Your directors have pleasure in presenting the 29^th Annual Report of your Company together with the Audited Statements
of Accounts for the Year ended March 31, 2025.

1. FINANCIAL HIGHLIGHTS

The summary of Standalone and Consolidated Financial Results for the Year ended March 31, 2025:

2. DIVIDEND

During the year under review, the Board of Directors
declared and paid Interim Dividend of ' 1.50/- (150%) per
equity share. Further your directors have recommended a
Final Dividend of ' 2.25/- (225%) per equity share for the
financial year ended March 31, 2025 subject to approval
of shareholders in the ensuing Annual General Meeting.
With the above, the total dividend for the year under
review would be ' 3.75/- (375%) per equity share. Interim
Dividend Paid for the FY 2024-2025 along with the Final
Dividend, if approved in the ensuing Annual General
Meeting shall be about ' 1,007 Million.

The dividend recommended is in accordance with the
Company's policy on dividend distribution. The said
policy is available on the website of the Company as
can be accessed at https://astralltd.com/wp-content/
uploads/2023/01/1668401922_policy_on_dividend_
distribution.pdf.

3. TRANSFER TO RESERVES

No amount is proposed to be transferred to the reserves
during the year under review.

4. CONSOLIDATED FINANCIAL AND
OPERATIONAL PERFORMANCE

• Consolidated Revenue from Operations has
increased by 3.39% from ' 56,414 Million to ' 58,324
Million.

• Consolidated EBIDTA has increased by 2.80% from
' 9,603 Million to ' 9,872 Million.

• Consolidated Profit Before Tax (before exceptional
items) has decreased by 4.24% from ' 7,336 Million to
' 7,025 Million.

• Consolidated Profit After Tax has decreased by
4.89% from ' 5,456 Million to ' 5,189 Million.

5. PROJECT IMPLEMENTATION AND
PERFORMANCE REVIEW

• During the year under review, your Company
has increased its installed capacity of plumbing
business by 14.34% from 3,34,040 MT to 3,81,957
MT and Sales Volume has increased from 2,19,590
MT to 2,27,090 MT.

• During the year under review, your Company has
incurred capital expenditure to the tune of ' 6,177
Million towards plant & machineries, factory building
and other capital expenditure.

6. ACQUISITION

As part of the Company's strategy to expand its product
portfolio and enter into new high-growth market
segments, the Board of Directors, in its meeting held
on April 17, 2025, approved the acquisition of 100%
equity share of Al-Aziz Plastics Private Limited. The
acquisition was completed on May 5, 2025 making Al-
Aziz Plastics Private Limited a wholly-owned subsidiary
of the Company.

7. SEGMENT, PRODUCT AND INNOVATION

The Company is operating in 9 high growth categories
defined namely:

1) Pipes and Fittings

2) Water tanks

3) Adhesives and Sealants

4) Construction Chemicals

5) Bathware

6) Paints

7) Specialized Valves

8) Infrastructure

9) Specialized Fittings

Company has won India's most trusted pipe brand 2025
and also Launch OPVC PRO Product & STP PRO Product.

During the year 2024-25, your Company has been
awarded with:

- India Green Manufacturing Challenge award for
Dahej and Santej Units

- Consumer Validated Super brands 2025 for Astral
Pipes

- Consumer Validated Super brands 2025 for Astral
BondTite

- ISI Certification received for Astral OPVC Pro Pipes

- IS 16534 Certification of Astral Fire Pro - BIS

8. SUBSIDIARY/JOINT VENTURE COMPANIES

As at March 31, 2025, your Company has 3 (Three) direct
subsidiaries namely Seal IT Services Limited (UK), Astral
Foundation and Astral Coatings Private Limited (formerly
known as Gem Paints Private Limited and incorporated
as Esha Paints Private Limited), and 2 (Two) step down
subsidiaries namely Seal IT Services Inc. (USA) and SISL
(Bond It) Ireland Limited (Ireland) and 1 (One) joint venture
company namely Astral Pipes Limited (Kenya).

