The Indian beer industry in FY25 faced a challenging
environment, influenced by restrictions in our operations due to
elections. Nevertheless, we achieved significant progress through
strategic innovation, premiumisation, and enhanced consumer
engagement, reinforcing our long-term growth trajectory as
category makers.

We are pleased to present the following highlights:

• The Kingfisher Ultra portfolio delivered a strong 38% growth,
led by Ultra Max at a staggering 59%. Together, the two
variants contributed to a remarkable 2% share gain in the
premium beer segment, showcasing strong momentum. This
growth was driven by focused efforts on unlocking supplies,
building awareness, driving trials, and ensuring standout
across consumer touchpoints. The portfolio continues
to recruit new users while establishing itself as the gold
standard in premium beer. With rising cultural relevance
across music and premium social occasions, Kingfisher Ultra
is well on its way to becoming the most aspirational beer
brand in India.

• Heineken^® Silver fuelled the growth for the Heineken^®
franchise with an exceptional 39% surge across key markets
of Mumbai ( 22%), Goa ( 65%), and Karnataka ( 54%), which
significantly energised the premium mild beer segment.

• Strategic global partnerships with Formula 1 and the UEFA
Champions League enabled Heineken® Silver to create
memorable consumer experiences, further deepening
brand engagement within these communities. In the realm
of music experiences, Heineken® 0.0 made a mark by
presenting the 'World's Largest Holi Festival led by Martin
Garrix', captivating an audience of 50,000. A landmark
achievement for the year was the relaunch of Heineken^®
Silver in Karnataka, accompanied by the introduction of
the HEINEKEN Global Draught Championship in India.
These initiatives set new standards for premium beer,
underscoring Heineken^®'s legacy of exceptional brewing and
continuous innovation.

• Amstel Grande, a premium strong international beer from
United Breweries Limited, aims to fill the white space of
the international premium strong beer in the UB portfolio.
Launched in West Bengal, Maharashtra, and Uttar Pradesh,
it quickly gained traction, with West Bengal capturing 5%
of the premium strong beer market within three months.
Positive consumer reviews on taste, quality, and sessionability
have fuelled strong word-of-mouth. This year, the focus is on
building awareness whilst leveraging its rich international
credentials and generate quality trials at scale. Expansion
plans include Karnataka, Goa, and Daman. Amstel Grande
is well-positioned for continued success in India's premium
beer market.

Other highlights for the period

• Volume growth of 6% with broad-based growth across our
footprint. The Premium segment grew close to 32%.

• Net sales grew 10% with volume growth, supported by
pricing and state-mix effects.

• Gross Margin grew close to 44bps, driven by revenue
management & cost initiatives and EBIT grew 35bps.

• Capex investment of ' 254 crores in breweries and commercial
assets to meet volume growth.

• The Board proposes a Dividend of ' 10 per Equity Share,
representing circa 60% payout of profit after tax.

• Adopting technologies like Closed Circuit Reverse Osmosis
(CCRO) for 96% recovery and recycling reject water and boiler
condensate for bottle washer rinsing, we aim to significantly
reduce overall water consumption.

Amid evolving regulations and rising consumer expectations, your
Company remains committed to innovation, premium portfolio
expansion, and strategic efficiencies. Backed by HEINEKEN's
global expertise, it is well-positioned to lead the Indian beer
industry's future, with a strong focus on sustainability, digital
transformation, and talent development, driven by a young and
aspirational consumer base.

The financial statements for the year ended March 31, 2025,
have been prepared under Indian Accounting Standards ("Ind
AS”) according to notification by the Ministry of Corporate
Affairs under the Companies (Indian Accounting Standards)
Rules, 2015, as amended.

The Company generated Net turnover growth of 9.8% vs
the previous year. The Gross turnover for FY25 stood at
'19,40,080 Lakhs, which grew by 5.6%. Your Company achieved
a Net Turnover of '8,90,735 Lakhs during FY25 as against
'8,11,539 Lakhs during FY24. EBITDA for the year under review
stood at '87,465 Lakhs as compared to '76,785 Lakhs in the
previous year, an increase by 13.9% over the previous year. Profit
before taxation for the year stood at '60,335 Lakhs. Profit before
taxation for the last year stood at '54,932 Lakhs.

DIVIDEND

We take pleasure in proposing a Dividend of '10.00 per Equity
Share of '1 each for the year ended March 31, 2025, subject to
the approval of the Shareholders at the ensuing Annual General
Meeting ("AGM”) of the Company to be held on August 07,
2025. The total Dividend is '26,441 Lakhs, which amounts to
about 60% of the Profit after Tax. The Dividend declared for the
previous year was '10.00 per Equity Share of '1 each.

TRANSFER TO RESERVES

The Company does not propose to transfer any amount to the
General Reserve.

CAPITAL

The Authorised Share Capital of the Company stands at '9,990
million, comprising Equity Share Capital of '4,130 million
and Preference Share Capital of '5,860 million. The Issued,
Subscribed, and Paid-up Equity Share Capital of the Company
as on March 31, 2025, remains unchanged at '264.4 million,
comprising of 26,44,05,149 Equity Shares of '1 each.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Overview

Beer, one of the world's oldest beverages, has long been a
medium for social connection and enjoyment. In India, it
remains a preferred alcoholic choice, despite the industry's
stringent regulations and substantial taxation.

Currently, beer accounts for approximately 10% of total alcohol
consumption in India, with a per capita consumption (PCC) of
around 2 Liters, significantly lower than the global average of
approximately 30 Liters. Nonetheless, the Indian beer market is
on a robust growth trajectory.

This growth is fuelled by shifting consumer preferences, rising
disposable incomes, urbanisation, and a young population.
A notable trend is the increasing demand for low and no-alcohol
beers, particularly among Gen Z and millennials who prioritise
health and moderation. Brands like Heineken® 0.0 are gaining
traction in metropolitan areas, prompting companies to innovate
to meet this demand without compromising the traditional
beer experience.

The Indian beer market is segmented into Strong and Mild
Beers. Alongside this, there is a pronounced trend towards
premiumisation, with premium beer segments expected to
outpace overall category growth.

Despite challenges such as regulatory hurdles and taxation issues,
the Indian beer industry presents substantial opportunities for
growth and innovation. Companies that can adeptly navigate
these complexities, embrace innovation, and align with evolving
consumer preferences are well-positioned for success. With its
strong brand portfolio and market leadership, your Company
is strategically poised to capitalise on these opportunities and
contribute to the expansion and evolution of the beer category
in India.

Marketing

The Kingfisher Ultra portfolio delivered a strong 38% growth, led
by Ultra Max at a staggering 59%. Together, the two variants
contributed to a remarkable 2% share gain in the premium beer
segment, showcasing strong momentum.

This growth was driven by focused efforts on unlocking supplies,
building awareness, driving trials, and ensuring standout across
consumer touchpoints. The portfolio continues to recruit
new users while establishing itself as the gold standard in
premium beer.

With rising cultural relevance across music and premium social
occasions, Kingfisher Ultra is well on its way to becoming the
most aspirational beer brand in India.

In 2024, Heineken® Silver's growth momentum continued,
particularly in Goa and Maharashtra. The brand also saw
expansion to new territories such as Nagpur and Nasik and a
re-launch in Karnataka in Q3'2024.

The brand deepened its association with international and
premium experiences through the UEFA Champions League,
Formula 1, and international music festivals. HEINEKEN
co-presented an electrifying performance by iconic Australian
DJ Fisher, which drew over 10,000 attendees. In Q2 2024,
Cheers to All Fans' 360° campaign was launched with visibility
initiatives, activations, and influencer campaigns. The brand also
leveraged the association with Formula 1 through an influencer
campaign for Singapore Grand Prix and outlet screenings of the
critical races.

Advocacy with the bar community was strengthened with India's
debut representation at HEINEKEN Star Serve Championship.
With participation of over 150 outlets in Mumbai, Pune, and
Thane, the winning bartender represented India at the global
championship in Q4 2024.

Our portfolio saw a significant addition with the launch of our
iconic international beer 'Amstel Grande'. Amstel enjoys a 150-
year heritage and is enjoyed in over 100 countries. Since 1870,
Amstel has embodied the art of brewing, starting with two
friends' dream of a better beer in Amsterdam.

Developed locally in India, this launch meets the demand for
a premium strong beer with global appeal and international
quality, globally inspired, locally brewed. The packaging, designed

with premium beer enthusiasts in mind, reflects the beer's
Amsterdam roots with illustrations of iconic Dutch architecture
and scenic canals, capturing the charm of Amsterdam in every
bottle. The brand saw a star-studded launch event in Mumbai
in November 2024.

Developed locally in India, Amstel Grande is crafted using the
finest quality barley, unique Dutch yeast, and carefully selected
hops. The beer is slow-brewed and matured longer, allowing its
flavors to fully develop, resulting in a rich, smooth taste. With no
added sugar and perfected through extensive global and local
testing, it has been very well accepted by consumers.

Sales

At United Breweries, we recognise that a forward-thinking,
agile sales strategy is essential to sustaining growth and
capturing new market opportunities. In alignment with our
commitment to drive operational excellence and deliver value
to our stakeholders, we embarked on a comprehensive Sales
re-organisation initiative. This strategic transformation was
designed to adapt to the evolving dynamics of the market and
to ensure we remain at the forefront of the industry.

Creating New Verticals for Streamlined Execution:

We introduced new verticals that focus on critical aspects of our
Route to Consumer (RTC) and Revenue Margin Growth (RMG)
strategies. These included the creation of specialised teams in
Sales Capability, Commercial Excellence, and eB2B to enhance
our overall reach and operational efficiency. Additionally, we
have expanded our Trade Marketing and MONT (Modern
On-Trade) teams to bring more focused attention to win with
shoppers in-store. By restructuring our sales functions, we are
poised to achieve an even greater alignment across our teams,
leading to superior execution in the market.

