Whirlpool of India Ltd Directors Report

MANAGEMENT DISCUSSION AND ANALYSIS

INDIAN ECONOMY OVERVIEW

Indias economy has seen growth in the Financial Year 2024-25, owing to domestic demand and the rapid expansion of various industries. The country has made significant strides in using technology to improve knowledge sharing, boost manufacturing, and increase export competitiveness. The governments continued focus on infrastructure investment, coupled with efforts to stimulate key sectors such as manufacturing, agriculture, and technology, provided a foundation for growth. This was bolstered by increased public spending and policy measures aimed at boosting consumer demand and investor confidence. However, the economy also witnessed inflationary pressures, fueled by volatile commodity prices and supply chain disruptions. Geopolitical tensions like continuation of the global conflicts in various geographies and global economic uncertainties on account of the tariff announcements further contributed to the complexity of the situation. These challenges are expected to continue into the next fiscal as well. The manufacturing sectors strong performance has played a major role in driving GDP growth for financial year 2024-25, boosting the overall economy. In addition, going forward, increased government tax breaks and other welfare benefits are expected to drive economic growth by boosting consumer spending.

INDUSTRY OVERVIEW

The refrigerator and washing machine industry is estimated to have grown mid single digit volumes in FY 2024-25, driven by a hotter than normal summer which fueled growth in refrigerators, and a stable economy. Air conditioners and frost free refrigerators which are low penetration categories grew at a double digit pace, while single door refrigerators and laundry subcategories grew mid single digits. The focus on premium products - such as appliances with advanced technologies, larger capacities, and energy-efficient features - is propelling revenue growth for the industry.

This period also saw a continuation in regulatory changes especially on components as the country builds on its aspiration of Make-in-India for the world. This required detailed planning to ensure operational excellence and business continuity.

Indias resilience, diverse economic base, demographic advantages coupled with exponential benefits of the digital revolution continue to underpin its long-term growth prospects. India is on track to becoming the third largest economy by 2030 and the trickle down effect of prosperity will fuel the durables industry over the long term.

COMPANY OVERVIEW

The Company has maintained a strong position in the Indian consumer durables industry. The Company offers an extensive product portfolio, including various categories like refrigerators, washing machines, air conditioners, and cooking appliances.

Whirlpool is a highly recognised brand in India, known for its quality and extensive reach across the country. The Company has established a strong presence across the country and serves a diverse customer base that represents a wide range of income levels.

Key Business Strengths

• Diversified Product Portfolio with Strong Innovations

Whirlpool began with direct-cool refrigerators and semi-automatic washing machines, but over the years as the aspirations of the Indian consumers evolved, it expanded its product range to include premium frost-free refrigerators, top-load washing machines, air conditioners and microwave ovens. Recently, in the second half of 2022, the Company also began manufacturing front-load washing machines in India, thereby further widening its product portfolio. With a deep understanding of the Indian consumer, we have brought meaningful innovations alive - Auto Defrost in single door refrigerators, "Ozone Refresh” front load washers, Bloomwash top loaders and Dynamix Technology in semi-automatic washing machines for example amongst several other innovations.

• Manufacturing Excellence and Innovation

Whirlpool operates facilities in Faridabad for refrigerators and semi-automatic washing machines, Pune for frost-free and direct-cool refrigerators, and Puducherry in southern India for washing machines. Whirlpool facilities exemplify modern manufacturing — they are a hallmark of innovation, technology and individuals dedicated to being the benchmark for manufacturing excellence. Through our operations, we deliver best-in-class manufactured products at a competitive cost and create a sustainable advantage for our Company. These outcomes are driven by World Class Manufacturing (WCM), a comprehensive methodology for improving productivity and quality, as well as reducing losses in production systems.

• Strong Pan-India Distribution

Whirlpool has a comprehensive Pan-India sales, distribution, and service network with extensive reach across the country. The networks strength lies not just in the number of billing points and service partners, but also in the lasting relationships with customers built over decades. This relationship- focused approach, combined with strategic investments in retail demand generation, has been instrumental in creating persistent value for the Companys brand.

• Commitment to Superior Service

Whirlpools strength lies in offering value beyond high-quality products, with a focus on unique service experiences that enhance life at home. The

Company understands the importance of aftersales support and continually improves its service offerings to build brand loyalty. Whirlpool has enhanced after-sales service by expanding its network, opening in-house service centers, training technicians, and integrating technology to increase efficiency and reduce consumer effort. In the last few years, the Company has also implemented the Net Promoter Score (N PS), a widely-used metric for gauging consumer loyalty and satisfaction. NPS has helped us understand the needs of our consumers, curate consumer relevant service solutions and foster stronger consumer relationships. Whirlpools commitment to superior after-sales support demonstrates its aim to provide value throughout the entire product journey.

• Strong Brand Equity

Whirlpool over the years has built strong trust with both consumers and customers alike. Our consistent product quality, product lineup which has evolved with changing consumer preferences and strong brand image have resulted in the brand Whirlpool consistently featuring in top considered brands in the large appliances space.

Business Performance in FY 2024-25

Whirlpools commitment to improving life at home has been central to its business, with a brand ethos focused on providing exceptional care. In a rapidly evolving digital world, the Company has emphasised purposeful innovations and intuitive technologies to cater to ever evolving consumer needs. Over the last 12 months, the Company has continued its focus towards premiumization, with a keen focus on scaling up new offerings in the premium segments, enhancing existing mass-premium products, and integrating cutting-edge 6th Sense intuitive technology across its product lines. Drawing upon the extensive 110+ years of global expertise of the Parent Company, coupled with the innovation hubs worldwide and a profound understanding of Indian consumer preferences, the Company has been continuously investing in unveiling a series of pioneering and award-winning products.

During the financial year, the Company invested to increase its retail executive presence, launched new products, provided stronger warranties on some categories selectively, increased feet on street, adjusted pricing to stay competitive in the market and aggressively drove a cost takeout program while navigating significant regulatory changes in both components and finished products. These interventions together will ensure the Companys long-term competitiveness and set a strong foundation for future growth.

