Dear Shareholder,
Your directors have pleasure in presenting the Forty Second Annual Report on the
business and operations of the Company, together with the audited financial statements of
your Company for the year ended March 31, 2023.
Financial Results
(Rs. crore)
Particulars |
Standalone |
Consolidated |
|
FY 2022-23 |
FY 2021-22 |
FY 2022-23 |
FY 2021-22 |
Total revenue |
5,141.16 |
4,015.39 |
8,089.81 |
6,128.33 |
Profit before finance cost, depreciation and tax |
517.02 |
350.58 |
757.74 |
548.38 |
Finance cost and depreciation |
92.73 |
80.52 |
154.45 |
138.41 |
Profit before tax and exceptional items |
424.29 |
270.06 |
603.06 |
410.10 |
Exceptional items |
7.2 |
(14.00) |
- |
- |
Profit before tax but after exceptional items |
431.49 |
256.06 |
603.06 |
410.10 |
Provision for taxation (incl. deferred tax) |
102.23 |
55.27 |
152.36 |
97.79 |
Profit aftertax |
329.26 |
200.79 |
450.70 |
312.31 |
Other comprehensive income |
(7.78) |
4.24 |
0.19 |
7.62 |
Total comprehensive income |
321.48 |
205.03 |
450.89 |
319.93 |
Total equity |
3,217.76 |
3,001.00 |
3,868.07 |
3,492.49 |
Earnings Per Share (EPS) (Rs.) face value per share Rs. 2/- from
continuing operations |
27.63 |
16.85 |
39.98 |
27.73 |
Earnings Per Share (EPS) (Rs.) face value per share Rs. 2/- from
continuing and discontinuing operations |
27.63 |
16.85 |
39.98 |
27.73 |
Result of Operations and the State of Affairs
Standalone
Your Company, on a standalone basis, posted a revenue of Rs. 5,141 crore for the
financial year 2022-23, against last years revenue of Rs. 4,015 crore. Revenue from
exports was up 10.6% at Rs. 1,053 (Rs. 952 crore). Order booking from continuing
operations stood at Rs. 5,307 crore, lower by 22.7% as compared to Rs. 6,867 crore in the
previous year.
Consolidated
On a consolidated level, the group revenue was at Rs. 8,090 crore (Rs. 6,128 crore).
The Groups international business was higher by 25.8% at Rs. 2,041 crore (Rs. 1,622
crore). Consolidated order booking for FY 2022-23 decreased by 6.6% to Rs. 8,788 crore
(Rs. 9,410 crore). Order booking in international markets at Rs. 2,064 crore was higher by
9.9%.
Material Changes and Commitments
There have been no material changes and commitments affecting the financial position of
the Company, which have occurred between the end of the financial year and the date of
this report.
Credit Rating
Your Company has been rated ‘AA+/ Stable (Reaffirmed) for Long Term Rating and A1
+ (Reaffirmed) for Short Term Rating by Credit Rating Information Services of India
Limited (CRISIL) for its banking facilities. The rating reflects your Companys continued
good parentage, credit profile, liquidity position, strong corporate governance practices,
financial flexibility and conservative financial policies.
Dividend
The Board of Directors have recommended a dividend of Rs. 10/- (500%) per equity share
of face value of Rs. 2/- each for the year ended March 31, 2023. The dividend is subject
to the approval of members at the ensuing Annual General Meeting (AGM).
In accordance with Regulation 43A of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations),
the Company has adopted the Dividend Distribution Policy, which is made available on the
Companys website and can be accessed using the link: https://
www.thermaxglobal.com/wp-content/uploads/2020/03/ DIVIDEND-DISTRIBUTION-POLICY.pdf
Transfer to Reserve
The closing balance of the retained earnings of the Company for FY 2022-23, after all
appropriation and adjustments, was Rs. 2,649 crore on standalone basis and Rs. 3,142 crore
on consolidated basis. During the year, the Company has not transferred any amount to
General Reserve.
Share Capital
The paid-up equity share capital of the Company was Rs. 23.83 crore as on March 31,
2023. There were no public or preferential rights or bonus issued during the year.
The Company has not issued any shares with differential voting rights, sweat equity
shares. The details of stocks granted during the year are provided on the website of the
Company.