Equal Focus on Lead and Lag Metrics:

As part of our commitment to a result-oriented sales process,
we have refined our approach by balancing both lead and lag
metrics. We now focus on a range of key performance indicators
(KPIs) that track distribution efficiency and market penetration.
These include Total Distribution Points (TDP), Range Sold per
Outlet, Cooler Purity, and Premium Mix%-all metrics that directly
impact our ability to drive growth and win in every store.

Our holistic approach extends beyond primary volumes, ensuring
that we are just as focused on secondary volumes and overall
market share. Additionally, a strong emphasis on high-margin
SKUs allows us to optimise our product mix, which in turn drives
margin expansion while meeting evolving consumer preferences.

Leveraging Technology for Execution Excellence:

In line with our strategy to stay ahead of market demands, we
have made significant investments in technology to enhance
our sales processes and improve execution at every level. Our
enhanced Sales Force Automation (SFA) system now includes
geo-fencing capabilities that allow us to track the market working
with greater precision and agility. We have also made strides in
using Visual Analytics to drive excellence at the outlet level.

By leveraging data-driven insights, we are able to optimise
in-store execution, ensuring that our brands are presented in
the best possible light and that our sales teams are equipped
with the tools they need to succeed. Moreover, our use of Data
Analytics has enabled us to improve distribution, with a specific
focus on premium SKUs-helping to expand our premium portfolio
in key markets and ultimately drive higher value sales.

On the digital front, we have accelerated the scaling of our
eB2B app, which now serves as a vital tool for streamlining our
Route to Market (RTM) in distributor markets. This app not only
facilitates faster and more efficient ordering but also ensures
that our distributor network remains connected and empowered
to meet demand quickly.

In line with our Win with Premium strategy, we have introduced
the Counter Salesman (CSM) app & Waiter Incentive Scheme
(WIS) apps to drive premium growth. These tools ensure that
our teams are equipped to drive brand loyalty and customer
engagement on the ground, fostering deeper connections with
our consumer base.

Looking Ahead:

As we look toward the future, we remain committed to leveraging
these structural changes and technological advancements to
drive long-term growth. Our focus on both operational excellence
and the use of cutting-edge tools positions us well to continue
leading in the market.

By creating more agile, data-driven processes and enhancing
the capabilities of our teams, we are not just adapting to the
market-we are shaping the future of our industry.

Supply Chain

Manufacturing expenses for FY2025 amounted to '507,682
Lakhs, representing 57% of net sales.

The volume for the year was planned more ambitiously compared
to FY24.

Your Company's operations were impacted during the first half
of the year due to the Lok Sabha elections, which coincided with
the peak season months of April and May. However, much of
the loss was recovered in the second half, resulting in an overall
volume growth of 6% over the previous year.

Throughout the year, several opportunities for cost optimisation
in raw and packaging materials were identified and implemented.
Under the Design for Sustainable Value (DSV) initiative, projects
were undertaken to right-size and simplify materials based
on consumer and customer needs. Key improvement actions
included the removal of aluminium foils from bottles and
enhanced collaboration with malting partners to secure local
availability of premium malt.

Local availability of barley malt was adequate, leading to lower
prices, which positively impacted the bottom line during the
second half of the year. However, the bottle supply market
remained tight, necessitating the import of new bottles. The
recycled bottle supply chain faced disruptions due to increased
demand for cullet. The Company took active steps to improve

the return supply, but overall, these challenges contributed
to increased bottle costs. Additionally, inflationary pressures
persisted on energy, soda ash, and aluminium, further escalating
the costs. A higher share of cans in the product mix also
contributed to the increase in packaging material expenses.

To meet the rising demand for premium products, the supply
footprint was successfully expanded, with increased production
of Ultra and Ultra Max beers across both Company-owned and
contract breweries. At Chamundi Brewery (Karnataka), brewing
and production commenced for Heineken® and Heineken® Silver.
In Rajasthan, the Company expanded its contract brewing
footprint to serve growing local demand.

A cross-functional innovation process was established to ensure
a steady pipeline of new product launches with compressed
timelines. The Company successfully introduced a premium
strong beer, "Amstel Grande,” brewed at West Bengal and
Mumbai breweries. It also entered the flavoured beer category
with two new variants-Kingfisher Lemon Masala and Kingfisher
Mango Berry Twist-produced at a contract business unit in
Daman & Diu.

The focus on quality was reinforced under the motto "Our
Beer is Our Pride.” The Company undertook a comprehensive
review of its quality assurance and control systems, supported
by investments in infrastructure and training. Total Productive
Management (TPM) practices were prioritised and standardised
across all breweries, aligning performance-driving systems with
the Company's goals.

These systems are embedded into daily routines that emphasise
critical performance metrics. Training programme were further
strengthened, with a strong focus on shop floor engagement and
first-line management development.

Aligned with HEINEKEN's global sustainability ambition of
achieving net zero in operations (Scope 1 and 2) by 2030 and
net zero across the value chain by 2040, the Company has made
significant progress.

In FY 2025:

• 98.73% of thermal energy used was derived from renewable
sources (biomass by-products)

• 96.7% of electricity consumed at Company-owned
breweries was from renewable sources, supplemented with
International Renewable Energy Certificates (iRECs)

• In response to growing concerns about water availability, the
Company initiated Water Source Vulnerability Assessments
at most breweries, with the remaining to be completed
in a year. A broader set of water efficiency initiatives,
inspired by HEINEKEN's global best practices are being
rolled out across all breweries, aiming for world-class water
consumption levels.

Research and Development

The Company's Research and Development (R&D) function
continues to support growth by focusing on capability building,
new product development, enhancement of existing offerings,
productivity improvement, and cost optimisation.

Digital & Technology

We're continuing to invest in digital transformation to build a
future-proof Company - a Digi-Fit UBL rooted in deep empathic
connections to the Consumers, Customers, Employees & many
more of our key partners. To become the best-connected brewer,
your Company needs to digitalise its route-to-consumer, unlock
the value of data, simplify and automate end-to-end processes,
secure & modernise the Digital Backbone, and create a digitally
enabled organisation. The transformation creates value across
Growth, Productivity & Compliance across the Company and
creates a future-fit organisation to thrive in an increasingly
Digitalised world.

Digitalising our route to the consumer:

On Digital Route to Market, we have focused on building
Execution Fundamentals & Execution Excellence. We improved
Execution fundamentals through training & adoption of our
Salesforce Automation (SFA) tooling. We empowered the field
force with simple analytics to track & improve their performance.
On execution excellence, we have deployed an end-to-end Route
to Market tooling covering key touchpoints across the market
archetypes. The coverage, powered by SFA, has gone up 2.5X,
and the visual analytics (Shelf Image Recognition) has allowed
use to step up our Cooler purity scores. We've also refreshed
the eB2B capability, Samarth, with a clear Customer Value
Proposition and driving deep adoption.

Unlocking the value of data:

To create a data intelligent culture, we have looked at deep
adoption of our Business Intelligence suite - Data Brew across
functions. We have been able to triple our adoption scores
and expand the functional coverages across ALL functions.
The Analytics products powered by Machine learning power
both the Field Execution & the Shopfloor operations. The last
year saw Generative AI take centre stage - At UBL we've been
looking at focussed approach & a learners mindset to any new
technology. We've added incremental topline via the Product
Recommender (VXP) range building and built capabilities for
Out-of-Stock prediction. We also power supply chain agility via
Anomaly tracking for Dispatch/Production tracking.

Simplifying and automating our end-to-end business:

We partner with key processes & functions to drive simplification
and automation across the enterprise. We have automated
the key operations on the shop floor with Connected Worker
programme, expanding the further digitalisation of the contract
workers on the shop floor for attendance tracking & performance
management. We also deployed the Demand planning capability
to drive efficiency & effectiveness of our S&OP (Sales and
Operations Planning) cycles. We have actively begun tracking
the person hours saved across these initiatives and were able to
save more than 6500 hours last year to invest back in growth.

Secure & modernise Digital Backbone:

Your Company focuses on securing its Technology operations
and addresses associated risks of cyber security. This includes
risks from IT security lapses, malware and ransomware attacks,

disruptions in key Enterprise Processes and hacking, which
could lead to disruptions in business operations and loss and/
or leakage of confidential data. Your Company has a focused
approach towards IT (Data & Technology) and has adopted
Best-In-Class technology solutions to Cybersecurity by Design
and overall cybersecurity Assurance across the Company.

Creating a digitally enabled organisation:

A huge priority as we continue to Digitise the enterprise has
been the Width & Depth of User Adoption. We have prioritised
the adoption of key activity systems across employee personae
in the enterprise. Through a 'Digi Fit' learning programme, we
continue to invest behind Digital literacy and capability building
across the Company. We also rolled out an integrated Digital
helpdesk to be the heart of our Operations, giving us both a
quantitative (Value Cases) and qualitative (NPS Scores) across
our Digital operations.

Human Resources

At UBL, we nurture a work environment that empowers
individuals to succeed through ownership, collaboration, and the
freedom to express and act on ideas. Our people are at the heart
of our success, and we are committed to building a workplace
that is purposeful, inclusive, and future-ready.

Unlocking the Potential of our People:

At UBL, we remain steadfast in our belief that our people are
the drivers of our growth and long-term success. Our learning
and development philosophy continues to focus on offering
personalised and accessible learning experiences that help
individuals excel in their current roles and prepare them for future
career opportunities. Programme are tailored to employees'
unique needs and contexts, empowering them to learn at their
own pace and deepen the capabilities most relevant to them.