The Company does not have any change in Associate or
Joint Venture at the end of the year.

The highlights of performance of subsidiaries of your
Company have been discussed and disclosed under the
Management Discussion and Analysis Section of the
Annual Report. The statement containing salient features
of the financial statement of each subsidiary/joint venture
company including contribution of each subsidiary/
joint venture company to the overall performance of
the company and in terms of the revenue and profit in
the prescribed format Form AOC-1 as per Companies
(Accounts) Rules, 2014 is attached to the financial
statements of the Company.

In accordance with Section 136 of the Companies
Act, 2013, the audited financial statements, including
consolidated financial statements and audited accounts

of each of the subsidiary are available on https://www.
astralltd.com/wp-content/uploads/2025/07/Financial-
Subsidiaries-2024-25-1.pdf These documents will also
be available for inspection during working hours at the
registered office of your Company at Ahmedabad, Gujarat.
Any member interested in obtaining such document may
write to the Company Secretary and the same shall be
furnished on request.

The Company has formulated policy for determining
"Material Subsidiaries”. The said policy can be
accessed at https://www.astralltd.com/wp-content/
uploads/2023/01/1668401356_material_subsidiary_policy.
pdf

9. CHANGES IN SHARE CAPITAL

Further, during the year under review, the Company's paid-
up equity share capital increased from ' 26,86,27,009/- to
' 26,86,34,727/- upon allotment of 7,718 equity shares
under Employee Stock Option Scheme.

10. CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of your Company
prepared in accordance with the provisions of the
Companies Act, 2013, Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirement)
Regulations, 2015 ("SEBI Listing Regulations”) and
applicable Accounting Standards issued by the Institute
of Chartered Accountants of India form part of this
Annual Report.

11. MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

Management Discussion and Analysis Report prepared
pursuant to part B of Schedule V read with Regulation
34(3) of SEBI Listing Regulations forms part this Directors'
Report.

12. CORPORATE GOVERNANCE

Corporate Governance Report prepared pursuant to
Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 forms part
of this Directors' Report.

A Separate report on Corporate Governance along
with Certificate from Mrs. Monica Kanuga (FCS: 3868,
CP Number: 2125) Practicing Company Secretary, on
Compliance with conditions of Corporate Governance
as per Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 is provided as a part of this Annual report.

13. SECRETARIAL STANDARDS

During the year under review, your Company has complied
with the applicable provisions of Secretarial Standard - 1
of Board Meetings and Secretarial Standard - 2 of Annual
General Meeting issued by the Institute of Company
Secretaries of India.

14. VIGIL MECHANISM

Your Company promotes ethical behavior in all its
business activities and has put in place a mechanism for
reporting illegal or unethical behavior. The Company
has a Vigil mechanism and Whistle blower policy under
which the employees are free to report violations

of applicable laws and regulations and the Code of
Conduct. Employees may also report to the Chairman
of the Audit Committee. During the year under
review, no employee was denied access to the Audit
Committee. Whistle blower policy of the Company has
been uploaded on the website of the Company and can
be accessed at https://www.astralltd.com/wp-content/
uploads/2025/01/Whistle-Blower-Policy.pdf.

15. CODE OF PRACTICES AND PROCEDURES
FOR FAIR DISCLOSURE OF UNPUBLISHED
PRICE SENSITIVE INFORMATION

Pursuant the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015,
the Company has adopted (1) ''Code of Practices
and Procedures for Fair Disclosure of Unpublished
Price Sensitive Information" ("Fair Disclosure Code”)
incorporating a policy for determination of "Legitimate
Purposes” as per Regulation 8 and Schedule A to the
said regulations and (2) "Code of Conduct to Regulate,
Monitor and Report Trading by Designated Persons” as
per Regulation 9 and Schedule B to the said regulations.

16. BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORTING

Business Responsibility and Sustainability Report
prepared pursuant to Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 forms part of this Directors' Report.

