TO THE MEMBERS OF

GRANULES INDIA LIMITED,

The Board of Directors presents the Company's thirty-second Annual Report and the Company's audited financial statements (standalone and consolidated) for the financial year ended March 31, 2023.

FINANCIAL RESULTS:

The Company's financial performance for the year ended March 31, 2023 is summarized below:

Note: The above figures are extracted from the standalone and consolidated financial statements of the Company.

Standalone Financial Summary:

On a standalone basis, the revenue from operations was Rs. 39,312.00 millions in FY 2022- 23 as against Rs. 32,384.37 millions for FY 2021-22 and the net profit aftertax was Rs. 4,987.85 millions in FY 2022-23 as against Rs. 3,865.16 millions for FY 2021-22.

Consolidated Financial Summary:

On a consolidated basis, the revenue from operations was Rs. 45,119.17 millions in FY 2022- 23 as against Rs. 37,649.21 millions for FY 2021-22 and the net profit aftertax was Rs. 5,165.97 millions in FY 2022-23 as against Rs. 4,127.61 millions for FY 2021-22.

For more details, please refer to Management Discussion and Analysis report.

The primary growth driver in FY 22-23 was led by a change in the product mix. On a standalone basis, the Finished Dosages (FD) business contributed the largest share of revenue of the Company at 43.54% while Pharmaceutical Finished Intermediates (PFI) and Active Pharmaceutical Ingredients (API) contributed 23.11% and 33.35% respectively while it was 45%, 25% and 30% for FD, PFI and API respectively for the FY 2021- 22.

In FY 2022-23, the Company filed five ANDAs with USFDA, two dossiers in the European region, two ANDS in Canada and one MA in South Africa. The Company also filed seven US DMFs and five Certificates of Suitability (CEP) with EDQM which will be used for building future revenue from API business. The Company received four USFDA approvals, six approvals in the European region and three approvals in Canada. The management believes that it will continue to strengthen its position through dedicated research and the launch of new products.

Vertical integration has always been the strength and focus area of the Company. It will continue its focus on its core business and strengthen it by enhancing its market presence by backward integration strategies, improving operational efficiencies and continuous supply chain management. The noncore business will also be given equal focus and the Company shall endeavor towards adding new products, cost leadership and most importantly offering reliable and consistent services to all the customers. The Company's goal of transforming more of its business into the finished dosage business will continue and with this objective, the Company will continue to grow as an integrated pharmaceutical Company in a sustainable and responsible manner.

DIVIDEND:

The Board of Directors has recommended a final dividend of Rs. 1.50/- per equity share (Face value Rs. 1/- per equity share) for the financial year 2022-23, same as the total dividend paid in the previous financial year.

The dividend pay-out is in accordance with the Company's Dividend Distribution Policy. The Dividend Distribution Policy of the Company may be accessed on the Company's website at https://qranulesindia.com/wp-content/uploads/pdf/Dividend- Distribution-policy.pdf.

MATERIAL CHANGES AFFECTING THE COMPANY:

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report. There has been no change in the nature of business of the Company.

SHARE CAPITAL:

The authorized share capital of the Company is 50,50,00,000 equity shares of Rs. 1/- each. The paid-up share capital is 24,20,42,756 equity shares of Rs. 1/- each.

The Company had allotted 2,86,980 equity shares of Rs. 1/- each during the year upon the exercise of an equal number of stock options by the employees pursuant to the Employees Stock Option Scheme of the Company.

The Company bought back 62,50,000 equity shares of Rs. 1/- each during the financial year 2022-23.

BUYBACK OF EQUITY SHARES OF THE COMPANY:

The Board of Directors of the Company, at their meeting, held on August 09, 2022, approved the buyback of up to 62,50,000 (sixty-two lakh and fifty thousand only) paid-up equity shares of the Company having a face value of Rs. 1 each (representing 2.52% of the total number of fully paid-up equity shares of the Company), at a price of Rs. 400 (rupees four hundred only) per equity share payable in cash for a total consideration not exceeding Rs. 2,50,00,00,000 (rupees two hundred and fifty crores only) through the "Tender Offer" route as prescribed under the SEBI Buyback Regulations, on a proportionate basis, from the equity shareholders / beneficial owners of the equity shares of the Company as on the record date.

