initiatives like Make-in-India, Electricity for all, rapid development of infrastructure sector mainly highways, renewable energy and urban transport and other investment led strategies in infrastructure development. These developments present big business opportunities for Companies like yours and with our improved financial stability we are well positioned to capture the future growth and investment opportunities.

i) Construction & Mining Equipment

Revenue from this sector for the year under review amounted to Rs.76.93 Crores compared to Rs.82.60 Crores in the previous year witnessing a negative growth of 6.86 percent. The Indian Construction & Mining Equipment industry experienced strong performance in FY 2023-24. However, our overall sales in this vertical saw a decline compared to the previous year, primarily due to a drop in sales in some key export markets of our major customers. This external factor impacted our growth despite the robust domestic market performance. This sector remained the lead revenue driver for the Company, contributing 54.91 percent to standalone revenue, compared to 61.61percent in the previous year.

With total equipment sales crossing 1,35,650 units as against 1,07,779 lakh units in FY2022- 23, the Indian Construction Equipment industry has recorded a 26 per cent increase in overall sales volume for the financial year 202324 as per the data released by the Indian Construction Equipment Manufacturers Association (ICEMA). The governments infra- led growth agenda and pre-election impetus on projects in the pipeline triggered positive growth in all major construction equipment segments. The ICEMA has forecast that Indias construction equipment market will triple from its current size to emerge as the worlds second-largest CE market by 2030. According to the report, one of the factors influencing the overall growth of the business has been the volatility of demand. This vertical presents significant growth potential for your company, given our long-standing relationships with several prominent customers in this sector.

ii) Power (Distribution)

The Power vertical generated Rs. 19.85 Crores in revenue this financial year, a 40.30% increase from Rs. 14.15 Crores in the previous year. This segment now contributes 14.17% to the Companys overall revenue, up from 10.55% last year, marking an improvement of 362 basis points. Our primary presence lies in the renewable energy segment(RE Segment) of the power generation and distribution segment within the power industry.

FY24 witnessed a significant upturn in electricity demand, marked by a 7.6 per cent increase on a year-on-year basis, fuelled by a resilient economic activity and weather-related loads. The total power generation capacity addition improved to 25.4 GW in FY2023-24, up from 16.9 GW in FY2022-23, driven by enhancements in the renewable energy and thermal segments, as well as the commissioning of 1.4 GW of nuclear power capacity. Gross addition in installed power capacity is expected to soar to over 30 GW in FY25, with the RE segment leading the charge, following a commendable performance of 25 GW in FY 2023-24. The Ministry of power reiterated the significance of renewable energy sources, especially solar & wind, in augmenting the power supply during peak hours, highlighting the sectors transition towards sustainable & diversified energy ecosystem. Despite the positive outlook, challenges persist, notably in the distribution segment. The issuance of tariff hike orders for state distribution utilities (Discoms) has been slow, with only 11 out of 28 states having released their orders so far.

iii) Rail Transportation

This vertical contributed Rs.4.67 Crores to the Companys revenue for the year under review, compared to Rs.3.89 Crores in the previous year, marking a 20.07 percent increase. We primarily supply components to prominent metro coach manufactures in the country.

Taking note of the Indias rising urban population, which is poised to reach 40 percent by 2030, Government has finalized a series of targets for the next five years including operating metro rail in 31 cities, up from 21 cities at present. With adequate budgetary allocation, the upcoming metro rail expansion across the country presents significant growth opportunities for your company.

D. Outlook

The Indian economy is expected to grow by 7 percent in FY 2024-25 as per the Asian Development Outlook. Industry is expected to go robustly, driven by manufacturing and strong demand for construction led by housing. After a muted growth in Agriculture in the year under review, a rebound is expected given the above normal monsoon projections. A rebound in agriculture will be important to sustain momentum in rural areas. Investment demand continues to be strong, led by public investments and bank credit is fueling robust housing demand and improving private investment demand.

However, these opportunities must be balanced against potential downside risks from weather events and geopolitical shocks. The export growth is expected to be led by services, with merchandise exports showing relatively weaker growth.

E. Opportunities and Threats

Being deeply integrated into the overall infrastructure sector, we foresee substantial opportunities arising from the Government of Indias high-budget capital expenditure proposals. Once these are implemented, they will generate significant employment opportunities and further stimulate a virtuous cycle of growth.

However, the global economic slowdown is likely to dampen merchandise trade, potentially hindering

Indias growth prospects. Uncertainties in the global business ecosystem could bring significant challenges to India. The risk of sustained inflation and ongoing supply chain disruptions will likely persist for some time. Additionally, rising commodity prices and concerns about a potential recession in the US and the EU could pose threats to economic recovery.