Based on the consumer pain point of formation of detergent patches on clothes, the Company launched the new ACE XL range of semi-automatic machines. Powered by the revolutionary Dynamix Detergent Dispenser Technology*, this range delivered the market- first benefit of Zero Detergent Patches*.

In the refrigerator category, the Company reinforced its product leadership by upgrading the IntelliFresh Pro series of top-mount refrigerators with the performance superiority claim of "Indias fastest convertible* refrigerator" which converts its freezer into a fridge in just about 10 minutes. This range with 10 different convertible modes offers consumers unmatched flexibility to meet their diverse storage needs.

To cater to the fast growing community of second time single door refrigerator buyers, the Company expanded its product portfolio with the extremely relevant "AutoDefrost" solution while continuously focusing on expanding its presence.

The Company introduced a new range of single door refrigerators with exquisite glass door designs. Inspired by the arts and crafts of Indian artisans, this range caters to the aspirational tastes of middle India.

For the modern Indian consumer who takes great pride in our traditions and heritage, the Company introduced "Kalakriti", a range of glass door designs in both the Frost Free and Single Door category.

In 2024-25, the Company strategically expanded the 3 star frost-free range and 5 star single door range, strengthening the premium portfolio with energy- efficient, high-performance models aligned with contemporary consumer expectations.

To expand its presence in the extremely competitive front load category, the Company launched a best in class 5 years comprehensive warranty on the range. Combined with innovations like Ozone Air Refresh Technology, 6th Sense Soft Move, and Steam Wash, this range stands out within the competitive set.

To showcase our superior stain fighting capability, the Company collaborated with Hindustan Unilevers Surf Excel to create a co-branded campaign.

The Company continued to elevate everyday comfort with the introduction of its 2025 range of Air Conditioners, aligned with its vision of delivering meaningful innovation through everyday care. Powered by 6th Sense Technology, the new range offers intelligent cooling at the press of a button—sensing and adapting to ambient conditions to deliver optimal comfort and enhanced user experience. Further strengthening its differentiated 3D Cool proposition, the Company unveiled a completely refreshed design language that seamlessly reflects the core philosophy of rapid and effective cooling. Equipped with uniquely designed 3D air vents, the new models ensure swift expulsion of hot air, enabling powerful cooling performance even at ambient temperatures as high as 55?C. The range also introduces the 3D Air System featuring three distinct air draft modes, allowing consumers to personalize their cooling experience based on varied comfort needs.

^Relevant statements in above paragraphs are based on lab tests done on select models under standard test conditions and may vary depending on testing conditions and programs.

Along with strengthening our product portfolio, significant enhancements have been made across the organization to accelerate our journey towards executional excellence and premiumization.

Investments were made to enhance both the quality and quantity of retail executives, use of generative artificial intelligence to improve hiring and scale up training, revamping of measurement systems along with a major re-engineering of Field Sales Rewards programs and focusing disproportionately on higher margin products to name a few. These changes have set a strong foundation for driving long term, profitable growth.

The key focus to take these investment decisions has always been an ROI (return on investment) mindset so that in the long term the growth is profitable as well as sustainable.

Product interventions combined with a mindset of execution excellence have led to the Company growing market shares substantially in both refrigerators and laundry.

The Company revamped its robust program called P4G (Productivity for Growth), leading to cost productivity improvements in the fiscal year that further supported better profitability and allowed reinvestment into market share and revenue growth.

Overall, the Companys coordinated efforts led to a strong performance in FY 2024-25 while gaining market shares year on year in both refrigerators and washing machines. The Company delivered a 16% growth in topline while improving profitability by ~ 62%.

FINANCIAL OVERVIEW

Financial Results and State of Companys Affairs

(INR in Lacs)

Particulars	Standalone For the year ended		Consolidated For the year ended
	2024-25	2023-24	2024-25	2023-24
Total Income	759,416	648,477	811,016	699,359
Profit for the year after meeting all expenses but before exceptional items, interest and depreciation	64,884	46,425	74,111	56,679
Finance Cost	4,183	2,776	4,482	3,023
Depreciation and amortization	18,939	18,637	21,317	21,032
Profit before exceptional items, share of profit/(loss) of a Joint Ventures and associates and tax	41,762	25,012	48,312	32,624
Exceptional items Gain / (expense)	700	(1,891)	700	(1,891)
Share of profit/(loss) of joint ventures and associates	-	-	-	-
Profit before tax	42,462	23,121	49,012	30,733
Tax expenses	11,125	6,384	12,734	8,303
Profit after tax	31,337	16,737	36,278	22,430
Other comprehensive income/ (expense) (net)	147	(7)	140	(2)
Total Comprehensive Income	31,484	16,730	36,418	22,428

Financial Performance

Your Company delivered a strong financial performance in FY 2024-25, building on the growth momentum from the second half of the previous year. Consolidated revenue from operations grew by a robust 16% year- on-year, with double-digit revenue growth recorded across all four quarters of the financial year.

This performance stands out despite muted industry growth in both refrigerators and washers, which remained in the low- to mid-single digits. Our outperformance was driven by significant market share gains across all categories, along with accelerated growth in our premium product portfolio and air conditioner business.

Throughout the year, the Company took decisive actions to strengthen its market position. These included enhancing executional excellence, expanding retail executive presence and tactical pricing adjustments to remain competitive. Product innovation remained a strategic priority, resulting in several key launches including the revolutionary Dynamix Detergent Dispenser Technology in semi-automatic washers, upgraded Inte11iFresh Pro series of top-mount refrigerators, featuring the performance-leading claim of "Indias fastest convertible refrigerator", a new range of single-door refrigerators with exquisite glass door designs.

On the profitability front, the Company achieved outstanding results. The consolidated Profit Before Tax (PBT) (before exceptional items) for FY 2024-25 increased by 48% over the previous year and consolidated PBT (before exceptional items) margins improved to 6.1%, up from 4.8% in previous year. The consolidated Profit After Tax (PAT) for FY 2024-25 increased by 62% over the previous year and consolidated PAT margins improved to 4.6%, up from 3.3% in previous year. This was after accounting for provision of additional price upcharge of Rs. 41 Cr vs last year on account of new E-Waste regulations. The improvement in profits was fuelled by strong revenue growth, productivity led gross margin improvement and premiumisation of product mix. Our cost productivity program continues to yield substantial benefits across the P&L, with material costs reduced by 1%, despite absorbing regulatory cost increases.