The Tender Offer was fully subscribed, and the total number of equity shares bought back under the Buyback was 62,50,000 (sixty-two lakhs fifty thousand) equity shares, at a price of Rs. 400 (rupees four hundred only) per equity share. The total amount utilized in the Buyback was Rs. 2,500 millions excluding transaction costs & applicable taxes.

TRANSFER TO THE INVESTOR EDUCATION & PROTECTION FUND (IEPF):

In terms of Section 124(5) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, unclaimed dividend amounting to Rs. 7,57,117/-(seven lahks fifty-seven thousand one hundred and seventeen only) pertaining to the final dividend for the financial year 2014-15 and up to third interim dividend for the financial year 2015-16 was transferred during the year under review to the Investor Education and Protection Fund established by the Central Government. Further, during the year under review, the Company transferred 15,571 equity shares to Investor Education and Protection Fund relating to the investors who have not claimed any dividend from the last seven consecutive years.

The details of the investors whose amount and shares are transferred are available on the website of the Company at https://aranulesindia.com/investors/investor-resources/ unclaimed-dividend-shares-transferred-to-iepf/.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

Management's Discussion and Analysis Report for the year under review, as stipulated under regulation 34(2) of the Listing Regulations, is presented in a separate section, forming part of the annual report.

Granules USA, Inc.

Granules USA, Inc., a wholly-owned foreign subsidiary of the Company, caters to the requirements of customers in the U.S. market. During the FY 2022-23, the Company achieved a turnover of Rs. 7,279.76 millions against the turnover of Rs. 5,171.93 millions for FY 2021-22 and the profit aftertax is Rs. 36.23 millions against Rs. 27.61 millions for FY 2021-22.

Granules Consumer Health Inc (GCH) is a wholly-owned subsidiary of Granules USA, Inc. GCH primarily focuses on marketing over-the-counter (OTC) medications to retailers. GCH opened a packaging facility that is approved by FDA in Manassas, Virginia, USA to support its business.

Granules Pharmaceuticals, Inc.

Granules Pharmaceuticals, Inc. (GPI), a wholly-owned foreign subsidiary of the Company located in Virginia, USA focuses on formulation R&D. During the FY 2022-23, the Company achieved a turnover of Rs. 11,193.99 millions against the turnover of Rs. 9,431.14 millions for FY 2021-22 and the profit after tax is Rs. 151.52 millions against Rs. 263.94 millions for FY 2021-22.

During the year FY 2022-23, GPI filed two ANDAs with USFDA, out of which approval was received for one application and the other application is under review. During the year under review, GPI launched one product under its label.

Granules Europe Limited

Granules Europe Limited is a wholly-owned foreign subsidiary of the Company set up in the United Kingdom for focusing on marketing to European customers.

Granules Life Sciences Private Limited

Granules Life Sciences Private Limited is a wholly-owned Indian subsidiary of the Company located in Hyderabad, India is in the process of establishing a greenfield facility to develop and manufacture formulation products.

Granules CZRO Private Limited

During the period under review, the Company incorporated a new wholly-owned subsidiary in India "CZRO Molecules Private Limited" for manufacturing green chemicals.

Further, the name of the Company has been changed to Granules CZRO Private Limited.

The Policy for determining material subsidiaries as approved by the Board may be accessed on the Company's website at https://qranulesindia.com/wp-content/uploads/2022/03/ Policv-on-Material-Subsidiaries.pdf.

JOINT VENTURE /ASSOCIATE COMPANIES:

The Company has no joint venture or associate Company during the period under review.

No other Company has become or ceased to be a Company's subsidiary, joint venture or associate Company.