We further strengthened our talent management foundation
by enhancing our People Review process, which continues to
be a cornerstone for potential assessment, career planning,
and succession discussions. In FY25, we trained all colleagues
on our Talent Beliefs and Potential Model and embedded
talent reviews and dialogues into business rhythms. To enable
a culture of high performance, we delivered manager and
employee-focused communication campaigns and workshops
throughout the performance cycle, supporting conversations
on objective setting, giving and receiving feedback, mid-and
year-end reviews, and development planning.

In FY25, we started Career Week, a Company-wide initiative
designed to inspire, inform, and empower colleagues to take
ownership of their growth. Through a series of engaging sessions,

fireside chats, and panel discussions, employees gained insight
into career development tools, success stories, and the diverse
career paths available within UBL and across the HEINEKEN
network. The initiative emphasised the importance of personal
development plans, continuous learning, and high performance.
Leaders from across the organisation shared their journeys,
demystified mobility opportunities, and encouraged employees
to think boldly about their futures. Career Week reaffirmed
our belief that when people grow, businesses thrive and laid
the foundation for an even stronger culture of development
and aspiration.

To deepen cultural alignment, our 'Ankuran' workshops continued
to bring together new colleagues, meaningfully introducing
them to our Purpose, Values, and Behaviours, with an emphasis
on how these connect to daily actions, team dynamics, and
leadership expectations.

To support continuous learning, we launched and promoted new
digital learning experiences across the Company. Online learning
administration was streamlined, and our communication efforts
focused on driving awareness and participation.

Our learning platform, UBrew - Brew a Better You, continued to
evolve with a wide range of resources, from functional modules
and LinkedIn Learning to replays of internal trainings and
curated content from across the HEINEKEN network. Employees
accessed learning flexibly, enabling a culture of self-driven,
anytime-anywhere growth.

Developing future leaders remained a strategic priority. Our early
career talent development programme continued to deliver an
immersive learning experience for functional and management
trainees across functions. Designed as a blend of classroom, on-
the-job, and field / market-based learning, the programme offers
early-career talent the opportunity to engage with real business
challenges and build end-to-end functional understanding. Now
in its third year, the programme is a key talent feeder into critical
roles across the organisation.

We recognise that People Managers are central to the employee
experience. The Brewing Great Managers programme,
co-created with business leaders, was designed to build
core people leadership capabilities. In FY25, 42 additional
managers completed the 5-month journey involving classroom

As we continue into the next year, we remain committed to
unlocking the full potential of every UBL colleague by nurturing
curiosity, investing in growth, and building a future-ready,
learning-anchored organisation.

Creating a Diverse, Equitable and Inclusive Workplace:

Our commitment to inclusion remains strong as we strive to create
a workplace where all employees, across gender, life stages, and
abilities, feel supported and valued. We have deepened our focus
on building equitable experiences by enhancing support systems
and evolving our policies to be inclusive and gender neutral,
therefore better meeting the needs of groups such as women,
new parents, and employees with disabilities. Our approach is to
remove barriers to opportunity so that every colleague has the
platform to thrive and achieve their full potential.

This year, we refreshed and restructured our DEI Council to
accelerate progress on building a more inclusive, equitable,
and psychologically safe workplace. The Council now operates
through four dedicated workstreams: Safety & Security,
Emotional Wellbeing, Growth, and Belonging, ensuring focused
action across key dimensions of inclusion.

We place equal importance on action planning as we do on
feedback collection. Leaders and managers are guided to
translate survey findings into concrete actions. Action plans are
developed at the team level, ensuring ownership and contextual
relevance. Progress is reviewed quarterly to ensure follow-through
and to course-correct where needed. Cross-functional task forces
are also formed for themes that cut across the organisation, such
as leadership communication or recognition culture.

Staying Connected with our Colleagues:

At UBL, we believe that a connected, engaged, and inspired
workforce is at the heart of our success. We are committed
to creating a culture of belonging, where every voice matters,
diverse perspectives are welcomed, and collective energy is
channeled towards shared goals.

functions, and coupled this with brewery and market visits to
provide a holistic introduction to our business. To further elevate
the new joiner onboarding experience, we continue to use Apical,
a pre-onboarding platform. This initiative has helped enhance
engagement and readiness even before Day 1, setting the tone
for a positive and connected employee experience.

Rewarding and Recognising Excellence:

At UBL, we believe in cultivating a culture where appreciation is
part of everyday work. Recognising our people not only reinforces
our values and behaviors but also creates an environment
where exceptional contributions and moments that matter are
celebrated meaningfully.

We continue to use our new Recognition Framework for all
executives that embeds appreciation into the flow of work. The
framework has been enabling a consistent and equitable way to
celebrate outstanding performance, exemplary behaviors, work
anniversaries, and learning achievements.

Each workstream is led by cross-functional representatives and
supported by the People team. Together, they have launched
initiatives such as inclusive hiring audits, mentorship programme
for women, safe space conversations, awareness workshops, and
employee listening forums. These efforts are supported by a
clear measurement framework, with DEI progress now reflected
in engagement scores, talent metrics, and policy improvements.

The refreshed Council is not just a symbolic body, it is a driver of
meaningful change, rooted in shared accountability and active
participation across the business. As we move forward, the
DEI Council remains committed to embedding equity in every
experience and enabling a culture where every colleague feels
they truly belong.

We have continued to invest in shifting mindsets and embedding
inclusive leadership as a foundational behavior across the
organisation. In FY25, 100% of people managers completed
refreshed training modules on Inclusive Leadership, with new
interactive formats and real-life case discussions that enabled
deeper reflection and practical application.

To reinforce our cultural value of collaboration, we launched
"Unlocking the Power of Winning Together”, a forum that
brings together top talent and leaders across the business. In
this second strategic meet-up, "Winning Together Everyday”,
we defined what it means to win with consumers, customers,
states, breweries, external partners, and most importantly, with
our people. Actionable quarterly plans continue to be created
during "Battlefields” for each state, jointly owned by our Supply
Chain and Commerce teams, driving accountability, momentum,
and results.

As part of our Future Fit Teams initiative, we strengthened
critical organisational structures and ramped up early talent
hiring. Around 38% of our new hires in FY25 were from premier
campuses, reflecting our commitment to building a robust
pipeline for the future.

The onboarding experience was overhauled with shared
ownership between HR Business Partners and the Central
People Team. We enhanced our virtual induction to cover 2 days,
making it more frequent and robust, supported by leaders across

The MyRewards platform offers structured recognition across
four categories:

• Functional Excellence Awards: Celebrating individuals and
teams who go above and beyond to live UBL's values and
create impact in their function and beyond.

• Exemplary Performance Awards: A manager-led award
designed to acknowledge those who consistently deliver
exceptional results or display role model behaviors.

• Stronger Together Appreciation: A peer-to-peer, non¬
monetary appreciation for colleagues who demonstrate
collaboration and values in action.

• Milestone Awards: Celebrating significant service
anniversaries at UBL at their 2, 5, 10, 15, 20, 25, and
30-year milestones.

Streamlining People Policies:

In parallel, we undertook a comprehensive review of our people
policies to ensure they are equitable, contemporary, and aligned
with the evolving needs of our workforce. Updates were made
across key areas including leave, enhanced medical insurance,
parental leave, internal job postings, and travel policies,
simplifying policy language and making benefits easier to
understand and access.

Through MyRewards and progressive people policies, we
are fostering a workplace where appreciation is intentional,
recognition is timely, and our people feel seen, supported,
and valued.

Strengthening our Industrial Relations:

UBL continued to maintain harmonious and constructive
industrial relations across all brewery locations during the year.
Our approach remains rooted in treating our workmen as valued
business partners and engaging them through transparent
communication, capability-building, and inclusive practices.

We adopted a business imperatives-driven approach, aligning our
people practices with operational goals. To foster a motivated
and future-ready workforce, we continued our focus on upskilling
and structured engagement with workmen through ongoing
development programme and cross-functional exposure.

Productivity-linked incentive schemes were implemented to
drive motivation, reward performance, and build a culture of
shared success. These schemes have not only contributed to
higher efficiency but also strengthened trust and collaboration
on the shop floor.

Regular and timely communication on Company performance,
future outlook, and strategic priorities ensured that our workmen
remained aligned and informed. This open dialogue has played
a key role in maintaining a positive industrial climate and
reinforcing a shared sense of ownership.

To further strengthen our Industrial Relations ecosystem, the
following initiatives were taken:

• Industrial Relations training for brewery leadership teams
was rolled out across all units to build awareness, enhance
preparedness, and reinforce positive engagement practices.

• Long Term Settlements were successfully concluded at
four brewery locations, securing continuity, clarity, and
collaboration between management and workers' unions.

• A capability-building programme for Permanent Workmen
was launched in partnership with local ITI colleges, focusing
on enhancing technical and behavioral skills.

• APRAJITHA, an independent third-party compliance partner,
continued to strengthen and monitor labor law compliance
across all our brewery operations.

Through these ongoing efforts, we continue to foster a stable,
engaged, and high-performing industrial workforce that
contributes meaningfully to UBL's growth journey.

Caring for our Health and Safety:

At UBL, the health, safety, and well-being of our employees and
workmen remain our top priorities. We recognise that a safe and
supported workforce is the foundation of sustainable business
growth, and we are committed to providing an environment that
nurtures both physical and mental well-being.

In FY25, we expanded our flexible working arrangements to
offer manager-led work-from-home options and the flexibility
for employees to start and end their day two hours earlier, based
on business needs and role requirements. Our enhanced Medical
Insurance coverage increased the base sum insured to '3 lakhs,
ensuring better support for our employees and their families. We
also continued to offer free annual health check-ups, promote
well-being through physical and mental wellness programme,

and improve comfort through ergonomic office workstations.
Our brewery employees benefit from daily nutritious breakfasts,
fostering a healthy start to their workday.