We believe our ongoing focus on consumer insights, product innovation, execution excellence, premiumization, and cost productivity will provide a strong foundation for sustainable growth and enhanced market competitiveness.

Performance of Subsidiary

Elica PB Whirlpool Kitchen Appliances Private Limited ("Elica PB Whirlpool") is the only subsidiary of the Company. During the current year, the Company has acquired additional shareholding of 9.56% in Elica PB Whirlpool taking its total shareholding to 96.81%. Elica PB Whirlpool is engaged in the business of manufacturing and distribution of kitchen appliances.

In FY 2024-25, Elica PB Whirlpool revenue growth was flat to last year while volume grew in single digit. Elica PB Whirlpool maintained robust profitability, delivering a strong Profit Before Tax (PBT) margin of 15.7%, underscoring continued operational efficiency and cost management.

The Policy for determining Material Subsidiaries, in accordance with the requirements of the Companies Act, 2013 (the Act) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), can be accessed on the Companys website at www.whirlpoolindia.com.

A statement containing the salient features of the financial statements, in accordance with the provision of Section 129(3) of the Act, is provided in Form AOC-1 attached to the Companys financial statements. The financial statements of the Company, along with relevant documents pertaining to its subsidiaries, are available on the Companys website at www.whirlpoolindia.com.

Other Financial Disclosures

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year (FY) to which this financial statement relates to and as on the date of this Annual Report. During the Financial Year 2024-25, there was no amount proposed to be transferred to the Reserves.

Standalone Key Financial Ratios

Particulars	March 31, 2025	March 31, 2024
Debtor Turnover ratio	19.83	18.34
Inventory Turnover ratio	4.13	3.34
Interest coverage ratio	-	-
Current Ratio	2.01	2.17
Debt Equity Ratio*	0.08	0.07
Operating Profit margin	3.86	1.99
Net Profit Margin	4.22	2.64
Return on equity ratio	9.34	5.29
* For debt-equity ratio lease is considered as debt

Outlook & Opportunities

The Companys strategic imperatives have been a key driver of the business results in FY 2024-25. The Company is confident that these strategic imperatives, which are inspired by our brands, will continue to help it deliver sustainable and profitable growth over the long term.

• Inspire with our Brands: The Company will continue to focus on gaining superior consumer insights to fuel consumer relevant innovation as well as best in class communication. Our consumer immersions showed us the inconvenience of detergent patches for Semi Automatic Washer users and inspired us to develop the Dynamix Detergent Dispenser that ensures zero detergent patches in the AceXL range of washers. From our consumer interactions we also learnt that while consumers purchase a "convertible" frost free refrigerator, usage at home is low since conversion took hours. This insight has been used to upgrade our frost-free proposition to "Indias fastest convertible refrigerator" which converts from freezer to fridge in just over 10 mins.

• Product Leadership: Through product leadership, the Company will continue to overdrive premiumization and bridge gaps in core product categories. Our consumer home visits have also shown us how proudly refrigerator owners showcase its presence in their living rooms leading us to develop a glass door range for single door refrigerators and expand the range in frost free to greater than 300L.

• Resilient Supply Chain: The management believes that a resilient supply chain is also absolutely imperative for its future profitable and sustainable growth and therefore it will continue to drive the quality of its products through WCM as well as drive P4G cost saving initiatives.

• Execution Excellence: Continued focus on driving reach and extraction through best in class sales execution, incentivisation and retail executive program.

• Grow Consumer Direct Business: Grow the consumer direct business ahead of the industry. The Company is confident that the above approach will continue to drive profitable growth in the long term.

RISK MANAGEMENT

The Company has a comprehensive Risk Management Framework to integrate risk management into daily operations. This includes established Business Risk Assessment procedures for self-evaluation of business risks, operational controls, and adherence to Corporate Policies. The risk assessment framework aims to offer guidance to the management in proactive thinking and value-added review to map and maintain an acceptable risk profile for the organisation as a whole. This is a continuous process that monitors the evolution of risks and the execution of mitigation plans. The risks evaluated by the Risk Management Committee are then presented to the Audit Committee and thereafter to the Board of Directors for assessing the effectiveness of the internal control and risk management system.

Post the Anticipated Sell Down announced by Whirlpool Corporation on January 30, 2025, the Company engaged renowned legal firm M/s. AZB & Partners to assist the Company in this connection. Additionally, the Board of Directors of the Company, have constituted a transition committee comprising of: (a) Mr. Rahul Bhatnagar, Independent Director - Chairman (b) Ms. Harita Gupta, Independent Director - Member (c) Mr. Anil Berera, NonExecutive Director - Member and (d) Mr. Narasimhan Eswar, Managing Director - Member to review, in consultation with the management team of the Company and the appointed legal and other advisors, the actions to be taken by the Company in its best interests, in the backdrop of this development, and make recommendations in this regard. The Transition Committee is actively reviewing significant aspects of the transition resulting from the Anticipated Sell Down and maintains close collaboration with the Management. Based on Whirlpool Corporations current statement of intent and current available facts, the Management anticipates that the Anticipated Sell Down is unlikely to exert a material long-term impact on the Companys ability to continue as a going concern.

Risk and Mitigation Strategies • Transition Risk of IT Systems

The Company leveraged various tools, applications and infrastructure support given by Whirlpool Corporation. Now due to the proposed Anticipated Sell Down the Company will have to ensure that there is data segregation and limited accessibility and will have to build in proper firewalls to address this risk. The Company has done a detailed engagement with Whirlpool Corporation to identify such overlaps and de-entanglements along with external expertise, wherever required. Further, the

Company is also building on in-house competency and redesigning the IT organisation structure for seamless transition.