F. Risks & Concerns Input Costs

Our operations are in a raw material-intensive industry, where various types and grades of steel make up a significant portion of our overall costs. Sudden increases and volatility in steel prices can adversely impact our profit margins or negatively affect demand.

Exchange rates

Significant fluctuations in exchange rates could negatively affect the cost of importing steel, machinery, and spare parts.

Government Regulations

Government policies concerning steel imports, capital goods, stringent emission norms, taxes, or similar regulations could negatively impact the Companys business.

Competition

We operate in an extremely competitive business environment that has intensified significantly over time. Fierce competition presents a substantial risk to our market share and pricing power.

Geopolitical risk

Wars, trade barriers, sanctions, and geopolitical conflicts could directly or indirectly affect global as well as domestic economy.

G. Internal Control system & its adequacy

The Company has robust internal control systems and procedures in place that cover all financial and operational functions, aligning with the size and nature of its operations. We believe that a strong internal control framework is a crucial pillar of Corporate Governance. Ongoing efforts ensure that these controls are designed to provide reasonable assurance regarding the maintenance of accounting controls and the protection of assets from unauthorized use or loss. The audit committee reviews all aspects of internal control and recommends corrective actions as necessary.

H. Discussion on financial performance with respect to operational performance

(On standalone basis):

Your Companys net revenue increased by 4.50 percent i.e., from Rs.134.07 Crores in FY 2022-23 to Rs. 140.11 Crores in FY 2023-24 as the all major business verticals except Construction and mining equipment vertical recorded growth during the year under review.

The Companys major revenues continued from three major verticals namely Construction & mining equipment, Rail Transportation and Power (Transmission & Distribution). The three major verticals mentioned above cumulatively accounted for 72.41 percent (Rs.101.46 Crores) and 75.06 percent (Rs.100.64 Crores) of net revenues in FY 2023-24 and FY 2022-23 respectively.

Construction equipment vertical with contribution of Rs.76.93 Crores in FY 2023-24 (Rs.82.60 Crores in FY 2022-23) was the highest contributor to net revenue of the company.

Power vertical contributed Rs.19.85 Crores in FY 2023-24 compared to Rs.14.15 Crores in FY 202223. Revenue from this vertical recorded growth of 40.30 percent compared to last year.

Revenue from Rail Transportation vertical increased to Rs.4.67 Crores for the year under review as against Rs. 3.89 Crores in the previous year posting a increase of 20.07 percent.

Businesses apart from above mentioned three verticals were clubbed under "others" category contributing Rs.38.65 Crores for the year under review as against Rs.33.44 Crores in the previous year.

Revenue from job-work during the year under review amounted to Rs.2.22 Crores compared to Rs.1.94 Crores in FY 2022-23. Job work receipts as a percentage of net sales increased by 13 bps from 1.45 percent in FY23 to 1.58 percent in FY 24.

Expenditure:

Raw material consumption for the current year was Rs.77.68 Crores compared to Rs.78.58 Crores in the previous year. Raw material consumption as a percentage of with material sales for the year under review decreased by 313 bps to 56.33 percent from 59.46 percent in the previous year.

Personnel Cost in absolute terms for FY 2023-24 at Rs.23.04 Crores was higher compared to Rs. 19.98 crores in the previous year due to higher volume of business and increase in minimum wages. Due to increase in minimum wages in FY 2023-24 compared to FY 2022-23, personnel cost to net sales in percentage terms increased marginally by 154 bps to 16.44 percent in FY 202324 from 14.90 percent in the previous year.

Financial Expenses for the year under review amounted to Rs.2.30 Crores in FY 2023-24 as against Rs.3.15 Crores in FY 2022-23 translating to 1.64 percent and 2.35 percent of the total revenue respectively. Decrease in financial expenses is mainly attributed to repayment of debts.

Depreciation & Amortization Expenses at Rs. 2.49 Crores for the year under review was lower than Rs. 2.83 Crores in the previous year.

Earnings:

Earnings before Interest, Depreciation and Tax (excluding other income) was Rs.11.84 Crores in FY 2023-24 compared to profit of Rs 8.78 Crores in FY 2022-23 signifying a jump of 34.71 percent. Operating profit margin (excluding other income) showed significant jump of 190 bps to 8.45 percent in FY 2023-24 as against 6.55 percent in the previous year. Increase in EBIDTA was primarily due to increase in revenue and reduction in raw material consumption in FY23 compared to FY22.