17. INSURANCE

Your Company's manufacturing facilities, properties,
equipment and stocks are adequately insured against all
major risks. The Company has also taken Directors' and
Officers' Liability Insurance Policy to provide coverage
against the liabilities arising on them.

18. PUBLIC DEPOSITS

Your Company has not accepted any Public Deposits as
defined under Section 73 of the Companies Act, 2013 and
rules framed there under.

19. STATE OF COMPANY AFFAIRS

Astral, a market leader in CPVC and PVC plumbing
systems for residential and industrial applications,
continues to dominate the domestic piping industry
while aggressively diversifying its portfolio. Building on
its leadership in pipes, adhesives, sealants, infrastructure
products, and water tanks, the Company has strategically
resolved to enter the paints, faucets, and sanitaryware
segments also. This initiative aligns with its vision to evolve
into a comprehensive home-building materials solutions
provider, catering to end-to-end construction needs.
Supported by its robust R & D capabilities, pan-India
distribution network, and global subsidiaries, Astral aims
to leverage cross-segment synergies, enhance customer
value, and capture growth in underserved markets.

20. MATERIAL CHANGES AND COMMITMENT
AFFECTING FINANCIAL POSITION OF THE
COMPANY

There have been no material changes or commitments
that have affected the financial position of the Company
between the end of Financial Year 2025 and the date of
this report.

21. PARTICULARS OF LOANS, GUARANTEES
OR INVESTMENT

Details of Loans, Guarantees and Investments covered
under the provisions of Section 186 of the Companies Act,
2013 are given in the notes to the Financial Statements.

22. CORPORATE SOCIAL RESPONSIBILITY

In accordance with the provisions of Section 135 of the
Companies Act, 2013 and the rules made thereunder, your
Company has constituted Corporate Social Responsibility
Committee of Directors. The role of the Committee is to
formulate annual action plan in pursuance of CSR policy
and review CSR activities of the Company periodically
and recommend to the Board amount of expenditure to
be spent on CSR annually. CSR policy of the Company,
inter alia, provides for CSR vision of the Company
including proposed CSR activities and its implementation,
monitoring and reporting framework.

Projects approved by the board are disclosed on the
website of the company https://www.astralltd.com/wp-
content/uploads/2023/01/1668401244_csr_policy.pdf.

During the year under review, your Company has spent
' 129.00 Million i.e., 2% of average net profit of last three
financial years on CSR activities as per applicable statutory
provisions.

Annual Report on CSR activities carried out by the
Company during FY 2024-25 is enclosed as Annexure - A
to this report.

23. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 134(3)(c)
of the Companies Act, 2013, with respect to Directors'
Responsibility Statement, your Directors hereby confirm
the following:

a) In the preparation of the annual accounts for the
financial year ended March 31, 2025, the applicable
accounting standards have been followed;

b) The directors have selected such accounting policies
and applied consistently and made judgements and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the
profit and loss of the Company for that period;

c) The directors have taken proper and sufficient care
towards the maintenance of adequate accounting
records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud
and other irregularities;

d) The directors have prepared the annual accounts on
a going concern basis;

e) The directors have laid down internal financial
controls, which are adequate and operating
effectively;

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.

24. AUDITORS
Statutory Auditor

SRBC & CO. LLP, Chartered Accountants were re¬
appointed as Auditors of your Company for a Second
term of five years at the Annual General Meeting held on
August 29, 2022. The Auditors had confirmed that they
are not disqualified from being re-appointed as Statutory
Auditors of the Company.

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

Cost Auditors

Pursuant to Section 148 of the Companies Act, 2013 read
with the Companies (Cost Records and Audit) Rules,
2014, (including any statutory modifications and re¬
enactments thereof), your Company has maintained cost
records in respect of plastic and polymers activity and
adhesive solution and the same is required to be audited.
Your directors have, on the recommendation of the Audit
Committee, appointed M/s V. H. Savaliya & Associates,
Cost Accountants to audit the cost accounts of your
Company for the financial year 2025-26. As required under
the Companies Act, 2013, the remuneration payable to the
cost auditor is required to be placed before the members
in a general meeting for their ratification. Accordingly,
a resolution seeking members' ratification for the
remuneration payable to M/s V. H. Savaliya & Associates
is included in the Notice convening the ensuing Annual
General Meeting.