• Increased Competition

Increased competition in the consumer durables sector, driven by new and expanding manufacturers, presents ongoing challenges. To stay competitive and maintain market presence, the Company maintains and cultivates strong relationships with key trade players. Leveraging its strong Indian brand reputation, the Company mitigates these risks by developing innovative products with competitive pricing and margins. Furthermore, the Company proactively manages and minimizes risk through accelerated product introductions, cost-cutting initiatives, and utilizing its extensive geographical footprint.

• Access to Brand and Technology

The Company is reliant on Whirlpool Corporation for the brand name, intellectual property, and takes the needed Whirlpool Corporations support for technology assistance, engineering assistance, innovation pipeline, product developments, improvements, product related regulatory changes, etc. Due to the Anticipated Sell Down the Company could potentially face in the future, if unaddressed, lesser visibility on new product developments/ innovations etc along with timely deployment and delivery of specific projects. In order to mitigate this risk, the Companys management is negotiating a long term Brand License Agreement (BLA), Technology License Agreement (TLA) & Transition Services Agreements (TSA) with Whirlpool Corporation to ensure that long term brand license is granted to the Company on reasonable terms, engineering support for current technology is maintained and Company continues to have access to relevant technology in the future. Further, all the negotiations are discussed with the Transition Committee of the Board before placing them before Whirlpool Corporation.

• Emerging Product Regulations

The Companys operations are governed by numerous laws and regulations, potentially necessitating alterations to production methods, product lines, or the implementation of expensive compliance strategies. To mitigate compliance-

related risks, the Product Organisation diligently tracks these regulations and implements proactive, cost-efficient adaptations to regulatory changes. Further, the Company will continue to implement structures and standardized processes for proactive monitoring and implementation of regulatory changes.

• Talent Acquisition and Retention

The Companys human resource plays a crucial role in delivering the business results of the organisation and its success hinges on attracting, developing, and retaining skilled personnel, especially key executives and senior management. The company utilizes organizational effectiveness practices to ensure optimal organizational design, processes, and governance. Employees have access to learning opportunities for skill development, preparing them for current and future success. Whirlpool Groups core values of respect, integrity, inclusion & diversity, teamwork and a spirit of winning foster a respectful and nurturing culture where employees feel valued and heard. The "One Whirlpool" ethos supports the strategy of creating a highly desirable workplace. Further information on employee initiatives is detailed in the Business Responsibility and Sustainability Report.

OPERATIONS

Strong Resilience & Operational Excellence: The

Integrated supply chain demonstrated its strong reslience and operational excellence in overcoming the special headwinds faced this year. We faced freight cost increase, BIS changes, slow moving inventory and demand fluctuations to name a few headwinds. Our three manufacturing sites at Faridabad, Pune and Puducherry rallied and generated sufficent cost savings to offset the cost increases due to inflation. Our logistics and warehousing team focused on maximising delivery to our customers on time and in full.

World class manufacturing (WCM): WCM remains our corner stone strategy. It is a structured approach to identify and eliminate losses, improve efficiency, and foster a culture of continuous improvement. The aim is to optimize all aspects of a manufacturing process, including quality, cost, delivery, safety, and employee engagement. During the year our Pune Plant progressed to a new level of WCM. The external Audit conducted by international experts certified our Pune operations to be operating at the silver level. Our Faridabad and

Puducherry plants achieved their Bronze level certifications.

Employee Growth: The Company remains committed to fostering the growth of its employees by investing in their training and development programs. The Company launched the I-shine program, tailored to the supply chain managers to build their skills on strategic thinking, change management and stakeholder management. The career craft program helped all our employees deliberate on their career plans for the future and helped strengthen the engagement for our employees across the levels.

Sustainability: Our sustainability efforts of continuously reducing our water and energy usage per unit produced is delivering superior results. The Company has significantly reduced the water and energy intensity over the past years. The Company further reduced the E-waste generation by strengthening our quality processes in all the manufacturing sites.

INFORMATION SYSTEMS

The Company uses information technology to improve the effectiveness of its operations, to interface with our customers, consumers and employees, to maintain the continuity of its manufacturing operations and to maintain financial accuracy and efficiency. Further collection of data and processing of confidential or sensitive data is also done through proper systems and softwares with security checks. The Company continued focusing on increased adoption and ROI of IT investments, enhanced business productivity and efficiencies by building better system controls and automations and invested in IT infrastructure for better resilience and reliability. The Company continuously endeavors to improve IT Security and Infrastructure.

SOURCING AND SUPPLY CHAIN

The Company utilizes a vast network of global suppliers to source the diverse materials and components required for its production process. The Company has navigated a complex and dynamic operational environment quite effectively. Many proactive measures have been taken to build resilience within the supply chain. Your Company focuses on:

• Robust compliance framework: Demonstrates a strong commitment to ethical sourcing and risk mitigation. The Company is agile and ensures complete adherence to compliance.

• Extensive due diligence and audits: Provides a thorough approach to ensuring supplier adherence to the standards. We maintain high ethical standards for our vendors and trade partners by conducting due diligence and audits. This is achieved through our Supplier Code of Conduct (SCoC) auditing program, Third Party Due Diligence (TPDD) screening, and conflict minerals tracking initiative.

• Strategic dual sourcing with localization: This has clearly paid off in reducing reliance on imports and enhancing cost efficiency. The Company has a clearly defined review process to identify its dependencies on any single import country or vendor for key components used in manufacturing. Through close monitoring and a drive for excellence, steps have been taken to diversify procurement from alternative sources, mitigating risk. Geo political status remain an important input element in deciding the sourcing strategy.

• Effective mitigation of supply chain disruptions:

Shows agility and adaptability in the face of ongoing challenges. Exhibits a remarkable ability to acclimate and adjust strategies, approaches, and actions swiftly and effectively in the face of unforeseen obstacles, shifting priorities, and dynamic circumstances.

While the continued volatility of certain electronic components and global commodity prices presents ongoing hurdles, the overall decrease in volatility compared to the previous year is a positive indicator.