Statement of Deviation(s) or Variation(s) in Share Capital
During the year under review, there was no instance to report containing Statement of
Deviation(s) orVariation(s) in share capital as per Regulation 32 of Listing Regulations.
Subsidiaries
In accordance with Section 136 of the Act, the Annual Report of your Company containing
inter alia, financial statements and consolidated financial statements, has been placed on
ourwebsite: https://www.thermaxglobal.com/ annual-reports/which can be accessed using the
above link.
Further, the financial statements of the subsidiaries have also been placed on
ourwebsite: https:// www.thermaxglobal.com/subsidiary-annual-report/
The report on the growth trends and outlook of those subsidiaries which impact your
Companys performance reasonably are captured in the Management Discussion and Analysis
section of this report.
Changes in Subsidiaries during the Year
Through its wholly owned subsidiary, First Energy Private Limited (FEPL), the Company
has established below step-down subsidiaries for undertaking Group Captive Solar projects
in different states of India:
I Name of Subsidiary |
Date of incorporation 1 |
First Energy 3 Private Limited |
25/05/2022 |
First Energy 4 Private Limited |
07/12/2022 |
First Energy 5 Private Limited |
13/12/2022 |
First Energy 6 Private Limited |
23/03/2023 |
First Energy 7 Private Limited |
26/03/2023 |
Further, FEPL has acquired two subsidiaries, namely Jalansar Wind Energy Private
Limited and Kanakal Wind Energy Private Limited on June 22, 2022, for commissioning
captive solar project in Maharashtra.
With a view of consolidating the solar projects of the Group under one roof of FEPL,
the Company transferred the solar plants of Thermax Onsite Energy Solutions Limited
(TOESL), to FEPLw.e.f. March 30, 2023.
During the year, the Company has executed Shareholders, Agreement with EverEnviro
Resource Management Private Limited (EverEnviro) on July 27, 2022 to incorporate new
company which will execute Technology, Engineering, Procurement & Construction
("TEPC") scope for the bio-CNG projects. Pursuant to the same, a new subsidiary
was incorporated i.e. Thermax Bioenergy Solutions Private Limited (TBSPL) on August 12,
2022.
Further, Thermax Senegal S.A.R.L, a wholly owned subsidiary of the Company, stands
liquidated effective December 14, 2022. Further, Thermax Sustainable Energy Solutions
Limited, wholly owned subsidiary of the Company, stands liquidated as per the order of The
National Company Law Tribunal, Mumbai Bench (NCLT) issued on April 25, 2023.
Further, during the year, the Board of Directors of the Company have approved proposal
/ Scheme of restructuring of Thermax Cooling Solutions Limited, a wholly owned subsidiary
of the Company. Accordingly, a Scheme of Arrangement between Thermax Cooling Solutions
Limited (TCSL/Demerged Company) and Thermax Instrumentation Limited (TIL/Resulting
Company), wholly owned subsidiaries of the Company, under sections 230 to 232 read with
section 66 of the Companies Act, 2013 have been filed with the National Company Law
Tribunal.
The Scheme is subject to necessary approval from regulatory authorities.
Management Discussion and Analysis
The Management Discussion and Analysis section highlighting the performance of the
Companys Industrial Products, Industrial Infra, Green Solutions and Chemicals, including
details of select subsidiaries, information on the Companys health, safety and
environment measures, human resources, risk management and internal controls, is given on
page no. 24.
Corporate Governance Report
A detailed report on Corporate Governance as per Listing Regulations and disclosures
required as per section 134 and 177 of the Companies Act, 2013, is attached as Annexure 1
on page no. 71.
A certificate from M/s. SVD & Associates, Company Secretaries, Pune, regarding
compliance with the conditions of corporate governance as required under Schedule V of the
Listing Regulations forms part of this Report.
Secretarial Standards
Your Company is in compliance with the Secretarial Standards on Meetings of the Board
of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2) issued by the
Institute of Company Secretaries of India (ICSI) as amended from time to time.