Cost Audit Report for the Financial year 2024-25 will be
submitted to the Central Government in due course.

Secretarial Audit

Pursuant to the provisions of Section 204 of the
Companies Act, 2013 and the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014, the Board of Directors was appointed Mrs. Monica
Kanuga, Practicing Company Secretary, to undertake
the Secretarial Audit of the Company for FY 2024-25.
Secretarial Audit Report for FY 2024-25 is enclosed as
Annexure - B1 to this report.

As per regulation 24A of SEBI Listing Regulations as
amended from time to time, your Company's unlisted
material subsidiary viz. Astral Coatings Private Limited
(formerly known as Gem Paints Private Limited and
incorporated as Esha Paints Private Limited) has
undertaken Secretarial Audit for FY 2024-25. Copy of its
Secretarial Audit Report is enclosed as Annexure - B2.

Pursuant to the amended provisions of Regulation 24A
of the SEBI Listing Regulations and Section 204 of the
Companies Act, 2013, read with Rule 9 of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Audit Committee and the
Board of Directors have approved the appointment
and remuneration of Mrs. Monica Kanuga, Practicing
Company Secretary (Membership No.: F3868 and Peer
review No. 1039/2020), as the Secretarial Auditor of

the Company for a term of five (5) consecutive years,
effective from April 1, 2025 till March 31, 2030. The Board
has recommended her appointment for approval of the
Members at the ensuing Annual General Meeting.

The Secretarial Audit Report of your Company and
Astral Coatings Private Limited does not contain any
qualification, reservation or adverse remark.

25. RISK MANAGEMENT AND INTERNAL
FINANCIAL CONTROL

The Risk Management Policy of your Company provides
for the proactive identification and prioritization of risks
based on the scanning of the external environment
and continuous monitoring of internal risk factors. Your
Company has an Internal Financial Control System
commensurate with the size, scale and complexity of its
operations. Your Company has adopted proper system of
Internal Control and Risk Management to ensure that all
assets are safeguarded and protected against loss from
unauthorized use or disposition and that the transactions
are authorized, recorded and reported quickly.

26. SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by any
regulator or court or tribunal impacting the going concern
status and your Company's operations in future.

27. BOARD PERFORMANCE EVALUATION

The Board carried out an annual performance evaluation
of its own performance and that of its committees and
independent directors as per the formal mechanism for
such evaluation adopted by the Board. The performance
evaluation of the Chairman, the Non-Independent
Directors and the Board as a whole was carried out by
the Independent Directors in a Separate Meeting held
on January 30, 2025. The exercise of performance
evaluation was carried out through a structured evaluation
process covering various criteria as recommended by the
Nomination and Remuneration Committee. Based on
performance of the board as a whole and its committees
were proactive, effective and contributing to the goals of
the Company.

28. RELATED PARTY TRANSACTIONS

Pursuant to the provisions of Section 188 of Companies
Act, 2013. All the related party transactions entered into
during the financial year under review were in ordinary
course of business and on an arm's length basis. There
were no materially significant transactions with related
parties during the financial year which were in conflict with
the interest of the Company. Accordingly, information in
form AOC-2 is not annexed.

All Related Party Transactions are placed before the
Audit Committee and the Board for approval. Prior
omnibus approval of the Audit Committee is obtained for
the transactions which are of a foreseen and repetitive
nature. The transactions entered into pursuant to the
omnibus approval so granted are placed before the Audit
Committee and the Board of Directors for their review and
approval on a quarterly basis.

The policy on Related Party Transactions as approved by
the Board is uploaded on the Company's website and the
same can be accessed at https://www.astralltd.com/wp-
content/uploads/2022/12/Related-Party-Transactions-
Policy_21.05.2025.pdf The details of the transactions with
Related Party are provided in the accompanying financial
statements.