Safety is not just a compliance requirement; it is a core value. We
stand by our principle of "Safety First, Safety Always.” Our safety
strategy is anchored in addressing high-risk areas, including
occupational safety, process safety, and in-plant traffic safety.
Regular risk assessments and control audits are conducted to
strengthen and sustain safety systems across sites. We have
implemented an Operational Risk Reduction Programme (ORRP)
to ensure that critical controls remain effective and relevant.

We advanced our safety standards by consistently conducting
Process Hazard Analyses (PHAs) for new and expanded projects
in brewhouses, package halls, and utility systems. Our corporate
safety team now ensures every project goes through a Pre-Start
Safety Review (PSSR) before commissioning, ensuring systems
are safe and compliant prior to handover.

A major focus this year was in-plant traffic management.
Based on a detailed HAZID (Hazard Identification) analysis
of emergency evacuation and traffic flow, we implemented
key actions such as pedestrian-vehicle segregation, dock-level
parking, and mitigation of risks linked to forklifts and other
powered trolleys. These measures led to a reduction in high-risk
situations, enhancing both worker safety and operational flow.

We broadened our safety reporting by extending our safety
performance monitoring to Sales and Marketing functions.
We also revised our key safety indicators, Accident Frequency
Rate (AFR) and Accident Severity Rate (ASR), to align with
OSHA benchmarks. A new reporting category, "Hi-Potential
Near Misses” was introduced to flag incidents with life-altering
potential and guide leadership on early intervention and
systemic corrective actions. These steps reinforce our human
performance philosophy, which focuses on the relationship
between people, systems, tools, and culture.

To prevent incidents, we introduced the Life Saving Commitment
(LSC), a set of non-negotiable safety rules focused on proactive
prevention, learning from failure, and improving safeguards. The
LSC builds psychological safety, encouraging people to speak up
and focus on systems, not just symptoms.

We continue to invest in open dialogue and shared learning
through our Safety Committees, where we apply the 5Rs of
safety behavior: Regularly, Recognise, Reward, Rarely, and
Reprimand. These reinforce our commitment to celebrating
positive behaviors and respectfully addressing deviations.

In collaboration with our extensive contractor and supplier
ecosystem, we ensure that safety standards are understood,
applied, and upheld. Through capability-building and regular
safety inductions, we co-create safe environments not just for
our people, but also for our extended workforce.

Finally, our safety philosophy extends beyond the workplace.
We run community-focused wellness and awareness initiatives
that include the families of our employees, ensuring that the
commitment to safety and well-being resonates where it matters
most: at home.

Leveraging Technology to Improve Experience:

As digital transformation reshapes how organisations operate,
UBL continues to leverage technology to create a seamless and
empowering employee experience. Our HR digital strategy is
focused on enabling agility, data-led decisions, and self-service
convenience for our people, managers, and HR teams. Over the
past year, we have strengthened the adoption of integrated
platforms and further embedded digital solutions across the
employee lifecycle.

MyHR, our global, end-to-end people platform, has now become
the backbone of employee lifecycle management at UBL. With
its intuitive self-service interface, MyHR empowers employees
and permanent workmen to manage their personal data,
performance goals, learning journeys, and career aspirations
in one place. It also acts as the single source of truth for global
people data, supporting talent insights and workforce planning.
Managers have access to consolidated views of their team's
talent profiles, enabling meaningful performance, career, and
development conversations.

We expanded support platforms with AskHR and DocuHR to
improve access to information and documentation. AskHR
serves as a one-stop knowledge base for people policies, FAQs,
and organisational guidance enabling employees to self-serve or
reach out directly to the HR team with queries. DocuHR allows
employees to securely access their personal HR documents
anytime, while enabling the People Team to generate letters and
templates efficiently. The integration of DocuSign has enabled
secure, paperless, and remote approvals, bringing us closer to
our vision of a fully digital HR office.

The implementation and scale-up of MyTime, our digital
attendance and workforce tracking system, has helped
standardise timekeeping and payroll processes across locations.
By automating attendance, overtime tracking, and vendor
payment validations, MyTime has significantly improved data
accuracy and reduced administrative overheads. The system
now supports centralised payroll processing for workmen,
enhancing transparency, consistency, and control.

To manage the growing complexity of contract workforce
engagement, we deployed the Contract Labour Management
System (CLMS), a dedicated tool that enables centralised
oversight of contract workers. With modules for contractor
onboarding, real-time workforce tracking, payment processing,
and compliance documentation, CLMS has improved both
operational efficiency and statutory adherence.

These digital platforms have transformed how employees
interact with HR, enabling self-reliance, faster support, and
greater transparency. They also allow the HR function to focus
more on strategic work, including talent development, workforce
planning, and employee engagement.

Listening to our Colleagues:

At UBL, integrity, transparency, and fairness form the foundation
of how we operate. We are committed to fostering a safe and
respectful work environment where every employee feels
empowered to raise concerns and share feedback without fear

of retaliation. Upholding our values and the law of the land is
core to our culture.

We refreshed our Code of Business Conduct and facilitated
communication and awareness sessions for all colleagues in
multiple languages. Our Speak Up policy continues to play
a critical role in enabling employees to report suspected
misconduct, including any breaches of our Code of Business
Conduct or internal policies.

Trusted representatives have been appointed across the
organisation to serve as confidential points of contact. We remain
focused on ensuring that all concerns raised are handled with
care, discretion, and seriousness, reinforcing trust in the system.

Beyond formal grievance channels, we actively seek employee
feedback through CEO Connects, Townhalls, functional roundtables,
anonymous surveys, and one-on-one employee connects. These
platforms provide opportunities for open dialogue, promote a
culture of listening, and enable leadership to respond to real-time
concerns and suggestions from across the business.

In Summary:

UBL has 1,441 employees on its rolls across all locations as of
March 31, 2025.

Total employee benefit expenses for the year stood at '7,131
million, as compared to '6,428 million in the previous year.
This constituted 3.67% of gross revenue from operations.
Your Directors place on record their sincere appreciation to all
employees for their contribution towards the continued success
of the organisation.

CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS
RESPONSIBILITY & SUSTAINABILITY REPORT

At UBL, we Brew a Better India by adopting sustainable and
responsible practices that benefit both people and the planet.
We strive to meet the interests of all our stakeholders, with a
strong focus on improving community well-being and reducing
the environmental footprint of our operations.

Over the past years, our Corporate Social Responsibility (CSR)
initiatives have continued to evolve in response to the changing
needs of our communities and the environment. Guided by our CSR
Policy and its emphasis on inclusive, need-based development,
empowering communities, we strengthened our efforts across
four key focus areas - Environment, Women Empowerment,

Address Harmful Use, and Community Development. We invested
'804.2 Lakhs towards CSR initiatives, working closely with credible
implementation partners to ensure our approach remains rooted
in driving long-term, meaningful impact by improving lives and
advancing sustainability.

The CSR Policy is available on the Company's website and can
be accessed at CSR Policy November 2024.pdf. During the
year under review, there has been no change in the said Policy,
besides updating the names of the Committee members.

In FY25, we spent 49% of our CSR funds on the focus area of
Environment. We implemented nine (9) projects promoting
water conservation, afforestation, sustainable agriculture, and
waste management in Karnataka, Maharashtra, Rajasthan,
Kerala, Telangana, Andhra Pradesh, and Goa. These initiatives
have positively impacted 30,000 lives. This year, our project's
potential annual volumetric water benefit amounts to 77,765 kl,
as per the volumetric water benefit accounting method developed
by the World Resources Institute (WRI).

Our Women Empowerment initiatives aimed at promoting
economic independence and skills training for marginalised
women through 4 projects in Odisha, Haryana, and Maharashtra.
We allocated 25% of our CSR funds to help 700 women build
sustainable livelihoods.

We also launched Phase 2 of Project Kartavya in Uttar Pradesh
to Address Harmful Use. This initiative aims to drive awareness
about responsible consumption of alcohol, the importance of
speed regulation, and other road safety guidelines. We have
established 3 driver sensitisation labs at the Regional Transport
Offices (RTOs) at Kanpur, Prayagraj, and Aligarh.

Under Community Development, we continue to focus on
improving access to safe drinking water and meeting the critical
needs of our communities. This year, we implemented five (5)
initiatives across West Bengal, Andhra Pradesh, Kerala, and
Tamil Nadu. These efforts have positively impacted 370 lives.

The Business Responsibility and Sustainability Report on the
framework of the National Guidelines on Responsible Business
Conduct (NGRBC) which are based on ESG parameters, enabling
organisations to holistically engage with stakeholders and go
beyond regulatory compliances in terms of business measures
and their reporting in format prescribed under the Securities and
Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("the Listing Regulations”) is
annexed as Annexure - A to this Board's Report. The Annual Report
on CSR activities in terms of the Companies Act, 2013 ("the Act”)
and the Companies (Corporate Social Responsibility) Rules, 2014,
is annexed as Annexure - B to this Board's Report.

Awards

Confederation of Indian Industry (CII) Environment, Health &
Safety (EHS) Excellence Awards includes:

• Brewery at Palakkad received the Silver and Gold awards
in the CII Kaizen competition in FY25 for productivity
Improvement and Safety Improvement, respectively.

• Brewery at Ellora, Aurangabad received the Platinum
and Gold awards for Elimination of Breakdown in EBI and
discharge conveyor, and for stoppage of Bottles falling at the
pasteuriser outfeed conveyor.

• Breweries at Chopanki, Rajasthan, and Dharuhera, Haryana
received Gold awards towards Elimination of Breakdown in
EBI and control on stop reduction at Case Packer and reduce
risk at Bottle washer.

• Brewery at Khurda, Odisha received a Silver award in the CII
competition on Digitalisation & Artificial Intelligence

Environment and Sustainability

As UBL, we continue to align our sustainability roadmap with
HEINEKEN's Brew a Better World (BaBW) strategy, focusing
on three pillars - Environmental, Social, and Responsible across
nine ambitions. FY25 continued the integration of BaBW KPIs at
UBL under the Brew a Better India programme, and we've made
tangible progress across water, carbon, and circularity, while
navigating a complex regulatory and operational landscape.