Business Responsibility and Sustianability Reporting
In terms of the Listing Regulations, Business Responsibility and Sustainability Report
describing the initiatives taken by the Company from environmental, social and governance
perspectives is enclosed as Annexure 2 on page no. 96.
Vigil Mechanism/Whistleblower Policy
The Company has a ‘Whistleblower Policy as a part of the vigil mechanism to deal
with instances of fraud and mismanagement, if any. The details of the policy are provided
in the Corporate Governance Report and also available on the website of the Company:
https:// www.thermaxglobal.com/wp-content/uploads/2021 /08/Thermax- Ltd. -Whistleblower-
PoIicy-. p df
Industrial Relations
The overall Industrial Relations at all the manufacturing locations was peaceful during
the year 2022-23.
The Company has signed Long Term Settlements (LTS) with the trade union at three
locations:
• Chinchwad: On 1st June 2022 for 3 years period from 1/5/2022 to
30/4/2025
• Savli: on 30th September, 2022 for 5 years period from 1 /4/2022 to
31 /3/2027
• Paudh: on 21st November, 2022 for 3 years period from 1/7/2022 to
30/6/2025
Human Resources Management
1. Particulars of Employees
The total number of permanent employees on the rolls of the Company as on March 31,
2023, was 2,572 compared to 2,410 employees in the previous year.
At the group level, the total number of permanent employees are 4,818 compared to 4,634
employees in the previous year.
The information required pursuant to section 197 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, duly amended, in
respect of employees of the Company, forms part of Annexure A to this Boards report and
information required pursuant to Rule 5(2) will be provided upon request.
In terms of Section 136 of the Act, the Annual Report excluding the aforesaid
information is being sent to all the members and others entitled to receive it. Any
shareholder interested in obtaining such particulars may write to the Company Secretary.
2. Anti-Sexual Harassment Policy/ Internal Committee
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. All employees (permanent, contractual, temporary and trainees) are covered
under this policy. To build awareness in this area, the Company has been carrying out
online induction/refresher programmes across the organisation on a periodic basis.
An Internal Committee (1C) has been set up to redress complaints received regarding
sexual harassment at the workplace under the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
There were no complaints received or disposed of during the year 2022-23.
Disclosure Pursuant to Section 197(14) of the Companies Act, 2013, and Rules made
thereunder
The Managing Director and CEO of the Company are not in receipt of any remuneration
and/or commission from any Holding / Subsidiary Company, as the case may be.
Details of Trusts formed for the Benefit of Employees a) ESOP Trust
The Company has a Thermax Employees ESOP & Welfare Trust which holds 29,06,250
equity shares of Rs. 2/- each of the Company.
The trust has not entered into any transaction of buying or selling of shares in the
secondary market.
Thermax Employee Stock Option Scheme 2021
With a view to motivate the key workforce, seeking their contribution to the corporate
growth, to create an employee ownership culture, to attract new talents and to retain them
for ensuring sustained growth, your Company has implemented an employee stock option plan
namely Thermax Limited Employee Stock Option Plan 2021 ("ESOP 2021 "/
"Plan") covering the employees of the Company and its Group Companies including
subsidiary and its associate companies.
The scheme was approved by the shareholders through postal ballot on January 13, 2022
with requisite majority.
During the year under review, the Nomination and Remuneration Committee (NRC) and the
Board of Directors of your Company, have approved grant of stock options to employees
under ESOP 2021.
There were no material changes made in the ESOP 2021 during the year. The
above-mentioned Scheme is in compliance with the SEBI (Share-Based Employee Benefits &
Sweat Equity) Regulation,
2021 (SBEB Regulations, 2021). Your Companys Secretarial Auditor, M/s. SVD &
Associates, Company Secretaries, Pune, has certified that the Companys above-mentioned
Scheme has been implemented in accordance with the SBEB Regulations, 2021.
In line with regulation 14 of the SBEB Regulations, 2021, a statement giving complete
details, as at March 31, 2023, is available on the website of the Company:
https://www.thermaxglobal.com/ wp-content/uploads/2023/06/ESOP-Disclosure-
Under-Regulation-14-FY22-23.pdf
b) Employee Welfare Trusts
The Company has various Employee Welfare Trusts primarily for providing medical,
housing and educational aid to its employees and their families. These trusts presently
hold 36,35,190 equity shares of Rs. 2/- each of the Company. None of the trusts had any
dealings in the secondary market.