29. BOARD MEETINGS

The Board of Directors met 4 (four) times during the
year under review. The details of Board Meetings and the
attendance of the Directors are provided in the Corporate
Governance Report.

30. BOARD OF DIRECTORS
Appointment/Re-Appointment

During the year under review, on recommendation of
Nomination and Remuneration Committee, the Board
of Directors of the Company at its Meeting held on
May 17, 2024 approved re-appointment of Mrs. Jagruti
Engineer as Whole Time Director for a further period
of five consecutive years from April 1, 2025 and re¬
appointment of Mr. C K Gopal as an Independent
Director of the Company for a further period of five
years w.e.f. February 11, 2025 and Mr. Viral Jhaveri as
an Independent Director of the Company for a further
period of five years w.e.f. October 24, 2024. The
Shareholders have already approved their appointment
in the previous Annual General Meeting.

During the year under review, pursuant to Section 152 of
the Companies Act, 2013 and the Articles of Association
of the Company, Mr. Kairav Engineer, is liable to retire by
rotation at the ensuing Annual General Meeting and being
eligible, offers himself for re-appointment.

The requisite particulars in respect of Directors seeking
appointment/re-appointment are given in Notice
convening the Annual General Meeting.

All the directors of the Company have confirmed that they
are not disqualified from being appointed as directors in
terms of Section 164 of the Companies Act, 2013.

Details of policy of appointment and remuneration of
directors has been provided in the Corporate Governance
Report.

Independent Director Declaration

Your Company has received necessary declaration
from each independent director under the provisions
of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 and Section 149(7) of the Companies Act, 2013
that they meet the criteria of independence laid down
in Section 149(6) of the Companies Act, 2013. The
Independent Directors of the Company have confirmed
that they have enrolled themselves in the Independent
Directors' Databank maintained with the Indian Institute
of Corporate Affairs ('IICA') in terms of Section 150 of the
Act read with Rule 6 of the Companies (Appointment &
Qualification of Directors) Rules, 2014.

Declaration for non-disqualification

All the directors of the Company have confirmed that they
are not disqualified from being appointed as directors in
terms of Section 164 of the Companies Act, 2013.

31. CHANGES IN KEY MANAGERIAL
PERSONNEL

During the year under review, there was no change in Key
Managerial Personnel except resignation of Mr. Manan
Bhavsar as Company Secretary w.e.f. September 30, 2024
and appointment of Mr. Chintankumar Patel as a Company
Secretary w.e.f. November 7, 2024.

32. POLICY ON APPOINTMENT AND
REMUNERATION OF DIRECTORS

The Board of Directors has, on the recommendation of
the Nomination and Remuneration Committee, framed
a policy for selection and appointment of Directors, Key
Managerial Personnel and Senior Management and
their remuneration. Salient features of Nomination and
Remuneration Policy have been disclosed in Corporate
Governance Report. The same is available on the
website of the company at https://www.astralltd.com/wp-
content/uploads/2023/01/1668401393_nomination_and_
remuneration_policy.pdf

33. COMMITTEES OF BOARD

With an objective of strengthen the governance standards
and to comply with the applicable statutory provisions, the
Board has constituted various committees. Details of such
Committees constituted by the Board are given in the
Corporate Governance Report, which forms part of this
Annual Report.

34. REPORTING OF FRAUD

During the year under review, the Statutory Auditors,
Cost Auditors and Secretarial Auditors have not reported
any instances of frauds committed in the Company by
its officers or employees, to the Audit Committee under
Section 143(12) of the Act details of which needs to be
mentioned in this Report.