The BaBI strategy continues to serve as a cornerstone of our
sustainability journey, deeply shaping our business priorities
and aligning our actions with the United Nations Sustainable
Development Goals (SDGs). We remain focused on driving
meaningful progress through carbon emission reduction,
leading-edge water stewardship, circularity in packaging, and
enhanced accuracy in reporting. From tackling climate change
and water scarcity to fostering equity and inclusion, we are
committed to being an active force in addressing the world's
most pressing sustainability challenges.

Our actions speak about our deep commitment to business
continuity, operational efficiency, and stakeholder value. Our
focus and actions are inclined towards HEINEKEN Brewing a
Better World 2030 objectives to become;

• Net Zero for all our production sites by 2030,

• Achieve and sustain a 2.9 hl/hl water consumption ratio in
the overall OpCo,

• 2.6 hl/hl water consumption ratio in Water Stressed sites

Our renewable portfolio in India is a mix of thermal renewable
energy with biomass and renewable electricity (RE), comprising
on-site solar rooftops, Power Purchase Agreements (PPAs), and
International Renewable Energy Certificates (iRECs). In FY25,
of the total renewable energy of 98.06%, renewable electricity
contributed 24.71%, and renewable thermal energy 75.29%.
We have successfully reduced our Emissions by 61.02% by
procuring iREC certificates and increasing the PPA.

With industrial water demand set to triple by 2050, securing
water is no longer just an environmental issue but is a business
imperative. Our journey started with 7.4 kl/kl in 2006, and in FY25,
we have achieved around 3.10 kl/kl. Exposure to HEINEKEN Good
Practices and other technological innovations further fuelled
our commitment to water efficiency projects. For example, at
our Chopanki brewery in Rajasthan, 20% of production water is
sourced from treated boiler condensate to meet the regulatory
requirements of ZLD in that state.

Our waste management systems are designed to maximise
reuse and recycling across all operations. A pilot initiative
conducted at our Nelamangala brewery, focused on producing
agricultural manure from spent filter powder, sludge from the
wastewater treatment, and boiler ash, proved to be a successful
step toward sustainable waste repurposing. A feasibility study
is currently underway to assess the scalability of this method
across other sites. In FY25, we achieved approximately 91.92%
landfill-free status.

In addition to the initiatives taken in the breweries of UBL,
we are also committed to creating a more sustainable workplace.
To kickstart this effort, we have already implemented sustainable
product replacements in our Head Office (HO) and (HO2).
This initiative includes switching to printing paper sourced from
recycled materials, tissues and paper rolls made from recycled
and bamboo paper. We plan to expand these changes across
all our offices and breweries and implement further eco-friendly
practices in the coming months.

Our vision sets the direction, but it is our execution that brings
it to life. As part of this journey, we've evolved our value
creation model-our 'Green Diamond'-to embed sustainability
and responsibility alongside organic growth, profitability, and
capital discipline.

OPPORTUNITIES, THREATS, RISKS, AND CONCERNS

The Indian beer industry continues to present a compelling
growth story, supported by favourable demographic trends,
rising disposable incomes, urbanisation, and evolving consumer
preferences. The country's per capita beer consumption
remains significantly lower than global averages, highlighting
substantial headroom for growth. As consumer awareness and
accessibility improve, the industry is well-positioned to drive
higher penetration, particularly in emerging urban centres and
Tier 2 and Tier 3 cities.

Premiumisation remains a key growth lever, with consumers
increasingly opting for high-quality, differentiated beer offerings.
The market has seen a rise in demand for craft, low-alcohol,
and flavoured beers, reflecting evolving preferences and a more
sophisticated drinking culture. The rise of modern retail channels,
including e-commerce, further accelerates this shift by providing
greater access to diverse product portfolios. Digital platforms
and social media continue to influence consumer choices, making
brand storytelling and engagement more critical than ever.

However, the beer industry in India operates in a highly
regulated environment, characterised by complex state-level
policies, high excise duties, and advertising restrictions. These
regulatory challenges create barriers to market expansion
and pricing flexibility. Additionally, ongoing geopolitical
uncertainties, inflationary pressures, and volatility in raw
material prices add to the industry's cost challenges. Your
Company is actively mitigating these risks through strategic
sourcing, long-term supplier partnerships, and efficiency-driven
cost management initiatives.

Despite some easing in inflationary trends, rising input costs
remain a concern. The ability to secure price revisions in key

markets is crucial to sustaining margins, especially given the
regulatory constraints on pricing adjustments. Your Company
continues to engage with state governments and policymakers
to navigate these challenges while implementing operational
efficiencies to maintain cost competitiveness.

Liquidity and working capital management remain focus
areas, especially with state-controlled beverage corporations
impacting cash flow cycles. Your Company has adopted a
proactive approach in engaging with relevant authorities to
ensure smoother operations and optimise financial health.
Investments in digitalisation and automation further enhance
operational agility, helping to improve productivity and
streamline financial processes.

The competitive landscape is also intensifying, with both
domestic and international players expanding their presence in
India. While increased competition fosters category growth, your
Company's strong brand equity, widespread distribution network,
and portfolio of globally recognised brands position is well to
capture market share. The successful launches of products such
as Heineken® Silver, Amstel Grande & London Pilsner demonstrate
the Company's ability to respond to shifting consumer preferences
and sustain its leadership position.

Sustainability remains at the core of your Company's long-term
strategy. Water scarcity, environmental concerns, and regulatory
scrutiny around resource consumption necessitate responsible
and sustainable brewing practices. Your Company continues to
strengthen its commitment to sustainability through its "3R”
policy (Reduce, Recycle, Recharge) and investments in water
conservation, renewable energy, and sustainable packaging
solutions. Initiatives such as rainwater harvesting and energy-
efficient brewery operations further align with global best
practices and regulatory expectations.

In addition, cyber threats pose a growing risk to business
continuity. Your Company has prioritised IT security
enhancements, implementing best-in-class cybersecurity
measures to safeguard against potential breaches, ransomware
attacks, and data leaks. A robust digital infrastructure and
stringent compliance protocols ensure that business operations
remain secure and resilient against evolving threats.

As the industry continues to evolve, attracting and retaining
top talent remains crucial. The Indian job market is becoming
increasingly competitive, and your Company is focused
on building a diverse, inclusive, and dynamic work culture.
Leadership development, employee engagement, and skill¬
building programme remain key priorities to ensure a motivated
and future-ready workforce.

With a clear strategy centred around driving category growth,
winning in mainstream & premium, operational excellence in all
stores, leveraging our supply chain footprint & profitability, your
Company is well-prepared to navigate industry complexities and
capitalise on emerging opportunities. By maintaining a strong
focus on innovation, efficiency, and stakeholder engagement,
your Company remains poised for sustained growth and
long-term value creation in the evolving Indian beer market.

Prospects

In recent years, India's beer market has witnessed an unwavering
ascent, steadfastly defying economic turbulence and societal
norms. The growth outlook for the Indian beer industry is optimistic
and promising. The Indian Beer industry's growth rate in 2024
has been significantly high compared to the global beer industry
average, growth rate, which can be attributed to a confluence
of factors, from shifting demographics to economic resurgence,
has ignited intense growth within this dynamic market. India's
demographic landscape, characterised by a significant youth
population, serves as a pivotal driver for the beer industry.

The inclination towards low-alcohol content beverages among
millennials. A notable rise in female drinkers is propelling market
expansion, with an escalating demand for diverse and premium-
quality beers. As the nation's GDP continues its upward trajectory,
so too does the average consumer's purchasing power, and shifts
in consumer behaviour, the Indian beer market is expected to
continue expanding at a healthy pace.

The instances of liberalisation in retail and distribution further
bolster the industry's growth prospects. Being a heavily
underpenetrated market, the outlook for the Indian beer
industry appears to be bright and full of potential.

Amid this dynamic landscape, your Company continues to lead
the market with its strong portfolio, nationwide distribution
network, and deep-rooted brand equity. As the industry
embraces premiumisation, your Company is well-positioned to
capture the growing demand for higher-end beer offerings. The
iconic Kingfisher brand, complemented by HEINEKEN's global
portfolio, reinforces your Company's leadership across price
segments and geographies.

The competitive environment is intensifying, with both
domestic and international players expanding their footprint
in India. The emergence of microbreweries, craft beer brands,
and global entrants is reshaping consumer expectations. Your
Company's strategic investments in innovation, digitalisation,
and operational efficiency will be instrumental in sustaining its
leadership amidst this evolving market. Despite challenges such
as inflationary pressures and global supply chain disruptions,
your Company is proactively managing costs through long¬
term procurement strategies, efficiency-driven initiatives, and
sustainable pricing models.

Looking ahead, your Company remains committed to driving
category growth, enhancing its premium beer portfolio, and
reinforcing brand loyalty. Investments in capacity expansion,
supply chain optimisation, and sustainability initiatives will
further strengthen its competitive edge. By focusing on
compliance, execution excellence, and talent development, your
Company is well-equipped to navigate industry complexities and
capitalise on emerging opportunities.

With a strong foundation and a future-ready approach, your
Company is not just positioned for growth but is actively shaping
the evolution of the Indian beer market.

Capex Programme

Your company remains steadfast in its commitment to strategic
investments that drive sustainable growth, operational
excellence, and long-term value creation. In line with this
vision, UBL has announced a significant capital outlay of '750
crore to establish a new greenfield brewery in Uttar Pradesh.
This marks the Company's first greenfield expansion in over a
decade, underscoring its confidence in the burgeoning Indian
beer market. The upcoming brewery, expected to commence
operations by early 2027.