HUMAN RESOURCE MANAGEMENT

Whirlpools success is driven by its people, focusing on three pillars: Organization & Capability, Best Talent & Leadership and Winning Culture. The Company has developed a framework for Organizational Effectiveness, targeting key areas like processes, structure, talent, and culture, to build an agile and effective organization. This framework ensures alignment with business strategy and optimizes performance, guiding resource allocation across business functions. Whirlpool supports employee growth by offering learning opportunities through LinkedIn Learning via WeLEARN, enabling employees to access a range of professional and leadership development resources. Our Development Programs nurtures high-potential employees through mentoring and coaching from senior leaders, using the "Leaders Teaching Leaders" concept. At Whirlpool, the passion our people carry to improve life at home, moves us forward. Being committed to nurture leadership roles from within, the Company continued to augment its flagship program, Aarohan for high-potential individuals. This initiative helps accelerate the employees readiness for future leadership roles thereby fostering holistic career progression within the organization. We continued to focus on our flagship Sales organization-wide initiative, iGrow. The initiative identified talent for first-level leadership roles through a rigorous set of assessments conducted in-house. Many participants progressed to higher roles postprogram completion. We also initiated Career Craft which was designed to ensure employees have a line of sight to their aspirational roles and enabling tools to pursue that journey. The Company also has a longstanding tradition of listening to its employees and seeking feedback. All employees of the Company are eligible to participate in these Quarterly Pulse Surveys. We also have Lets Connect and functional townhalls in addition to People leader connects to understand the pulse of the organization. To strengthen Whirlpools Leadership Model behaviours, the Company embarked on a journey of empowering all its leaders. The senior leaders of the Company shared examples of how they personally role-model these behaviours and encouraged the teams to integrate them into their daily lives. At the heart of our culture lie enduring values, particularly emphasizing inclusion and diversity. To bolster diversity, Growing Together, a mentoring program for women in mid-managerial roles was launched wherein they were paired with senior leaders to facilitate personal and professional growth. The Companys commitment to inclusion and diversity is also evident in its I&D Learning Initiatives like Empower which is designed to develop high-potential women talent. Ensuring the health and well-being of employees is a top priority at Whirlpool. Thats why it has implemented the Be* Well strategy, which revolves around six key pillars: Be healthy, Be you, Be balanced, Be curious, Be prepared, and Be connected. These pillars are designed to empower and support employees in every aspect of their lives, enabling them to thrive and "Be Well" both at work and beyond. The Employee Assistance Program continues to stand testament to this commitment, providing comprehensive support from professionals not only to our employees but also extending assistance to their families. The Company recognizes that a healthy and supported workforce is essential for sustained success and growth, and thus, it continues to invest in programs that promote physical, mental, and emotional well-being. In summary, throughout the past year the organization focused on cultivating a dynamic learning culture that is finely attuned to the evolving needs of a forward-thinking organization. By prioritizing agility in its operations, nurturing its talented workforce, and fostering a culture of success and excellence, the Company is not only preparing for the challenges of tomorrow but also ensuring that it thrives in an ever-changing landscape.

CONSUMER SERVICE

Elevating Customer Experience Through Service Excellence

Whirlpools strength lies not only in its high-quality, innovative home appliances but also in its unwavering commitment to delivering value that extends far beyond the point of sale. The Company places a strong emphasis on crafting unique service experiences that enrich life at home for its customers.

Recognizing that the true measure of customer satisfaction often hinges on after-sales support, Whirlpool India has built one of the most extensive and responsive service networks in the country. Its Pan-India presence ensures that every customer—regardless of their location—has access to timely, professional assistance. To make support even more accessible, Whirlpool offers multiple customer service channels including phone, email, WhatsApp, and SMS. These options allow customers to connect through the medium most convenient to them, ensuring ease and responsiveness at every interaction.

In its pursuit of service excellence, Whirlpool has also established dedicated in-house service centers. These centers operate under the direct supervision of the Company, enabling standardized, high-quality service and greater control over the customer experience.

To better understand and anticipate customer needs, Whirlpool leverages the Net Promoter Score (NPS)—a globally recognized metric for gauging consumer loyalty and satisfaction. NPS has become a strategic tool, providing actionable insights into consumer sentiment across various touchpoints. These insights empower the Company to develop consumer-relevant service solutions and foster deeper, more meaningful customer relationships.

Through these strategic initiatives—expanding its network, leveraging technologies, training its technicians, and applying data-driven insights—the Company reinforces its commitment to a seamless, dependable, and customer-centric after-sales experience. This service-first philosophy continues to be a key pillar of Whirlpools brand promise and longstanding consumer trust.

INTERNAL CONTROL SYSTEMS AND ADEQUACY

The Company maintains an internal financial control framework tailored to its business scale and complexity, meeting the statutory requirements. This framework encompasses detailed policies and procedures for all financial and operational activities, subject to regular assessment by internal and statutory auditors, and management.

The Companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by Statutory as well as Internal Auditors and cover all offices, factories and key business areas. Significant audit observations and follow up actions thereon are reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of the Companys internal controls environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Companys risk management policies and systems. The Audit Committee also consults with the statutory auditors regarding the sufficiency of internal control systems and regularly reports significant findings to the Board of Directors. This continuous communication helps to ensure robust and effective internal controls.

CAUTIONARY STATEMENT

This Annual Report contains forward-looking statements regarding the Companys objectives, expectations, and projections, as defined under applicable laws and regulations. These statements are predicated upon contemporary assessments of operations, industry dynamics, financial status, and liquidity. It is hereby clarified that these statements do not constitute guarantees and are inherently subject to risks, uncertainties, and assumptions which are inherently complex and challenging to anticipate. Consequently, actual outcomes may diverge materially from these forward-looking statements.

DIVIDEND

Your Board of Directors are pleased to recommend a Final Dividend of INR 5/- per equity share of face value of INR 10/- each for the financial year ended March 31, 2025. The Final Dividend, subject to the approval of Members at the ensuing Annual General Meeting, will be paid on or before October 11,2025, to the Members whose names appear in the Register of Members, as on the Record date, i.e. August 29, 2025. The total dividend for the Financial year to be paid to the members will amount to INR 63.44 Crores. In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020, dividend paid or distributed by the Company shall be taxable in the hands of the Shareholders. The Company shall, accordingly, make the payment of the Final Dividend after deduction of tax at source.