Profit before Tax (PBT) before exceptional items for FY 2023-24 was Rs.7.97 Crores compared to Rs.4.59 Crores in the previous year showing a sharp jump of 73.39 percent.

Profit after Tax (PAT) of the Company for the year under review was Rs.8.73 Crores compared to Rs.4.91 Crores in FY 2022-23. Higher operating profit for the year under review was due to higher operating profit.

Return on Capital Employed for the current year was at 11.75 percent compared to ROCE of 9.72 percent in the previous year. Increase in ROCE was due to higher EBIDTA.

Liquidity & Leverage:

Net Cash flow from operating activities increased by Rs.4.41 Crores to Rs 8.93 Crores in FY 2023-24 from Rs.4.52 Crores in FY 2022-23 mainly due to increase in profit.

Gross Working Capital at Rs.36.44 Crores in FY 2023-24 as against Rs.27.12 Crores was due to increase of bank balances. Net customer receivables at the end of FY 2023-24 stood at Rs. 15.16 Crores, representing 39 days of sales compared to 42 days in the previous year. The receivables, measured in terms of days sales outstanding, improved during the year due to the use of invoice discounting with some of our major customers.

Net working capital (including current maturities of long term debt) for FY 2023-24 turns positive Rs.5.17 Crores compared to negative Rs.7.52 Crores in the previous year.

Debt-equity ratio marginally increased to 0.19 times in FY 2023-24 from 0.16 times in FY 202223. Debts increased to Rs. 10.05 Crores as at March 31, 2023 from Rs.7.00 Crores as at March 31, 2023.The ratio has increased during the year due to fresh borrowings .

Value Creation:

Total Equity of the company increased by Rs.9.25 Crores to Rs.53.92 Crores as at March 31, 2023 from Rs.44.67 Crores as at March 31, 2023 due to higher profit during the year.

Book Value per Share increased to Rs.58.66 as at March 31, 2023 from Rs.48.59 as at March 31, 2023 due to increase in profit during the year.

I . Human Resources

People are crucial to the success and growth of any organization. Recognizing this, we have committed to ongoing efforts in people development. We strive to foster a positive work culture through various initiatives, including organizational restructuring, talent acquisition and retention, management and employee development programs, and operational excellence initiatives. We value and respect our employees, providing equal opportunities for professional advancement within the company. Many of our senior employees began their careers with us in junior positions. The Company is dedicated to maintaining a work environment that is both employee-friendly and safe.

J . Cautionary Statement

Statements in the management discussion and analysis describing the Companys objectives, projections, estimates, expectations may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the Government Regulations, tax laws and other statutes and incidental factors.

GENERAL SHAREHOLDER INFORMATION:

• GENERAL MEETINGS:

> Day, time and Venue of Last Three Annual General Meetings:

29th AGM - Friday at 11.00 a.m. on 17.09.2021 through Video Conferencing.

30th AGM - Friday at 11.00 a.m. on 23.09.2022 through Video Conferencing.

31st AGM - Friday at 11.00 a.m. on 08.09.2023 through Video Conferencing.

> Forthcoming General Meeting:

32^nd Annual General Meeting: Through Video Conferencing (VC)/Other Audio Visual Means (OAVM). Day : Friday Date : 30.08.2024 Time : 11.00 a.m.

> Book Closure date for 32^nd Annual General Meeting:

24^th August, 2024 to 30^th August, 2024 (Both days inclusive)

> Special Resolutions

During the three previous Annual General meetings following Special Resolutions were passed:

Particulars	Date of Meeting	Whether Special Resolution passed	Details of the Special Resolution
29th AGM	17th September, 2021	No	-
30th AGM	23rd September, 2022	Yes	1. To approve re-appointment and remuneration of Mr. Harshad Patel (DIN: 00164228) as Managing Director of the Company.
			2. To approve sale of undertaking of the Company.
			3. To approve re-appointment and remuneration of Mr. Harshad Patel (DIN: 00164228) as Managing Director of the Company.
			4. To approve sale of undertaking of the Company.
31st AGM	8th September, 2023	No	-

> Extra-Ordinary General Meeting:

During the year, no Extraordinary General Meeting was held.

> Postal Ballot:

During the year, no resolution was passed under postal ballot.

• DISCLOSURES:

The Company is in compliance with all mandatory requirements under SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 as far as it is applicable to the Company. Certain provisions which are exempted for the Company are complied to the extent they are applicable under different statute or law and certain provisions are voluntarily adopted as a good Corporate Governance practice.