Beyond this flagship project, UBL's capital expenditure
plan encompasses the modernisation of existing facilities,
enhancement of supply chain infrastructure, and investments
in digital transformation initiatives. These forward-looking
investments aim to strengthen UBL's market leadership,
improve operational resilience, and align with changing
consumer preferences. By emphasising strategic expansion
and modernisation, UBL is well-positioned to take advantage
of emerging opportunities in India's dynamic beer industry.

Risk Management

The Company is committed to embedding risk management
into daily decision-making across the organisation. Risk
refers to the possibility of events occurring that could
impact the achievement of our business objectives. Risk
management involves setting objectives, assessing potential
risks, implementing strategies to manage risk and strategies
to mitigate potential impact, and continuously monitoring
the risk environment. In today's rapidly evolving business
landscape, coupled with increasing regulatory and compliance
demands, effective risk management is essential to successfully
navigating potential challenges.

Backed by strong internal control systems, the current Risk
Management Framework consists of key elements laying down
the roles and responsibilities in relation to risk management,
covering a range of responsibilities, from strategic to
operational. These role definitions, inter alia, provide the
foundation for appropriate risk management procedures,
their effective implementation across your Company, and
independent monitoring and reporting.

Risk Management Structure:

The Risk Management Committee of the Board of Directors,
constituted by the Board, monitors, and reviews the strategic
risk management plans of your Company as a whole and
provides necessary directions on the same.

The Corporate Risk Team, consisting of Senior Management
employees, through focused interactions with businesses,
facilitates the identification and prioritisation of strategic and
operational risks, the development of appropriate mitigation
strategies, and conducts periodic reviews of the progress on the
management of identified risks.

Internal Control System

Your Company has established a robust system of Internal
Controls to ensure that assets are safeguarded, and transactions
are appropriately authorised, recorded, and reported. With the
introduction of Internal Controls over Financial Reporting (ICFR)
in the Act, we have made an evaluation of the functioning and
quality of internal controls and Corporate Governance Policy
that guides the conduct of affairs of your Company and clearly
delineates the roles, responsibilities, and authorities at each
level of its governance structure and key functionaries involved
in governance.

The Internal Financial Control framework of your Company
is established in accordance with the COSO (Committee of
Sponsoring Organisations) framework and is commensurate with
the size and operations of your Company's business. In addition
to a statutory mandate, Internal Audit evaluates and provides
assurance of advocacy and effectiveness through periodic
reporting. Controls in place are routinely evaluated and audited
by the Internal and Statutory Auditors, and gaps are identified by
the Auditors through a detailed testing exercise. The process of
internal control ensures orderly and efficient conduct of business,
safeguarding of assets, prevention and detection of fraud and
errors, accuracy and completeness of accounting records, and
timely preparation of reliable financial information. Financial
Statements are prepared based on Significant Accounting
Policies that are carefully selected by management. The
Accounting Policies are reviewed and updated from time to time.

These, in turn, are supported by a set of Standard Operating
Procedures (SOPs) that have been established for the business.
Internal Control evaluates the adequacy of segregation of duties,
transparency in the authorisation of transactions, adequacy of
records and documents, accountability & safeguarding of assets,
and reliability of the management information system. The
systems, SOPs, and controls are reviewed and audited by Internal
Audit periodically for identification of control deficiencies
and opportunities, whose findings and recommendations
are reviewed by the Audit Committee and tracked through
till implementation.

Your Company believes that the overall internal control system
is dynamic and reflects the current requirements at all times,
thereby ensuring that appropriate procedures and operating
and monitoring practices are in place by regular audit and
review processes to ensure that such systems are reinforced on
an ongoing basis.

OTHER INFORMATION

1. General

Cash Flow Statement

A Cash Flow Statement for the year ended March 31, 2025,

is appended.

Particulars of Loans, Guarantees, or Investments

Particulars of loans given, investments made, guarantees

given, and securities provided, along with the purpose

for which the loan or guarantee, or security provided,

is proposed to be utilised by the recipient, are disclosed
in the Notes to the Standalone Financial Statements.
The Company has not advanced loans to Directors/to
a Company in which the Director is interested, to which
provisions of Section 185 of the Act apply.

Depository System

The trading in the Equity Shares of the Company is under
a compulsory dematerialisation mode. The Company
has agreed with National Securities Depository Limited
and Central Depository Services (India) Limited by the
provisions of the Depositories Act, 1996, and as per the
directions issued by the Securities and Exchange Board
of India. As the depository system offers numerous
advantages, Members are requested to take advantage of
the same and avail the facility of dematerialisation of the
Company's Shares.

Deposits

The Company has not accepted any deposits, including
from the public, and, as such, no amount of principal or
interest was outstanding as on the Balance Sheet date.

Material changes and commitments

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 business of the Company.

Subsidiary

During the year, the Board of Directors reviewed the
affairs of the subsidiary. In accordance with Section 129(3)
of the Act, we have prepared the consolidated financial
statements of the Company, which form part of this Annual
Report. Further, a statement containing the salient features
of the financial statements of our Subsidiary and Associate
in the prescribed format AOC-1 is annexed as Annexure - C
to this Board's Report. The statement also provides details
of the performance and financial position of the subsidiary,
along with the changes that occurred, during FY25.

In accordance with Section 136 of the Act, the audited
financial statements, including the Consolidated financial
statements and related information of the Company and
audited accounts of its subsidiary, are available on our
website, at www.unitedbreweries.com

Related Party Transactions

Details of transactions with related parties as defined
in the Act and the Rules framed thereunder, the Listing
Regulations, and IND AS 24, have been reported in
the Notes to financial statements. The Company has
formulated a policy on the materiality of Related
Party Transactions and on dealing with Related Party
Transactions (RPT), which is placed on the Company's
website, at: Policy on Related Party Transactions.pdf

All transactions entered by the Company during FY25 with
related parties were in the ordinary course of business and
on an arm's length basis. During the year, the Company has
not entered into any transaction with related parties that
could be considered material by the policy of the Company.
Accordingly, the disclosure of RPTs as required under Section
134(3)(h) of the Act in Form AOC-2 is not applicable.

Cautionary Statement

Statements in this Report, particularly those which relate to
'Management Discussion and Analysis' and 'Opportunities,
Threats, Risks, and Concerns,' describing the Company's
objectives, projections, estimates, and expectations, may
constitute 'forward-looking statements' within the meaning
of applicable laws and regulations. Actual results might
differ materially from those either expressed or implied.

2. Human Resources Management

Internal Complaints Committee

In accordance with the requirements of the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 (POSH Act) and the Rules
made thereunder, the Company has in place a policy which
mandates no tolerance against any conduct amounting to
sexual harassment of women at workplace. The Company
has constituted Internal Complaints Committee(s) (ICCs)
to redress and resolve any complaints arising under the
POSH Act. Training/awareness programme are conducted
throughout the year to create sensitivity towards ensuring
a respectable workplace.

The ICC consists of not less than 4 Members and has
Senior-level women employees as Presiding officers, one
external Member from NGOs or associations committed to
the cause of women, and employees committed to the cause
and prevention of issues relating to sexual harassment.

Vigil Mechanism and Whistle-Blower Policy

The Company has a Vigil Mechanism and Whistle-Blower
policy under which the employees are encouraged to report
violations of applicable laws and regulations and the Code
of Conduct - without fear of any retaliation. The reportable
matters may be disclosed to the Ethics & Compliance
Task Force, which operates under the supervision of the
Audit Committee. Employees may also report violations
to the Chairperson of the Audit Committee. There was no
instance of denial of access to the Audit Committee. No
whistle-blowing complaints are leading to material fraud
or have an impact on the financials of the Company.

The details of the establishment of the vigil mechanism are
disclosed in the Company's Code of Business Conduct, which
is available on the Company's website and can be accessed
at Code of Business Conduct And Ethics.pdf

Remuneration details of Directors and KMPs

Disclosures relating to remuneration and other details as
required under Section 197(12) of the Act read with rule
5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 (hereinafter referred
to as the "Rule") form part and is annexed as Annexure-D
of this 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 said Rule, a statement
showing the names and other particulars of employees
drawing remuneration in excess of the limits set out in the
said Rule forms part of this Board's Report. However, in
terms of first provision of Section 136(1) of the Act, the
Annual Report and Accounts are being sent to the Members
and others entitled thereto, excluding the aforesaid
information. If any Member is interested in obtaining a
copy thereof, such Member may write to the Company
Secretary & Compliance Officer, stating their Folio No./ DP
ID and Client ID, whereupon a copy would be sent.

Employees' Stock Option Scheme

HEINEKEN, as the Parent Company, provided Shares to
eligible employees of UBL under the HEINEKEN Senior
Management Reward Programme.

3. Corporate Governance

The Company is committed to maintaining the highest
standards of governance and has also implemented several
best governance practices. The Corporate Governance
Report, as per the Listing Regulations, forms part of this
Annual Report. A certificate from the Auditors of the Company
confirming compliance with the conditions of Corporate
Governance forms part of Corporate Governance Report.

Board Diversity

The Company recognises and embraces the importance
of a diverse Board in its success. We believe that a truly
diverse Board will leverage differences in ideas, perspective,
regional and industry experience, cultural and geographical
background, age, ethnicity, race, gender, knowledge, and
skills including expertise in financial, diversity, global
business, leadership, information technology, Board service
and governance, sales and marketing, Environmental, Social
and Governance (ESG), risk management and cybersecurity
and other domains, which will ensure that the Company
retains its competitive advantage. Additional details on
Board diversity are available in the Corporate Governance
section that forms part of this Annual Report.

Code of Business Conduct and Ethics

The Board of Directors of UBL has adopted a Code of
Business Conduct in terms of the Listing Regulations,
which has been posted on the Company's website at:
Code of Business Conduct and Ethics.pdf

Code for Prevention of Insider Trading

Your Company has adopted a comprehensive 'Code of
Conduct to Regulate, Monitor and Report of Trading by
Insiders' and a 'Code of Practices and Procedures for Fair
Disclosure of Unpublished Price Sensitive Information'
relating to the Company, under the provisions of the
Securities Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015.