As per the provisions of section 129 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, a separate statement containing the salient features of the financial statements of the subsidiary Companies is prepared in Form AOC-1 and it forms part of the consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS:

The consolidated financial statements of the Company and its subsidiaries for FY 2022-23 are prepared in compliance with Section 129(3) of the Companies Act, 2013 and regulation 34 of the Listing Regulations and in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited consolidated financial statements together with the auditor's Report thereon form a part of this annual report. The consolidated financial statements have been prepared on the basis of audited financial statements of the Company and its subsidiaries as approved by their respective Boards. As per the provisions of Section 136 of the Companies Act, 2013, the Company has placed separate audited accounts of its subsidiaries on its website at https://qranulesindia.com/ investors/financial-reports/annual-accounts-of-subsidiaries- jvs/ and a copy of separate audited accounts of its subsidiaries will be provided to the members at their request till the date of the Annual General Meeting of the Company.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013, with respect to the Director's Responsibility Statement, the Board of Directors of the Company to the best of their knowledge and ability hereby confirm that:

a) in the preparation of the annual accounts for the year ended March 31,2023, the applicable accounting standards have been followed and there are no material departures from the same;

b) accounting policies have been selected and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2023 and of the profit and loss 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 accounts have been prepared on a going concern basis forthe financial year ended March 31,2023;

e) adequate internal financial controls for the Company to follow have been laid down and these are operating effectively; and

f) proper and adequate systems have been devised to ensure compliance with the provisions of all applicable laws and these systems are operating effectively.

CORPORATE GOVERNANCE:

The Company is committed to maintaining the highest standards of corporate governance and adhering to the corporate governance requirements set out by the Securities and Exchange Board of India (SEBI). The report on Corporate Governance as stipulated under the Listing Regulations forms an integral part of this report. The requisite certificate from the secretarial auditor of the Company confirming compliance with the conditions of corporate governance is attached to the report on corporate governance.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT:

The Business Responsibility & Sustainability Report for the year under review, as stipulated under regulation 34(2)(f) of the Listing Regulations, is presented in a separate section, forming part of the annual report.

RELATED PARTY TRANSACTIONS:

All related party transactions entered by the Company during the financial year 2022-23 with related parties were in the ordinary course of business and are on an arm's length basis. During the year, except with the wholly-owned subsidiaries, the Company had not entered into any transaction with related parties which could be considered material in accordance with the policy of the Company on the materiality of related party transactions.

The Policy on the materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at https:// granulesindia.com/wp-content/uploads/2022/03/Granules- Related-Party-Transactions-Policy.pdf

The particulars of transactions with related parties referred to in section 188(1) are prepared in Form No. AOC-2 pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 and the same is annexed herewith as Annexure IV to the Board's report.

The details of the transactions with related parties were also provided in the notes to the financial statements.

CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility (CSR) Committee comprised three members out of which one is an Independent Director. The details of the constitution of the Committee and its meetings are provided in the corporate governance report. The CSR activities of the Company are governed through the Corporate Social Responsibility Policy (CSR Policy) approved by the Board and in compliance with Schedule VII of the Act. The CSR Policy may be accessed on the Company's website at https://qranulesindia.com/wp-content/uploads/pdf/other- information/8328CSR%20Policv.pdf.

During the year under review, the Company has spent Rs.110.02 millions on CSR activities. The annual report on CSR activities is annexed herewith as Annexure I to the Board's report.

NOMINATION AND REMUNERATION COMMITTEE:

The Committee comprised four members out of which three are Independent Directors. The details of the constitution of the Committee and its meetings are provided in the corporate governance report. The Chairman of the Committee is an Independent Director, thereby resulting in independent and unbiased decisions.

The Performance Evaluation and Remuneration Policy framed by the Committee and approved by the Board is directed towards rewarding the performance of Executive and Non- Executive Directors, Key Managerial Personnel and Senior Management Personnel of the Company based on a review of achievements periodically. The Performance Evaluation and Remuneration Policy may be accessed on the Company's website at https://qranulesindia.com/wp-content/uploads/pdf/ performance-evaluation-and-remuneration-policv.pdf

ENTERPRISE RISK MANAGEMENT:

The Company has a Risk Management Committee of the Board and the details of the Committee and its terms of reference are set out in the corporate governance report.

The Risk Management Committee has been entrusted with the responsibility to

(a) oversee and approve the Company's enterprise risk management framework;

(b) oversee at all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory and reputational risk.