There were no cases of non-compliance by the Company except below:

Fine of Rs. 12,000/- was levied by the BSE Ltd. for Non-submission of the Annual Report within the period prescribed under Regulation 34 of Listing Regulations vide email dated 30^th October, 2023. The Company made the payment of the same dated 8th November, 2023.

As mentioned above certain provisions of the Listing Regulations are not applicable to the Company since it has not attended the threshold of minimum paid up capital and net worth, still the Stock Exchange has levied aggregate fine of Rs. 8,42,000/- by the BSE Ltd, ("the Stock Exchange") for non-compliance of the provisions of regulations 27 (2) and 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations") pertaining to, (a) Non-submission of the Corporate Governance Compliance Report within the period provided under the said regulation and (b) Non-compliance with submission of Secretarial Compliance Report for the financial year 2023-24.

Your Company has represented to the Stock Exchange, that the provisions of Chapter IV of the Listing Regulations were not applicable to the Company during the financial year, since on the last day of previous financial year, the Companys paid up equity share capital did not exceeded Rupees Ten Crore and its net worth did not exceeded Rupees Twenty Five Crore, a condition precedent for the applicability of Chapter IV of the Listing Regulations, and has accordingly made a written representation to the Stock Exchange for withdrawal of fine levied.

During the year under review, besides the transactions mentioned elsewhere in the Annual Report, (Related Party Transactions) there are no transactions of material nature with the Promoters, the Directors or the Management, their Subsidiaries or Relatives etc. that had any potential conflict with the interest of the Company at large.

The Company follows Accounting Standards issued by the Institute of Chartered Accountants of India and in the preparation of financial statements, the company has not adopted a treatment different from that prescribed in any Accounting Standard.

The statement of uses/application of funds by major category were disclosed at the relative Audit Committee Meetings. There was no uses/application of funds for the purpose other than for which the same was prescribed.

• MEANS OF COMMUNICATION:

The Company has been publishing the Unaudited Quarterly Results and Audited Annual Results in Business Standard and Navakaal.

The Company has been displaying the Quarterly and Half Yearly Results on the website of the Company viz. www.rishilaser.com.

The Company has not made any presentations to institutional investors or to the analysts.

• FINANCIAL CALENDAR:

> Financial Year:

The financial year of the Company is from April 1 to March 31, each year.

> Publication of Unaudited/Audited Results:

Quarter/Year Ending	Reporting date	Type of Result
June 30th 2023	Within 45 days from the end of quarter	Unaudited
September 30th 2023	Within 45 days from the end of quarter	Unaudited
December 31st 2023	Within 45 days from the end of quarter	Unaudited
March 31st 2024	Within 60 days from the end of the quarter	Audited

• STOCK MARKET DETAILS:

> Listing on Stock Exchange:

The shares of the Company are listed on BSE. STOCK CODE:

Physical Segment	526861
CDSL/NSDL ISIN NO	INE988D01012

STOCK MARKET DATA FOR THE YEAR 2023-24

Month	Equity Share price of Rishi Laser Limited		BSE SENSEX
	High	Low	High	Low
APRIL 23	29.24	22.51	61209.46	58793.08
MAY 23	31.41	25.51	63036.12	61002.17
JUNE 23	48.24	28.40	64768.58	62359.14
JULY 23	44.50	36.05	67619.17	64836.16
AUGUST 23	55.11	40.38	66658.12	64723.63
SEPTEMBER 23	60.34	54.37	67927.23	64818.37
OCTOBER 23	68.00	52.01	66592.16	63092.98
NOVEMBER 23	77.67	56.51	67069.89	63550.46
DECEMBER 23	95.00	64.75	72484.34	67149.07
JANUARY 24	120.15	83.06	73427.59	70001.60
FEBRUARY 24	95.70	82.00	73413.93	70809.84
MARCH 24	90.85	68.77	74245.17	71674.42

COMMUNICATION DETAILS:

> Compliance Officer of the Company:

Name: Ms. Vandana Patel, Company Secretary and Compliance Officer

Address: Rishi Laser Limited, 612, Veena Killedar Industrial Estate, 10-14, Pais Street, Byculla (W), Mumbai 400011. Tel No.: 022-23075677/23074585 Email: investors@rishilaser.com

> Registrar and Transfer Agents (for Physical as well as for Electronic Transfers):

Name: Adroit Corporate Services Private Limited

Address: 17/20, Jaferbhoy Industrial Estate, 1^st Floor, Makwana Road, Marol Naka, Mumbai 400059 Phone No.: 022-42270400/ 42270422/42270423 : Fax No. 022-28503748 Email id: info@adroitcorporate.com Website: www.adroitcorporate.com.