The Board of Directors has approved and adopted the 'Code
of Conduct to Regulate, Monitor and Report of Trading by
Insiders' and a 'Code of Practices and Procedures for Fair
Disclosure of Unpublished Price Sensitive Information.'

Policy on Director's appointment and remuneration

The current policy is to have an appropriate mix of executive,
non-executive, and independent Directors to maintain the
independence of the Board and separate its functions of
governance and management. As of March 31, 2025, the
Board had 10 (ten) Members, consisting of two executive
Directors, three Non-Executive Non-Independent Directors,
and five Non-Executive Independent Directors. Amongst
two women Non-Executive Directors, one is Independent
Director. The details of Board and committee composition,
tenure of Directors, areas of expertise, and other details are
available in the Corporate Governance section that forms
part of this Annual Report.

The policy of the Company on Director's appointment, KMP
& Senior Management, and remuneration, including the
criteria for determining qualifications, positive attributes,
independence of a Director, and other matters, as
required under sub-section (3) of Section 178 of the Act, is
available on the Company's website and can be accessed
at Remuneration-Policy.pdf

We affirm that the remuneration paid to the Directors and
criteria for making payments to Non-Executive Directors
of the Company is as per the terms laid down in the
Remuneration Policy.

Dividend Distribution Policy

As required under Regulation 43A of the Listing Regulations,
the Company has formulated a Dividend Distribution Policy.
This policy can be viewed on the Company's website and
can be accessed at Dividend Distribution Policy 2016.pdf

Annual Return

The draft Annual Return of the Company as on March 31,
2025, is available on the Company's website and can be
accessed at https://www.unitedbreweries.com/pdf/AGM/
Annual%20Return%20MGT--7-2024-2025.pdf

Secretarial Standards

The Company has followed the applicable Secretarial
Standards, with respect to Meetings of the Board of
Directors (SS-1) and General Meetings (SS-2) issued by the
Institute of Company Secretaries of India.

Management's Responsibility for Internal Financial
Control and its adequacy

The Company's management is responsible for
establishing and maintaining internal financial controls
based on the internal control with reference to Standalone
Financial Statements criteria established by the Company
considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India ("ICAI”). These
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to
the Company's policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and
the timely preparation of reliable financial information, as
required under the Act.

Directors and Key Managerial Personnel (KMP)

The Board of the Company currently comprises 10 (ten)
Directors with a balanced combination of Executive,
Non-Executive Non-Independent Directors, and
Non-Executive Independent Directors.

(I) Resignation of Director:

Radovan Sikorsky (DIN 09684447), Whole-Time
Director (designated as Director and Chief Financial
Officer), resigned from the said position with effect
from the close of business hours of June 30, 2024.

(II) Appointment of Directors:

The Board of Directors of the Company, based
on the recommendation of the Nomination and
Remuneration Committee, appointed:

(a) Jorn Elimar Kersten (DIN 10643152) as
an Additional Director (in the capacity of
Whole-Time Director designated as Director
and Chief Financial Officer & Key Managerial
Personnel) of the Company with effect from
August 01, 2024, for a term of 3 (three) years
till July 31, 2027, and his appointment was
regularized and approved by the Members of the
Company at the AGM held on August 01, 2024.
Jorn is liable to retire by rotation.

(b) Yolanda Talamo (DIN 10704805) as an
Additional Director (in the capacity of Non¬
Executive Non-Independent Director) of the
Company with effect from the conclusion of
the AGM held on August 01, 2024, and her
appointment was regularised and approved by
the Members of the Company through Postal
Ballot on September 12, 2024. Yolanda is liable
to retire by rotation.

(c) Radovan Sikorsky (DIN 09684447) as an
Additional Director (in the capacity of
Non-Executive Non-Independent Director) of
the Company with effect from the conclusion
of the AGM held on August 01, 2024, and his
appointment was regularised and approved by
the Members of the Company through Postal
Ballot on September 12, 2024. Radovan is liable
to retire by rotation.

(d) Ranjan Ramdas Pai (DIN 00863123) as
an Additional Director (in the capacity of
Non-Executive Independent Director) of the
Company with effect from October 24, 2024, for
a term of 5 (five) years till October 23, 2029, and
his appointment was regularised and approved
by the Members of the Company through Postal
Ballot on December 13, 2024.

In the opinion of the Board, Ranjan Ramdas Pai,
Non-Executive Independent Director, appointed
during the year, possesses requisite integrity,
expertise, experience, and proficiency.

(III) Re-appointment of Director retiring by rotation:

Jorn Elimar Kersten (DIN 10643152) Whole-Time
Director (designated as Director and Chief Financial
Officer), retires by rotation at this AGM, and being
eligible, has offered himself for re-appointment.
A resolution for the re-appointment of Jorn Elimar
Kersten is proposed at this AGM.

(IV) Stepping down:

(a) Kiran Mazumdar Shaw (DIN 00347229) stepped
down as Director (designated as Non-Executive
Independent Director) of the Company, with
effect from the conclusion of the AGM held on
August 01, 2024.

(b) Christiaan August J Van Steenbergen
(DIN 07972769) stepped down as Director
(designated as Non-Executive Non-Independent
Director) of the Company, with effect from the
conclusion of the AGM held on August 01, 2024.

The Board of Directors expressed their deepest
gratitude to Kiran Mazumdar Shaw and Christiaan
Van Steenbergen for their invaluable contributions and
dedicated services over the past 15 years and 7 years
respectively. The Board noted that their leadership and
commitment had played a pivotal role in the growth and
success of the Company. Also, their strategic insights,
unwavering professionalism, and collaborative spirits
had been greatly appreciated by all the Board Members
who had the pleasure in working with them. The Board
further expressed that during their tenure, both Kiran
Mazumdar Shaw and Christiaan Van Steenbergen had
helped navigate numerous challenges and had been
instrumental in achieving several key milestones. Their
efforts had left a lasting impact, and their legacy would
continue to inspire the Company as we move forward.

(V) Appointment of Company Secretary & Compliance
Officer:

The Board of Directors of the Company, based on the
recommendation of the Nomination & Remuneration
Committee, appointed Nikhil Malpani (ICSI
Membership Number-A20869) as Company Secretary
& Compliance Officer and Key Managerial Personnel
of the Company with effect from May 07, 2024.

Meetings of the Board and Committees

The meetings of the Board and Committees are
pre-scheduled, and a tentative calendar of the meetings are
finalised in consultation with the Directors was circulated in
advance to facilitate them to plan their schedule. In case
of special and urgent business needs, approval is taken
by passing resolutions through circulation. The Board met
5 (five) times during the FY25. Other details, including the
composition of the Board and various Committees and
meetings thereof held in FY25, are given in the Corporate
Governance section forming part of this Annual Report. The
maximum interval between Board Meeting, Audit Committee
and Risk Committee meetings did not exceed the limits as
prescribed under the Act and the Listing Regulations.

Board Evaluation and Familiarisation Programme

The details of the familiarisation programme, annual Board
evaluation for Directors, policy on Directors' appointment
and remuneration, including criteria for determining
qualifications, positive attributes, independence of
Directors, and remuneration for Directors, forms part of
the Corporate Governance section of this Annual Report.

Declaration by Independent Director

During the year, 1 (one) meeting of the Independent
Director was held on June 01, 2024. The Company has
received the necessary declarations from each independent
Director under section 149(7) of the Act, that (i) he/she
meets criteria of independence laid down in Section 149(6)
of the Act, (ii) Code for independent Directors as laid down
under Schedule IV of the Act and Regulation 16(1) (b) of
the Listing Regulations. The independent Directors have
further confirmed that they have registered their names on
the online databank maintained by the Indian Institute of
Corporate Affairs.

4. Audit and Nomination & Remuneration Committees

Audit Committee

The Audit Committee of the Board of Directors is
constituted to act by the terms of reference and perform
roles, as prescribed under the Act and Listing Regulations.
The composition of the Audit Committee, its terms of
reference, roles, and details of meetings convened and held
during the year under review are given in the Corporate
Governance section that forms part of this Annual Report.
During the year under review, all the recommendations
of the Audit Committee were accepted and approved by
the Board.

Nomination and Remuneration Committee (NRC)

The NRC is constituted by the terms of reference and
perform roles, remuneration policy as prescribed under the
Act and Listing Regulations. The composition of the NRC, its
terms of reference, roles, and details of meetings convened
and held during the year under review forms of part of
Corporate Governance section of this Annual Report.

The salient features of the remuneration policy are also
provided in the Corporate Governance section forming part
of this Annual Report.

During the year under review, all the recommendations
of the Nomination and Remuneration Committee were
accepted and approved by the Board.

5. Auditors and Audit Reports

Statutory Auditors and Audit Fees

Deloitte Haskins & Sells LLP, Chartered Accountants, was
appointed as the Statutory Auditors of the Company for a
term of 5 (five) consecutive years, at the 23^rd AGM held on
August 10, 2022. The Auditors have confirmed that they
are not disqualified from continuing as the Auditors of
the Company.

The Auditors' Report does not contain any qualification,
reservation, adverse remark, or disclaimer. The Notes to the
financial statements referred to in the Auditors' Report are
self-explanatory and do not call for any further comments.

During the year, the total audit fees paid to the Statutory
Auditors amounted to ' 364 Lakhs (including fees for tax
audit, quarterly limited reviews, certificates, and group
reporting). The total audit fees excluded goods and services
tax and other expenses.