Further, the Members are informed that pursuant to guidance given by SEBI to Registrar and Share Transfer Agent dated January 23, 2024 and SEBI circular dated November 03, 2021 (subsequently amended by circulars dated December 14, 2021, March 16, 2023 and November 17, 2023), the Company will be making the payment of dividend through electronic mode only. Therefore all the Members whose folios are in physical mode are requested to register or update their KYC along with bank details with the Company/Registrar and Share Transfer Agent at the earliest.

The dividend recommendation is in accordance with the Dividend Distribution Policy of the Company which is disclosed and is available on the Companys website at www.whirlpoolindia.com.

Transfer to Investor Education and Protection Fund (IEPF)

During the financial year under review, unclaimed dividend amounting to approx INR 21 Lakhs and 3.89 Lakh unclaimed shares have been transferred to the Investor Education and Protection Fund (IEPF) pursuant to the provisions of Section 124 and 125 of the Act read with the provisions of Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 and Investor Education and Protection Fund (Awareness and Protection of Investors) Rules, 2001 as amended from time to time ("IEPF Rules"). Pursuant to the provisions of Section 124 of the Companies Act, 2013, and IEPF Rules, the amount of dividend remaining unpaid or unclaimed for a period of seven years from the date of transfer to unpaid dividend account shall be transferred to the Investor Education and Protection Fund ("IEPF") constituted by the Central Government. Attention of the members is also drawn to the provisions of section 124(6) of the Act, which requires a

Company to transfer all the shares in respect of which dividend has not been paid or claimed for seven (7) consecutive years or more in the name of IEPF authority.

In terms of the provisions mentioned above, the Company will be transferring the unpaid/unclaimed dividend and corresponding shares for the financial year 2017-18 to the IEPF within the statutory timelines i.e. by October 19, 2025 ("Due Date"). Members are requested to take appropriate steps, if required, in this regard. In accordance with the aforesaid provision of the Act read with IEPF Rules, the Company has already taken necessary action for transfer to IEPF of unclaimed/ unpaid dividend pertaining to financial year 2016-17 and shares for which dividend has not been paid or claimed by the shareholders for seven (7) consecutive years or more.

The shareholders who have not yet encashed their dividend warrant(s) for financial year 2017-18 and subsequent years may send their request for the same to the Company/Registrar and Share Transfer Agent well before the Due Date of transfer to IEPF. The shareholders are also encouraged to complete their KYC and keep the same updated at all times.

The details of the Nodal Officer and Deputy Nodal Officer appointed under the provisions of IEPF are available on the website of the Company at www.whirlpoolindia.com.

SHARE CAPITAL

As on March 31,2025 the paid up capital of the Company was INR 12,687.18 lacs. During the year under review, the Company did not issue any class or category of shares, employee stock options, convertible securities and consequently there is no change in the capital structure since the previous year.

During the previous financial year in February 2024, the Holding Company i.e., Whirlpool Mauritius Limited, sold 24% of its ownership interest in the Company, while retaining a controlling interest. As on date of this report, the Holding Company holds 51% of the equity share capital of the Company.

Whirlpool Corporation on January 30, 2025 announced its intention to sell down its ownership interest in the Company to approximately 20% by mid to late 2025 ("Anticipated Sell-Down"). The Company filed the said intimation to the stock exchanges.

Subsidiaries, Joint Ventures or Associate Company

Apart from Elica PB Whirlpool Kitchen Appliances Private

Limited ("Elica PB Whirlpool"), the Company does not have any Joint Venture or Associate Company. During the Financial year 2024-25 the Company further acquired 9.56% shares in Elica PB Whirlpool and thereby increased its stake in the subsidiary from 87.25% to 96.81%. The other details regarding Elica PB Whirlpool have already been captured above.

BOARD MEETINGS

During the financial year 2024-25, the Board met 6 (six) times on May 20, 2024; July 29, 2024; September 19, 2024; November 08, 2024; February 04, 2025 and March 13, 2025. Details of Board Meetings including the attendance of the Directors can be referred to in the Meetings of the Board of Directors in the Corporate Governance Report annexed to this Annual Report.

Board of Directors and Key Managerial Personnel Change in Director

The Board of Directors based on the recommendations of the Nomination and Remuneration Committee of the Company and pursuant to the approval of the shareholders of the Company in the 63rd AGM, appointed Mr. Anuj Lall (DIN: 09308110) as an Executive Director on the Board of the Company for the period from September 01, 2024 till February 29, 2028.

On August 31,2024, Mr. Arumalla Hari Bhavanarayana Reddy (DIN: 08060227) retired from the Company and ceased to be an Executive Director of the Company.

The Board of Directors places on record its deep appreciation for the invaluable contributions and exemplary leadership of Mr. Reddy during his tenure. The Board is grateful for his service and wishes him continued success in all his future endeavors.

Re-appointment of Directors

During the financial year 2024-25, at the 63rd AGM of the Company held on August 09, 2024, Mr. Arumalla Hari Bhavanarayana Reddy (DIN: 08060227), Director retiring by rotation was re-appointed. However, Mr. Reddy retired from the Company with effect from August 31,2024.

During the financial year, Mr. Rahul Bhatnagar (DIN: 07268064) and Mr. Pradeep Jyoti Banerjee (DIN: 02985965) were re-appointed for second term as Independent Directors of the Company with effect from June 19, 2024 upto February 29, 2028 and September 30, 2028 respectively. The said re-appointment was approved by the shareholders through Postal Ballot dated January 27, 2024.

Key Managerial Personnel

As on the date of this report, as per the provisions of the Act, below are the Companys Key Managerial Personnel:

(a) Mr. Narasimhan Eswar - Managing Director

(b) Mr. Anuj Lall - Executive Director

(c) Mr. Aditya Jain - Chief Financial Officer

(d) Ms. Roopali Singh - VP-Legal and Company Secretary

As on the date of this report, the Board noted the resignation of Ms. Roopali Singh as Company Secretary and Compliance Officer of the Company with effect from June 30, 2025 to pursue professional opportunities outside the Company.