In line with regulation 14 of the SBEB Regulations, 2021, a statement giving complete
details, as at March 31, 2023, is available on the website of the Company:
https://www.thermaxglobal.com/ wp-content/uploads/2023/06/Disclosure-SBEB- Sheet.pdf
Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo
The information on the conservation of energy, technology absorption and foreign
exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act,
2013, read with Rule 8 of the Companies (Accounts) Rules,
2014, is provided as Annexure 3 on page no. 132.
Corporate Social Responsibility Initiatives
As a part of its initiatives under Corporate Social Responsibility (CSR), the Company
has undertaken project in the area of education. The project is in accordance with
Schedule VII of the Companies Act, 2013. Since 2007,
CSR initiatives have been undertaken through Thermax Foundation, the details of CSR
activities are provided under CSR Activities and CSR Policy on page no. 135.
The details of the CSR Committee and CSR Policy are available on the Companys website:
https:// www.thermaxglobal.com/corporate-governance- policies-and-disclosures/
Directors and Key Managerial Personnel
The Board of Directors of your Company comprises of 9 directors, viz., two
non-executive directors, one executive director and six independent directors, including
one independent woman director as on March 31, 2023. As per the Articles of Association of
the Company, one-third of the Directors, other than Independent Directors and Chairperson,
are liable to retire by rotation at the AGM of the Company every year.
Dr. Ravi Shankar Gopinath was appointed as an Independent Director of the Company for a
term of 5 (five) consecutive years commencing from November 10, 2021 at the 41st
AGM and Dr. S. B. Pandit was re-appointed as an Independent Director of the Company for a
second term of 5 (five) consecutive years commencing from from May 30, 2022 at the 41st
AGM.
Mrs. Rajani Kesari (DIN: 02384170) was appointed as Independent Director of the Company
from November 14, 2018 to November 13, 2023. Considering the performance evaluation,
contribution to the Company during her first term of office, her knowledge, qualification
and experience along with skills and expertise she brings on the Board and based on
recommendations of the Nomination and Remuneration Committee, the Board approved the
re-appointment of Mrs. Kesari for a second term of consecutive five years commencing from
November 14, 2023 to November 13, 2028, subject to approval of shareholders at the ensuing
Annual General Meeting (AGM) of the Company.
Further, in accordance with the provisions of the Companies Act, 2013 and the Companys
Article of Association,
Mr. PherozN. Pudumjee (DIN: 00019602), Non-Executive, Non-Independent Director, retires
by rotation and being eligible offers himself for re-appointment. Based on the
recommendation of Nomination and Remuneration Committee, the Board of Directors recommends
his re-appointment. A proposal for his re-appointment forms part of the Notice of the 42nd
AGM of the Company.
The Company has received the necessary declarations from the above directors as
required under the Companies Act, 2013 and the Listing Regulations. Further, Mrs. Kesari
has also confirmed that she meets the criteria of independence as laid down in Section
149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.
Dr. Valentin Albrecht Herwart (DIN: 00239314) ceased to be Director (Non-Executive,
Independent Director) of the Company upon completion of his second term at the close of
business hours on July 21, 2022.
Board and Independent Directors Meeting
A calendar of meetings is prepared and circulated in advance to the directors. During
the year, six Board Meetings were convened and held, the details of which are given in the
Corporate Governance Report.
For the financial year 2022-23 the Independent Director conducted one meeting on
February 10, 2023.
Familiarisation Programme
The Company has formulated a policy on ‘Familiarisation Programme for Independent
Directors, which is available on the Companys website: www.thermaxglobal.com.
Committees of the Board
The details of all committees and their terms of reference are set out in the Corporate
Governance Report.
Key Managerial Personnel
During the year under review, there were no changes in the Key Managerial Personnel of
the Company.