Secretarial Auditors and Audit Report

The Board has appointed BMP & Co., LLP, Practicing
Company Secretary, to conduct Secretarial Audit of the
Company for a period of 5 years i.e. from FY2025-26 to
2029-30, subject to approval of the Members at the
ensuing AGM. The Secretarial Audit Report for the financial
year ended March 31, 2025, forms part of the Corporate
Governance section of this Annual Report. The Secretarial
Audit Report does not contain any qualification, reservation,
adverse remark, or disclaimer.

Cost Records and Cost Audit

Maintenance of cost records and the requirement of cost
audit as prescribed under the provisions of Section 148(1)
of the Act are not applicable for the business activities
carried out by the Company for the FY25.

Annual Secretarial Compliance Report

The Company has undertaken an examination of all
applicable compliances as per Listing Regulations and
Circulars/Guidelines issued thereunder, for the FY25.
The Annual Secretarial Compliance Report, as issued by

BMP & Co., LLP, Practicing Company Secretary, should be
submitted to the Stock Exchanges within 60 (sixty) days
of the end of FY25. This Report does not contain any
qualifications, reservations, adverse remarks or disclaimer
for the FY25.

Reporting of fraud by Auditors

During the year under review, neither the Statutory
Auditors nor the Secretarial Auditors has reported to the
Audit Committee, under Section 143(12) of the Act, any
instances of fraud committed against the Company by its
officers or employees, the details of which would need to
be mentioned in this Report.

6. Conservation of energy, research & development,
technology absorption, foreign exchange and
earnings, and outgo

Conservation of Energy

The Company is taking continuous steps to conserve energy.
Its "Sustainability” initiatives are disclosed separately as
part of this Report. The particulars, as prescribed under
sub-section (3)(m) of Section 134 of the Act, read with
the Companies (Accounts) Rules, 2014, are annexed as
Annexure - E to this Board's Report.

Foreign Exchange Earnings and Outgo

During FY25, total foreign exchange earnings of the
Company stood at ' 27,752 Lakhs (Previous Year: ' 21,907
Lakhs), and foreign exchange outgo stood at ' 72,077
Lakhs (Previous Year: ' 36,326 Lakhs)

7. Business Responsibility and Sustainability Report
(BRSR)

The Ministry of Corporate Affairs (MCA) constituted a
Committee on Business Responsibility Reporting ("the
Committee”) to finalise business responsibility reporting
formats for listed and unlisted companies, based on the
framework of the National Guidelines on Responsible
Business Conduct (NGRBC). Through its report, the
Committee recommended that Business Responsibility
Report disclosures be based on ESG parameters, compelling
organisations to holistically engage with stakeholders and
go beyond regulatory compliance in terms of business
measures and their reporting.

The BRSR disclosures form a part of this Report. The non¬
financial sustainability disclosures (BRSR Core) have been
independently assured by SGS India Private Limited.

Environmental, Social, and Governance (ESG)

Our focus remains firm on advancing our journey towards
net-zero carbon emissions, maximising circularity, reducing
water consumption, and fully replenishing the water used
in our products across water-stressed regions. On the
social front, we prioritise inclusion and diversity, foster a
fair and safe workplace, and strive to positively impact the
communities we engage with. We are building authentic

partnerships to address the harmful use of alcohol, make
moderation aspirational, and provide clear, transparent
information on our products. Guided by our core values
and a strong foundation of corporate governance, we
aim to serve the interests of all our stakeholders and lead
by example.

The CSR and ESG Committee, constituted by the Board,
provides oversight on the organisation's ESG priorities,
initiatives, and alignment with leading ESG practices. The
Committee reports to the Board and meets regularly to
review progress against the ambitions outlined in our Brew
a Better India (BaBI) 2030 strategy.

8. Material Orders

Significant and Material Orders

No significant material orders passed, or stringent actions
taken by the regulators, courts, or tribunals, impact the
going concern status and the Company's operations in the
future. However, we bring to your attention the following
developments/orders for the sake of transparency.

i) Competition Commission of India (CCI):

On September 24, 2021, the CCI passed an order under
Section 27 of the Competition Act, 2002 ("Competition
Act”) in Suo Motu Case No. 06 of 2017 and imposed
penalties on three beer companies, including the
Company for alleged contravention of Section 3 of the
Act ("CCI Order"). The penalty imposed on the Company
is ' 751.83 crores ("the Penalty"). The Company and
other appellants filed appeals challenging the CCI
Order before the National Company Law Appellate
Tribunal ("NCLAT"). The NCLAT stayed the CCI Order,
including recovery of the penalty amount imposed by
the CCI, subject to a deposit of 10% of the penalty,
by the Company. The NCLAT dismissed the appeals
vide order dated December 23, 2022 ("NCLAT Order").
The Company and other appellants have filed appeals
against the NCLAT Order in the Supreme Court of India
("Supreme Court"). The Supreme Court admitted the
appeals vide order dated February 17, 2023 ("SC Order"),
stayed the NCLAT Order and consequently, the CCI
Order, subject to a deposit of an additional 10% of the
penalty, over and above the amount already deposited
with NCLAT. The Company has already deposited 20%
of the penalty by way of fixed deposits in favour of the
Registrar, NCLAT in pursuance of NCLAT Order and the
SC Order.

ii) Bihar Industrial Area Development Authority
(BIADA):

BIADA had allotted 42 Acres of land ("the Land") to
the Company on June 3, 2011, in Kopakalan Industrial
Area, Naubatpur, District Patna, on a lease basis for
establishing a brewery. The Company had established
a brewery over the Land, which was closed on April 1,
2017, upon imposition of prohibition by the Bihar State
Government. The Company restarted the unit over the

Land and commenced production of non-alcoholic
beverages in the unit in October 2018 after obtaining
approvals from all statutory authorities. On June 25, 2022,
BIADA issued a show cause notice for the cancellation
of allotment/ lease of the land due to non-operation
of the unit. The Company replied that the production
was temporarily stopped since it had sufficient stocks
to meet the demand for its products and sought an
extension to restart production. BIADA cancelled the
allotment of the land vide order dated December 16,
2022, against which the Company filed a writ before the
High Court of Patna. The High Court vide order dated
January 25, 2023, directed BIADA to maintain the status
quo and directed the Company to file an undertaking
that it will commence commercial production in the unit.
The Company has filed an undertaking in the High Court
that it will start commercial production in the unit with
BIADA recalling the order of cancellation. Subsequently,
on February 8, 2023, the High Court directed BIADA to
take a policy decision to deal with the situation arising
out of the action of BIADA in the present petition and
identical matters. On August 10, 2023, BIADA notified
two policies for availing options by the allottees to either
(i) surrender the land, or (ii) sell/transfer the land; and on
October 5, 2023, BIADA notified another policy also to
continue manufacturing activities over the allotted land.

On October 30, 2023, the Company filed an
application to amend the writ to include additional
matters related to setting aside the policy related to
the continuance of the manufacturing activities over
the allotted land which has stringent conditions or
alternatively direct BIADA to extend the period to six
months to avail the option to sell/ transfer the land.
The matter is pending with the High Court.

The orders/proceedings mentioned above do not
have any impact on the going concern status of
the Company.

9. Other Disclosures

Your Directors state that no disclosure or reporting is
required in respect of the following matters as there
were no transactions on these matters during the year
under review:

i. The Company has not issued any shares with
differential voting rights/sweat equity shares

ii. There was no revision in the Financial Statement

iii. There has been no change in the nature of the business
of the Company as on the date of this Report.

iv. Neither the Managing Director & Chief Executive
Officer nor the Director & Chief Financial Officer of
the Company receives any salary or commission from
the subsidiary Company.

v. No application has been made under the Insolvency
and Bankruptcy Code; hence the requirement to

disclose the details of application made or any
proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year
along with their status as at the end of the financial
year is not applicable.

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

vii. The requirement to disclose the details of the
difference between the amount of the valuation done
at the time of one-time settlement and the valuation
done while taking a loan from the Banks or Financial
Institutions, along with the reasons thereof, is not
applicable; and

viii. During the year, there was no change in the status of
subsidiary, associate, and joint venture companies as
may be applicable.

10. Directors’ Responsibility Statement

The financial statements are prepared by the Indian
Accounting Standards (Ind AS) under the historical
cost convention on an accrual basis, except for certain
financial instruments, which are measured at fair values,
the provisions of the Act, and guidelines issued by SEBI.
The Ind AS as are prescribed under Section 133 of the Act,
read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015, and relevant amendment
rules issued thereafter. Accounting policies have been
consistently applied except where a newly issued
accounting standard is initially adopted or a revision to
an existing accounting standard requires a change in the
accounting policy hitherto used.

Your Directors states that:

a) in the preparation of the annual accounts for the
financial year ended March 31, 2025, the applicable
accounting standards, read with requirements set out
under Schedule III to the Act, have been followed, and
there are no material departures from the same;

b) the Directors have selected such accounting policies
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 at the March 31, 2025 and of the profit of
the Company for the year ended on that date;

c) the Directors 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) the Directors have prepared the annual accounts on
a going concern basis.

e) the Directors have laid down internal financial
controls to be followed by the Company, and that
such internal financial controls are adequate and are
operating effectively; and

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

All Annexures referred to in the Board's Report have been

disclosed under the Statutory Information forming part of

this Annual Report.

ACKNOWLEDGEMENT AND APPRECIATION

We thank our clients, customers, vendors, investors, members,
suppliers, bankers, business partners and associates, financial
institutions, employee volunteers, central and state governments,
and other government agencies for their continued support
and encouragement of the Company during the year and look
forward to their continued support in the future. We place
on record our appreciation for the contribution made by our
employees at all levels. Our consistent growth was made possible
by their hard work, solidarity, cooperation, and support.

For and on behalf of the Board of Directors of
United Breweries Limited

Anand Kripalu Vivek Gupta

Place: Bengaluru Chairman Managing Director

Date: May 07, 2025 DIN: 00118324 DIN: 10311134