Further, in accordance with the provisions of the Act and the Article 115 of Articles of Association of the Company at the forthcoming Annual General Meeting of the Company, Mr. Narasimhan Eswar (DIN: 08065594) retiring by rotation and being eligible, offers himself for re-appointment. The resolution seeking shareholders approval for his re-appointment along with other required details forms part of the AGM Notice.

Declaration from Independent Directors

The Company has received the below set out declarations and confirmation from all the Independent Directors:

(a) that they meet the criteria of independence as prescribed under the provisions of the Act, read with the Rules made thereunder, and the Listing Regulations;

(b) there has been no change in the circumstances affecting their status as Independent Directors of the Company;

(c) that they have complied with the Code for Independent Directors prescribed under Schedule IV to the Act; and

(d) that they have registered themselves with the Independent Directors Database maintained by the Indian Institute of Corporate Affairs.

All the Independent Directors of the Company have given the declarations confirming compliance with the provisions of the Act, read with the Rules made thereunder and Listing Regulations including criteria of independence, Code of Conduct for Independent Directors and registration in Directors Database maintained by the Indian Institute of Corporate Affairs (IICA). Further, there has been no change in the circumstances affecting their status as Independent Directors of the Company.

In the opinion of the Board, all Independent Directors possess requisite qualifications, experience, expertise and hold high standards of integrity required to discharge their duties and give an independent judgment without any external influence. List of key skills, expertise and core competencies of the Board, including the Independent Directors, forms a part of the Corporate Governance Report.

The details of the familiarisation programmes for the Independent Directors are available on the website of the Company at www.whirlpoolindia.com.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:

a. In the preparation of the annual accounts for the Financial Year ended March 31,2025, the applicable accounting standards have been followed along with proper explanation relating to material departures made from the same;

b. They have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit and loss of the Company for that period;

c. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. They have prepared the annual accounts for the Financial Year ended March 31, 2025, on a going concern basis;

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

f. They have devised proper systems to ensure compliance with the provisions of all applicable laws

and that such systems were adequate and operating effectively.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Nomination and Remuneration Committee considers the Remuneration Policy and its charter for considering the attributes for Directors appointment and his/her remuneration. These attributes include qualifications, positive attributes, independence, expertise etc. of Directors and other matters relating to appointment and payment of remuneration to Directors and Key Managerial Personnel and other employees of the Company. The said policy is reviewed periodically by the Nomination and Remuneration Committee and is available on the website of the Company at www.whirlpoolindia.com.

PERFORMANCE EVALUATION OF DIRECTORS

Details of the annual Board evaluation process carried out as per the terms of the requirement of the Act and the Listing Regulations are provided in the Corporate Governance Report.

RELATED PARTY DISCLOSURES

In line with the requirements of the Act and the Listing Regulations, the Company has a Policy on Materiality of Related Party Transaction (RPT) & Dealing with RPT which is also available on the Companys website at www.whirlpoolindia.com. The Audit Committee and Board approves the related party transactions in line with this Policy. All Related Party Transactions, repetitive in nature, in the ordinary course of business and at arms length are given prior approval by way of omnibus approval for the financial year by the Audit Committee. Any subsequent material modifications are placed before the Audit Committee for its review and approval.

During the financial year, all RPTs were in ordinary course of business and at arms length except one, the disclosure for which is given in AOC-2 annexed with this report as Annexure-C. There was no material RPT as per the RPT policy.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of loans, guarantees or investments made by the Company under Section 186 of the Act, during the financial year 2024-25 forms part of the notes to the financial statements provided in this Annual Report.

AUDIT COMMITTEE

As of March 31,2025, the Audit Committee comprises 5 (Five) Members, wherein there are four Independent Directors and one Non-Executive Director. The details regarding meetings, roles and responsibilities of the Committee can be referred to in the Corporate Governance Report. During the year under review, all the recommendations made by the Audit Committee were accepted by the Board of Directors.

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

In line with the values of the Company, your Company has over the years built a culture where CSR has been deeply integrated with our business philosophy. Your Company has formulated a CSR Policy in terms of Section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended ("CSR Rules). During the Financial Year 2024-25, in terms of Section 135 of the Act read with CSR Rules, your Company has spent over two percent of the average net profits of your Company during the three preceding financial years in accordance with the CSR Policy and the Annual Action Plan approved by the Board of Directors, from time to time on the recommendation of the CSR Committee.

During the financial year, considering environmental sustainability as a focal point the Company changed its CSR strategy and commenced an ongoing project towards water initiatives. The details of the project forms part of the CSR report annexed as Annexure-D of this Annual Report and is also available on the website of the Company at www.whirlpoolindia.com.

RISK MANAGEMENT COMMITTEE

The roles and responsibilities of the Risk Management Committee are as prescribed under Regulation 21 of the Listing Regulations and includes formulating a detailed Risk Management Policy, monitoring and reviewing of risk management plan and reporting the same to the Board of Directors periodically as it may deem fit, in addition to any other terms as may be referred by the Board of Directors from time to time. The Companys management identifies the risks as per the framework provided in the Risk Management Policy and provides to the Committee detailed information regarding the identified risks and the mitigating actions. The Committee reviews the same every half year and makes its recommendations to the Board. This structured approach helps ensure that potential threats are identified early and appropriate measures are in place to mitigate them effectively.

The details of the Risk Management Committee are included in the Corporate Governance Report which forms part of this Annual Report.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has adopted a Code of Conduct/ Integrity Manual which lays down the principles for vigil mechanism for Directors, Employees and all stakeholders of the Company enabling them to report genuine concerns about unethical behaviour, actual or suspected fraud or actions that can adversely impact Companys operations, performance or reputation. These principles are derived from the core values of the Company and any grievances or concerns relating to violation of Companys Code of Conduct/ Integrity Manual can be reported by the employees and other stakeholders. The Code of Conduct/ Integrity Manual provides for adequate safeguards against victimization of director(s)/ employee(s) who avail of the mechanism. The complaints, if any, are reported to the Audit Committee and it is affirmed that, no personnel has been denied access to the Audit Committee. The Company has scheduled various training sessions and certification courses during the year for its employees and workers to sensitize them on the availability and accessibility of the mechanism. Further information on the subject can be referred to in the Corporate Governance Report.