Remuneration Policy
The Remuneration Policy details for selection, appointment and remuneration of
directors and senior management are given in the Corporate Governance Report, and the said
policy is available on the Companys website: https:// vvww.
thermaxglobal.com/wp-content/uploads/2020/03/
Policy-on-Selection-and-Appointment-of-Directors-and- their-Remuneration.pdf
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations, the
Board has carried out an annual evaluation of its performance.
Board Diversity
The Company recognises and embraces the importance of a diverse Board for its success.
Your Company believes that a truly diverse Board will leverage differences in thought,
perspective, knowledge, skill, regional and industry experience, cultural and geographical
backgrounds, age, ethnicity, race and gender that will help in retaining its competitive
advantage. The Board Diversity Policy adopted by the Board outlines its approach to
diversity. The policy is available on the website: https://www.thermaxglobal.com/
wp-content/uploads/2021 /04/Board-Diversity-Policy.pdf
Directors Responsibility Statement
In terms of Section 134(3)(c) of the Companies Act,
2013, the Directors of your Company, to the best of their knowledge and belief and
according to the information and explanations obtained by them in the normal course of
their work, state that, in all material respects:
a) In the preparation of the annual financial statements for the year ended March 31,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
b) Appropriate accounting policies have been selected, applied consistently and
judgment and estimates have been made that are reasonable and prudent to give a true and
fair view of the state of affairs of the Company as on March 31, 2023, and of the profit
of the Company for the year ended on that date;
c) Proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) The annual financial statements have been prepared on a going concern basis;
e) Proper internal financial controls were in place and the financial controls were
adequate and operating effectively; and
f) Proper systems to ensure compliance with the provisions of all applicable laws were
in place and were adequate and operating effectively.
Please refer to the Internal Controls section of the Management Discussion and Analysis
for further details.
Details Regarding Frauds Reported by Auditors Under Section 143(12)
During the year under review, there were no frauds reported by the auditors of the
Company to the Audit Committee or the Board under section 143(12) of the Act.
Related Party Transactions
All related party transactions entered into during the financial year were at arms
length basis and were in the ordinary course of business. There were no materially
significant related party transactions made by the Company with promoters, directors, key
managerial personnel or other designated persons, which may have a potential conflict with
the interest of the Company at large.
All related party transactions are placed before the Audit Committee. Prior omnibus
approval of the Audit Committee is obtained annually for transactions that are foreseeable
and repetitive. The transactions entered pursuant to the omnibus approval so granted along
with the statement giving details of all related-party transactions are placed before the
Audit Committee for their approval on a quarterly basis.
Pursuant to the latest amendments by the SEBI, the Company has adopted the revised
policy on Related Party Transactions which is available on the Companys website:
https://www.thermaxglobal.com/wp-content/ uploads/2023/03/RPT-Policy, pdf
None of the directors have any pecuniary relationships or transactions vis-a-vis the
Company except as disclosed under Sr. No. 2 of the Corporate Governance Report.
Standalone and Consolidated Financial Statements
The financial statements for the year ended March 31, 2023, have been prepared as per
Schedule III to the Companies Act, 2013, as amended from time to time. The consolidated
financial statements of the Group are prepared in compliance with the Accounting Standards
and Listing Regulations. The cash flow for the year is attached to the balance sheet. A
separate statement containing the salient features of subsidiaries and joint ventures in
the prescribed Form (AOC-1) is available on page no. 244.
Public Deposits
During the year, your Company has not accepted deposits from the public, and as such no
principal or interest was outstanding as on March 31, 2023, as per the provisions of the
Companies Act, 2013 and the Rules framed thereunder.
Particulars of Loans, Guarantees or Investments
The details of loans, guarantees and investments covered under the provisions of
Section 186 of the Companies Act, 2013, are given in the notes to the financial
statements.
Pursuant to the provisions of Section 67(3)(c) of the Companies Act, 2013, and rules
made thereunder, the Company has not given any loan to persons in the employment of the
Company including its Directors or Key Managerial Personnel, in order to purchase or
subscribe shares of the Company.
Significant and Material Orders Passed by the Regulators or Courts
There are no significant material orders passed by the regulators and courts, which
would impact the going concern status of the Company.