(c) identify the other risks and assess that there is an adequate risk management infrastructure in place capable of addressing those risks.

The Company has a proper process for risk management.

INTERNAL FINANCIAL CONTROLS:

Internal financial controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized, and embedded in the business processes. An assurance of the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by external consultants on behalf of the management at least once in a year. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

INTERNAL AUDIT AND CONTROLS:

The Company continues to engage M/s Dhanunjaya & Haranath, Chartered Accountants as its internal auditors. During the year, the Company continued to implement its suggestions and recommendations to improve internal controls. Their scope of work includes a review of the operational efficiency, the effectiveness of systems & processes, compliances and assessing the robustness of the internal control systems in all areas of operations and the financial closure process. Internal auditor's findings are discussed and suitable corrective actions are taken as per the directions of the Audit Committee on an ongoing basis to improve the performance of the Company.

The Company's internal control systems are well established and are commensurate with the nature of its business and the size and complexity of its operations. The Audit Committee reviews the adequacy and effectiveness of the Company's internal control environment and monitors the implementation of audit recommendations. The recommendations/ suggestions of the internal auditors are discussed in the Audit Committee meetings.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Assessment and appointment of members to the Board are based on a combination of the criterion that includes ethics, personal and professional stature, domain expertise, gender diversity and specific qualifications required for the position. While appointing the Independent Directors, the potential Board member is also assessed on the basis of independence criteria defined in section 149(6) of the Act, and regulation 16(1 )(b) of the Listing Regulations.

Cessation

(1) Mr. Sandeep Neogi resigned as the Chief Financial Officer of the Company w.e.f. close of business hours on December 14, 2022. The Board placed on record its appreciation for his contribution during the tenure.

(2) During the year under review, Mr. Robert George Cunard (DIN: 08346308) resigned as an Independent Director of the Company with effect from March 17, 2023. The Board placed on record its appreciation for the contribution and guidance rendered by him during the tenure.

Appointment

(1) The Board of Directors at its meeting held on December 22, 2022, appointed Mr. Mukesh Surana as the Chief Financial Officer of the Company w.e.f December 30, 2022.

(2) The Board of Directors at its meeting held on May 16, 2023 appointed Mr. Kapil Kumar Mehan as an Additional Director categorized as Non-Executive, Independent Director on the Board from May 16, 2023 to fill the casual vacancy. The appointment is subject to the approval of the shareholders at the ensuing General meeting.

Re-appointment

(1) In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Harsha Chigurupati, (DIN: 01606477) Executive Director of the Company retires by rotation at the ensuing AGM and being eligible, has offered himself for re-appointment.

(2) Mr. Arun Sawhney was appointed as an Independent Director for the first term of five years effective October 29, 2018. His office of directorship is due for retirement on October 28, 2023. Based on the recommendation of the Nomination and Remuneration Committee and after considering the performance evaluation of his first term of five years and considering the knowledge, acumen, expertise, experience and the substantial contribution he brings to the Board, the Committee has recommended the appointment of Mr. Arun Sawhney to the Board for a second term of five years. The Board, at its meeting held on May 16, 2023, approved the re-appointment of Mr. Arun Sawhney as an Non-Executive, Independent Director of the Company with effect from October 29, 2023 to October 28, 2028, whose office shall not be liable to retire by rotation.

The Board recommends the above re-appointments to the shareholders. The notice convening the 32^nd AGM to be held on August 10, 2023, sets out the details.

In the opinion of the Board, the Directors re-appointed possess the integrity, expertise and experience to perform their functions effectively in the Company.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Companies Act and the Listing Regulations.

The Board of Directors has complete access to the information within the Company. Independent Directors have the freedom to interact with the Company's management. Interactions happen during the Board / Committee meetings when executives of the Company are asked to make presentations about the performance of the Company. Apart from this, they also have independent interactions with the statutory auditors, the internal auditors and external advisors appointed from time to time. Further, they meet without the presence of any management personnel and their meetings are conducted to enable the Independent Directors to discuss matters about the Company's affairs and put forth their combined views to the Board of Directors of the Company.