35. PREVENTION OF SEXUAL HARASSMENT

Your Company has zero tolerance towards sexual
harassment at the workplace and have a policy
on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of The
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules
thereunder. As required under law, an Internal Complaints
Committee has been constituted for reporting and
conducting inquiry into the complaints made by the victim
on the harassments at the work place. During the year
under review, there were no cases filed pursuant to The
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

36. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)
(a) of the Act, the Annual Return as on March 31,
2025 is available on the Company's website at https://
www.astralltd.com/wp-content/uploads/2025/07/
doc09229920250701164024.pdf

37. EMPLOYEES STOCK OPTION SCHEME

Your Company approved formulation of Employee Stock
Option Scheme ('ESOS') viz. Astral Employee Stock
Option Scheme 2015 (Astral ESOS 2015) in October 2015
which was further amended vide shareholders resolution
passed in 24^th Annual General Meeting held on August 21,

2020. The said scheme is administered by the Nomination
and Remuneration Committee for the benefit of the
employees of the Company. During the year under review,
an aggregate of 7718 stock options at an exercise price of
' 22.50/- per share were granted to eligible employees.

There is no material change in Astral ESOS 2015 during
the year under review and the Scheme is in compliance
with Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity) Regulations,

2021. The certificate of Secretarial Auditor regarding
implementation of Scheme shall be made available for
inspection of members in electronic mode at AGM. The
disclosures as required under Regulation 14 of the said
regulations have been placed on the investor relation
page of the website of the Company at https://www.
astralltd.com/wp-content/uploads/2022/12/ESOS-SEBI-
Disclosure-2024.pdf

38. PARTICULARS OF EMPLOYEES

A statement containing the names and other particulars
of employees in accordance with the provisions of
Section 197(12) of the Companies Act, 2013 read with Rule
5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is appended as
Annexure - C to this report.

The information required under Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, forms part of
this Annual Report. Having regard to the provisions of
Section 134 and Section 136 of the Companies Act, 2013,
the Reports and Accounts are being sent to the Members
excluding such information. However, the said information
is available for inspection by the Members at the
Registered Office of the company during business hours
on working days of the Company up to the date of ensuing
AGM. Any shareholder interested in obtaining a copy of
such statement may write to the Company Secretary
at the Registered Office of the Company or e-mail to
co@astralltd.com.

39. DISCLOSURE WITH RESPECT TO
CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO

The particulars under Section 134(3)(m) of the Companies
Act, 2013 with respect to conservation of energy,
technology absorption and foreign exchange earnings
and outgo, pursuant to the Companies (Accounts) Rules,
2014 are provided in the Annexure - D to the Report.

40. OTHER DISCLOSURES

The Board of Directors state that no disclosure or reporting
is required in respect of the following matters, as there
were no transactions or applicability pertaining to these
matters during the year under review:

i) Issue of equity shares with differential rights as to
dividend, voting or otherwise.

ii) Scheme of provision of money for the purchase of
its own shares by employees or by trustees for the
benefit of employees.

iii) Payment of remuneration or commission from any of
its subsidiary companies to the Managing Director of
the Company.

iv) Change in the nature of business of the Company.

v) Issue of debentures/bonds/warrants/any other
convertible securities.

vi) Details of any application filed for corporate
insolvency under Corporate Insolvency Resolution
Process under the Insolvency and Bankruptcy Code,
2016.

vii) Instance of one-time settlement with any Bank or
Financial Institution.

viii) Statement of deviation or variation in connection
with preferential issue.

41. ACKNOWLEDGMENT

Your Company has maintained healthy, cordial and
harmonious industrial relations at all levels. The enthusiasm
and unstinted efforts of the employees have enabled your
Company to remain at the forefront of the industry. Your
directors place on records their sincere appreciation for
significant contributions made by the employees through
their dedication, hard work and commitment towards
the success and growth of your Company. Your directors
take this opportunity to place on record their sense of
gratitude to the Banks, Financial Institutions, Central and
State Government Departments, their Local Authorities
and other agencies working with the Company for their
guidance and support.

On behalf of the Board of Directors

Sandeep Engineer

Chairman & Managing Director
DIN: 00067112

Place: Ahmedabad
Date: May 21, 2025