The Insolvency And Bankruptcy Code, 2016
Your Board confirms that there is no proceeding pending under the Insolvency and
Bankruptcy Code, 2016.
There was no instance of one-time settlement with any Bank or Financial Institution
during the year under review.
Internal Audit
The internal audit atThermax Group is carried out by the in-house Internal Audit
Department with co-sourcing support. For scope determination, planning the audit and
conducting reviews, the Internal audit department has been consistently following an audit
cycle of July to June every year, which ensures review of transactions included in
financial year April to March. The internal audit is risk based with a focus on controls
for management of risks.
The Directors consider this approach to meet the desired purpose of Internal Audit.
Internal Financial Control Systems and their Adequacy
The details in respect of internal financial control and their adequacy are included in
the Management Discussion and Analysis section, which is a part of this report.
Risk Management
The Board of Directors of the Company have formed a Risk Management Committee to assess
the risks facing the business and the mitigation measures taken thereof.
The committee is responsible for assisting the Board in understanding existing risks
and reviewing the mitigation and elimination plans for those. The Audit Committee has
additional oversight in the area of financial risks and controls. The major risks
identified by the businesses and functions are systematically bifurcated between the
committees of the Board and addressed through mitigating actions on a continued basis.
Auditors Statutory Auditors
M/s. SRBC & Co. LLP, Chartered Accountants, were appointed as the statutory
auditors for a period of five years commencing from the 39th AGM until the
conclusion of the 44th AGM.
In accordance with the Companies Amendment Act, 2017, enforced on May 7, 2018, by the
Ministry of Corporate Affairs, the appointment of statutory auditors is not required to be
ratified at every AGM.
As required under the Listing Regulations, M/s. SRBC & Co. LLP, the auditors have
confirmed their eligibility and they hold a valid certificate issued by the Peer Review
Board of the Institute of Chartered Accountants of India.
The details of total fees for all services paid by the Company and its subsidiaries, on
a consolidated basis, to the statutory auditors are set out in the Corporate Governance
Report.
The Auditors Report does not contain any qualifications, reservations, adverse remarks
or disclaimer.
Cost Auditors
In terms of Section 148 of the Companies Act, 2013, read with the Companies (Cost
Records and Audit) Rules, 2014, M/s. DhananjayV. Joshi & Associates, Cost Accountants,
Pune, have been appointed as the cost auditors of the Company for FY 2022-23.
The maintenance of cost records as specified under Section 148 of the Act is applicable
to the Company, and accordingly, all the cost records are made and maintained by the
Company and audited by the cost auditors.
The Cost Auditors Report does not contain any qualifications, reservations, adverse
remarks or disclaimer.
Secretarial Audit
In accordance with the provisions of Section 204 of the Companies Act, 2013, and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company
has appointed M/s. SVD & Associates, Company Secretaries, Pune, to undertake the
secretarial audit of the Company for FY 2022-23. The Secretarial Audit Report for FY
2022-23 is attached as Annexure 5 on page no. 137.
The Secretarial Audit Report does not contain any qualifications, reservations, adverse
remarks or disclaimer.
Annual Return
The Annual Return of the Company for the financial year 2022-23 to be filed with
Registrar of Companies is available on website of the Company at
https://www.thermaxglobal. com/wp-content/uploads/2023/06/Thermax-MGT-7-web. pdf.
Since the Annual General Meeting is proposed to be held on August 1, 2023, the Company
shall upload final copy of the Annual Return for FY 2022-23, once the same is filed with
the Registrar of Companies.
Awards and Recognition
Your Company is proud to have received various awards during the year. Details of the
awards received during the year are given on page no. 59.
Acknowledgements
Your Directors place on record their appreciation for the continued support extended
during the year by the Companys customers, business associates, suppliers, bankers,
investors and government authorities. They also place on record their appreciation for the
dedication and value-added contribution made by all the employees.
Your Directors would also like to thank all the shareholders for continuing to repose
faith in the Company and its future.
For and on behalf of the Board,
Meher Pudumjee
Chairperson
(DIN: 00019581)
Pune, May 17, 2023
+91-9892691696