Key Managerial Personnel

Dr. Krishna Prasad Chigurupati, Chairman and Managing Director, Dr. Kandiraju Venkata Sitaram Rao, Joint Managing Director & CEO, Mrs. Lima Devi Chigurupati, Executive Director, Mr. Harsha Chigurupati, Executive Director, Mr. Mukesh Surana, Chief Financial Officer and Ms. Chaitanya Tummala, Company Secretary are Key Managerial Personnel of the Company during the year under review.

However, Mr. Sandeep Neogi was the Key Managerial Personnel of the Company till he resigned as the Chief Financial Officer of the Company.

BOARD EVALUATION:

The Company has devised a policy for the performance evaluation of the Independent Directors, Board, Committees and other individual Directors and also includes criteria for performance evaluation of the Non-Executive Directors and Executive Directors. Pursuanttothe provisions of the Companies Act, 2013 read with the Rules issued thereunder and the Listing Regulations (including any statutory modification(s) or reenactments) for the time being in force), the process for annual evaluation of the performance of the Board, its Committees and individual Directors was carried out.

The performance of the Board and individual Directors was evaluated by the Board after seeking input from all the Directors. The criteria for performance evaluation of the Board included aspects such as Board composition and structure, the effectiveness of Board processes, contribution in long-term strategic planning, etc. The performance of the Committees was evaluated by the Board after seeking input from the Committee Members.

In a separate meeting, the Independent Directors evaluated the performance of Non-Independent Directors and the performance of the Board as a whole including the Chairman of the Board.

EMPLOYEE STOCK OPTION SCHEME:

The Company's Employees Stock Option Schemes viz. ESOS- 2009 & ESOS-2017 have been in place and the Company has made grants under ESOS-2009 & ESOS-2017 to the eligible employees of the Company and its subsidiaries. The Nomination and Remuneration Committee of the Board of Directors of the Company, inter alia, administers and monitors the Employees' Stock Option Schemes. The Company did not make any grant under ESOS- 2017 during the FY 2022-23. There has not been any material change in the Employee Stock Option Schemes during the financial year under review. The Schemes and their implementation are in line with the SEBI (Share Based Employee Benefits) Regulations, 2021 ("SBEB Regulations") as amended thereof.

The applicable disclosures as stipulated under the SEBI guidelines as of March 31,2023 (cumulative position) about the Employee's Stock Option Schemes are herein under-provided. The issue of equity shares pursuant to the exercise of options does not affect the Statement of Profit and Loss of the Company, as the exercise is made at the market price prevailing as on the date of the grant plus taxes as applicable.

The Nomination and Remuneration Committee of the Board of Directors of the Company, inter alia, administers and monitors the Employees' Stock Option Scheme. There has not been any material change in the Employee Stock Option Schemes during the period under review. The Schemes and their implementation are in line with the SEBI (Share Based Employee Benefits) Regulations, 2021 ("SBEB Regulations") as amended thereof.

Under regulation 13 of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2021, a certificate from M/s. Saurabh Poddar & Associates, Practicing Company Secretaries is annexed herewith as Annexure-ll to the Board's report.

The details of the stock options granted/vested/exercised under the Granules India Limited - ESOS 2009 approved by the members in the 18th Annual General Meeting and Granules India Limited -ESOS 2017 approved by the members in the 26th Annual General Meeting, are given below:

Statutory Auditors

M/s. S.R. Batliboi & Associates LLP, Firm of Chartered Accountants, Hyderabad was appointed as the statutory auditors of the Company for a term of 5 (five) consecutive years, atthe 31^st Annual General Meeting held on July 27, 2022. They have confirmed that they are not disqualified from continuing as auditors of the Company.

The notes on the financial statement referred to in the auditors' report are self-explanatory and do not call for any further comments. The auditors' report does not contain any qualification, reservation, adverse remark or disclaimer.

Secretarial Auditor

The Board has appointed M/s. Saurabh Poddar & Associates, Company Secretaries, to conduct a secretarial audit for the financial year 2022-2023. The secretarial audit report for the financial year ended March 31, 2023 is annexed herewith as Annexure III to the Board's report. The secretarial audit report does not contain any qualification, reservation or adverse remark.