The Integrity Manual is available on the Companys website and can be accessed at www.whirlpoolindia.com.

AUDITORS AND AUDITORS REPORT Statutory Auditors and Auditors Report

As per Section 139 of the Act, read with the Companies (Audit and Auditors) Rules, 2014, the members of the Company re-appointed M/s. S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration No.: 301003E/ E300005) as the Statutory Auditors of the Company, for a term of five consecutive years, at the 61st Annual General Meeting (AGM) of the Company held on July 15, 2022, to hold office till the conclusion of 66th AGM of the Company.

Secretarial Auditors and Secretarial Audit report

As per Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations and based on the recommendations of the Audit Committee, the Board at its meeting held on May 20, 2025 recommended the proposal for appointment of Mr. N C Khanna (ICSI Membership No. 4268 & Certificate of Practice No. 5143), Practicing Company Secretary as the Secretarial Auditor of the Company to the shareholders for a term of 5 consecutive years, starting from financial year ending March 31, 2026 till March 31,2030. The detailed terms of appointment and profile of the proposed Secretarial Auditor is given in the AGM notice.

The Secretarial Audit for the financial year ended March 31, 2025 was carried out by Mr. N C Khanna (ICSI Membership No. 4268 & Certificate of Practice No. 5143), Practicing Company Secretary. The Report given by the Secretarial Auditor is annexed as Annexure-E of the Annual Report. The Secretarial Audit Report is selfexplanatory and does not have any qualifications or adverse remarks.

Cost Records and Cost Audit Report

Your Company is required to maintain cost records for its products in accordance with the applicable provisions of the Act. Based on the Audit Committees recommendation, the Board of Directors appointed M/s. Chandra Wadhwa & Co., Cost Accountants (Firm Registration No. 000239), as Cost Auditors for the financial year 2024-25. The Cost Auditors have issued a Cost Audit Report for the financial year 2024-25, which contains no qualifications or adverse remarks. The Cost Audit Report for the financial year 2024-25, issued by M/s. Chandra Wadhwa & Co., Cost Auditors, covering various products as prescribed under Cost Audit Rules, was filed with the Ministry of Corporate Affairs (MCA) during the financial year.

Considering the scale of business, the Audit Committee recommended re-appointing M/s. Chandra Wadhwa & Co., Cost Accountants (Firm Registration No. 000239), as Cost Auditors for the financial year 2025-26. Your Company has obtained the necessary consent and declaration from the Cost Auditors. The Board of Directors have approved the appointment and remuneration of the Cost Auditors for the financial year 2025-26, which now requires ratification by the Members at the ensuing AGM. The necessary details on the appointment and remuneration are included in the notice of the AGM. In the Directors opinion, considering the scope of the audit and the size of the business, the proposed remuneration for the Cost Auditors is reasonable, fair, and commensurate with the scope of work they will perform.

In all the above reports, the Auditors have not reported any instance of fraud committed in the Company by its officers, employees.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is in compliance with all the applicable provisions of Secretarial Standard on Meetings of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2), respectively issued by The Institute of Company Secretaries of India.

LISTING OF SHARES

The Companys equity shares are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE).

CORPORATE GOVERNANCE

One of the essential fundamentals of the Company is maintaining high standards of Corporate Governance. A separate report on Corporate Governance, annexed as Annexure-A of this Report, along with a certificate from Chief Executive Officer and from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as required in terms of the Listing Regulations.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

Pursuant to the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 (POSH) the Company has constituted an Internal Complaints Committee (ICC), details of Policy and complaints can be referred to in the Corporate Governance Report.

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

The particulars with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo, as prescribed under sub-section (3)(m) of Section 134 of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014, are annexed as Annexure -F of this Annual Report.

PARTICULARS OF EMPLOYEES

The Disclosure of Remuneration as required under Section 197 of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014 (Rules), is annexed as Annexure-G of this Report. As per the provisions of Section 136(1) of the Act and Rule 5 of the Rules, the Report and Financial Statements are being sent to the Members of the Company excluding the statement of particulars of employees under Rule 5(2) of the Rules. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary at the Registered Office of the Company.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company in Form MGT- 7 for the financial year 2024-25, will be made available on the Companys website at www.whirlpoolindia.com.

SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS/COURTS/TRIBUNALS

No significant or material orders were passed by the Regulators or Courts or Tribunals which impacts the going concern status and Companys operations in future.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

In terms of the requirements of Listing Regulations, a report on sustainability in the format of Business Responsibility and Sustainability Report forms part of this Annual Report and is annexed herewith as Annexure- H.

OTHER DISCLOSURES

During the year under review:

• No shares with differential voting rights and sweat equity shares have been issued;

• No public deposits have been accepted by the Company;

• No proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of One-Statement with any Bank or financial institution;

• There has been no change in the nature of business of the Company;

• During the financial year ending on March 31,2025, no securities of the Company were suspended from trading;

• Neither the Managing Director nor the Whole-time Director of the Company receive any remuneration or commission from any of its subsidiaries.

ACKNOWLEDGMENT AND APPRECIATION

The Board would like to acknowledge the valuable contribution made by all its stakeholders in the growth and development of the Company. The Board places on record appreciation for its employees, value chain partners, distributors, customers, investors and shareholders for their support and belief in the Company. The Board also places its appreciation for the continued assistance and support provided by the Business Partners, Government and Regulatory Authorities, Banks, Stock Exchanges and Industrial Bodies.

The Board places on record its deep appreciation for the committed services by all the employees and for their continued commitment, dedication and untiring efforts which are instrumental for upholding the growth and success of the business.

We endeavour to build and nurture strong relationships across the value chain which has been built with cooperation, mutual trust and respect. Your Directors and employees look forward to the future with confidence and stand committed to creating an even brighter future for all stakeholders.

	For and on behalf of the Board of Directors
	Arvind Uppal	Narasimhan Eswar
Place: Gurugram	Chairman	Managing Director
Date: May 20, 2025	DIN:00104992	DIN:08065594