Communication to Members

Members may please note that SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/ CIR/2022/8 dated 25th January, 2022 has mandated the companies to issue securities in demat form only while processing service requests viz. Issue of duplicate securities certificate, Claim from Unclaimed Suspense Account; Renewal / Exchange of securities certificate; Endorsement; Sub-division / Splitting of securities certificate; Consolidation of securities certificates / folios; Transmission and Transposition. Accordingly, members are requested to make service requests by submitting a duly filled and signed Form ISR - 4, the format of which is available on the Companys RTA - Adroit Corporate Services Private Limited at www.adroitcorporate.com. Members holding shares in physical form are requested to dematerialize their holding at the earliest to get inherent benefits of dematerialization and also considering that physical transfer of equity shares / issuance of equity shares in physical form have been disallowed by SEBI.

Restriction on transfer of shares held in physical form

The attention of members is drawn to SEBI Circular no. SEBI/LAD-NRO/GN/2018/24 dated 08th June, 2018 whereby companies have been directed not to effect transfer of securities w.e.f. 01st April, 2019 unless the same are held in dematerialized form with a Depository (except in case of transmission or transposition of securities).

While members are not barred from holding shares in physical form, we request the shareholders holding shares in physical form to dematerialize their holding at the earliest in case they want to effect any transfer of shares.

Share Transfer System

To expedite share transfer, authority has been delegated to the Stakeholders Relationship Committee of the Board. The said Committee considers requests for transmission, issue of duplicate certificates, issue of certificates on split / consolidation / renewal, etc. and the same are processed and delivered within fifteen (15) days of lodgment, if the documents are complete in all respects. In compliance with the SEBI Listing Regulations, every year, the share transfer system is audited by a Company Secretary in practice and a certificate to that effect is issued by him. The Company Secretary of the Company has also been authorised to approve requests for transmission, effecting change of name, etc. to expedite requests from members.

As per provisions of Section 72 of the Act, facility for making nomination is available for the members in respect of shares held by them. Members holding shares in physical form may obtain a nomination form (Form SH-13), from the Companys RTA: Adroit Corporate Services Private Limited - Website: - www.adroitcorporate.com.. Email:- info@adroitcorporate.com.

Members holding shares in dematerialized form should contact their respective Depository Participation in this regard.

Dematerialization of shares

The equity shares of the Company are listed on BSE. The Company has an agreement with the National Securities Depository Limited ("NSDL") and Central Depository Services (India) Limited ("CDSL") for providing depository services for holding the shares in dematerialized mode. The ISIN of the Company for its shares is INE988D01012. As on 31st March, 2024, total 89,96,465 shares representing 97.87 % of the Companys shares are held in demat form in the depositories.

There are no outstanding GDRs / ADRs / Warrants / Convertible Instruments of the Company.

• SHAREHOLDING PATTERN AS AT MARCH 31, 2024:

Category	No. of Shares Held	% to paid up capital
Promoters	1455803	15.84
Bodies Corporate (Indian)	523565	5.70
Bodies Corporate (Overseas)	654950	7.12
Non Resident Indians (Individual)	243555	2.65
Public (Other than listed above)	6314727	68.69
Total	9192600	100.00

• DISTRIBUTION OF SHAREHOLDING AS AT MARCH 31, 2024:

No. of Shares	No. of Shareholders	% of Total	No. of Shares	% of Total
0-500	3951	76.83	564652	6.15
501-1000	489	9.51	397553	4.32
1001-2000	298	5.79	456361	4.96
2001-3000	100	1.94	257670	2.80
3001-4000	63	1.22	223998	2.44
4001-5000	47	0.91	219748	2.39
5001-10000	93	1.81	711683	7.74
10001 and above	102	1.98	6360935	69.20
		100.00	9192600	100.00

• PLANT LOCATIONS:

Unit	Address
Pune	Gat No.229, Alandi Markal Road, Village-Markal, Taluka-Khed, Dist-Pune -412105
Vadodara-Savli	Plot No 578 to 587, GIDC, Savli, Vadodara-391770
Kundli	428, EPIP Industrial Estate, Kundli, Dist-Sonepat (Haryana)
Bommsandra Unit - I	Site No. 145-146, 4th Phase, Bommsandra Industrial Area, Tal-Anekal, Bangalore - 560099
Bommsandra Unit - II	Plot No. 140 Shed No. 2, Ground Floor, 4th Phase, 7th Road, Bommsandra Industrial Area, banglore Urban, Karnataka, 560099
Chennai	No: 68 Plot No: 1 to 8, Varadharajapuram, Chennai Bangalore Highway, Nazerethpet, Poonamalle, Chennai-600123