Meetings of the Board

Seven meetings of the Board of Directors were held during the year. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance report, which forms part of this report.

Audit Committee

The Audit Committee is comprised of four (4) Members out of which three (3) are Independent Directors and one (1) is an Executive Director. During the year under review, six Committee meetings were held, details of which are provided in the Corporate Governance report. During the year under review, there were no instances when the recommendations of the Audit Committee were not accepted by the Board.

Whistleblower Policy and Vigil Mechanism

The Company has established a mechanism for Directors and employees of the Company to report concerns about unethical behaviour, actual or suspected fraud, or violation of the Code. It also provides for adequate safeguards against the victimization of employees who avail the mechanism and allows direct access to the Chairperson of the Audit Committee in exceptional cases. During the year, no person was denied access to the Audit Committee.

The Whistleblower policy may be accessed on the Company's website at https://granulesindia.com/wp-content/ uploads/2022/06/Granules- India-Limited-whist le-blower- policy.pdf

Code of Conduct

A declaration regarding compliance with the code of conduct signed by the Company's Joint Managing Director & CEO is published in the Corporate Governance report which forms part of the annual report.

Particulars of Loans given, Investments made, Guarantees given and Securities provided

Particulars of loans given, investments made, guarantees given and securities provided are provided in the standalone financial statement (Please refer to Note No.4A, 4B and 26(b) to the standalone financial statement).

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars relating to the conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are annexed herewith as Annexure V to the Board's report.

Annual Return

Pursuant to section 92(3) read with section 134(3)(a) of the Act, the Annual Return as of March 31, 2023 is placed on the website of the Company and may be accessed on the Company's website at https://qranulesindia.com/investors/ notice-disclosures/annual-returns/.

Particulars of Employees and related disclosures

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act, read with Rule5(1)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are annexed herewith as Annexure VI to the Board's report.

In terms of the provisions of section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended thereof, a statement showing the names and other particulars of the employees drawing remuneration over the limits set out in the said rules forms part of this report.

Considering the first proviso to section 136(1) of the Act, the annual report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection by the members at the registered office of the Company or through electronic mode during business hours on working days up to the date of the forthcoming 32^nd AGM of the Company. Any member interested in obtaining a copy thereof may write to the Company Secretary in this regard.

The Directors further state that the remuneration paid to the Key Managerial Personnel and Senior Management Personnel is as per the Company's Performance Evaluation and Remuneration Policy.

Maintenance of Cost Records specified by the Central Government under Section 148 of the Companies Act, 2013

The Company has complied with the provisions relating to the maintenance of Cost Records as specified by the Central Government under Section 148 of the Companies Act, 2013 during the year under review.

Policy on Sexual Harassment and Constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has a Policy on "Prevention of Sexual Harassment of Women at Workplace" for the matters connected therewith or incidental thereto covering all the aspects as contained under the "The Sexual Harassment of Women at Workplace (Prohibition, Prevention and Redressal) Act, 2013" and constituted an Internal Complaints Committee undertheSexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

No complaints were pending at the beginning of the financial year. During the year under review, one concern was reported which was investigated and appropriate action was taken. No complaint was pending as at the end of the financial year.

The Company regularly conducts awareness programs for the employees.

GENERAL:

No disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

• Details relating to deposits covered under Chapter V of the Act.

• Issue of equity shares with differential rights asto dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except Employee Stock Option Scheme referred to in this report.

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

• The Company does not have any scheme of provision of money for the purchase of its shares by employees or by trustees for the benefit of employees.

• Cost Audit is not applicable for the financial year 2022-23.

• No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in the future.

• No fraud has been reported by the auditors to the Audit Committee or the Board.

• There are no proceedings pending under the Insolvency and Bankruptcy Code, 2016.

• There was no instance of a one-time settlement with any Bank or Financial Institution.

ACKNOWLEDGEMENTS:

We express our sincere appreciation and thank our valued shareholders, customers, bankers, business partners/ associates, analysts, financial institutions, insurance companies and Central and State government departments for their continued support and encouragement of the Company.

We are pleased to record our appreciation of the sincere and dedicated services of the employees and workmen at all levels.