Your Directors have pleasure in presenting this SEVENTY EIGHTH ANNUAL REPORT along with the Audited
Statement of Accounts for the year ending 31^st March, 2025.

Financial Results: (Rupees in lakhs)

PERFORMANCE:

Your Directors report that for the year 2024-25, your Company made a Profit of Rs.41.84 Crores (before tax)
against a Profit of Rs.66.40 Crores made last year. The Net Profit (After Tax) was Rs.31.49 Crores against Rs.
53.27 Crores made last year. The main reason for the decline in the Profitability is due to decline in the selling
prices of Chloro-Alkali and Chemical Products.

DIVIDENDS:

Your Directors are glad to recommend a Dividend of Rs.0.80 per Equity Share i.e., 40% (Face Value of Rs.2/-) for the
year 2024-25. With this Dividend, if approved, your Company would have the distinction of rewarding its Shareholders
continuously for the past 6 decades. The outflow towards Dividend payment would be Rs. 10,84,28,312/-.

The url link of Dividend Distribution Policy is https://theandhrasugars.com/wp-content/uploads/didvidend-
distribution-policy.pdf

CAPITAL & RESERVES:

Authorised and Paid-Up Capital:

As on 31.3.2025, the Authorised Capital of the Company is Rs.30.00 Crores and the Paid-up Capital is Rs. 27.11
Crores.

Reserves:

With the transfer of Rs.100 Crores during the year under report, the total Reserves as on 31.3.2025 stands at
Rs.1193.30 Crores against Rs. 1093.30 Crores on 31.3.2024.

REVIEW OF OPERATIONS:

SUGAR UNITS:

The Sugar Unit-II, Taduvai crushed in aggregate 1,63,920.122 M.T. of cane during the 2024-25 season against
3,12,505.220 M.T. crushed last Season. The crushing operations and cane price paid to cane suppliers for
the 2024-25 Season are:

During the Year Operations were carried out at Sugar Unit - II, Taduvai only.

Though efforts are being made by paying higher Cane Price, mechanization incentives etc., still Farmers are
not coming forward for Sugar Cane Plantation.Considering the present Scenario, Board of Directors have
decided for permanent closure of operations of Sugar Unit and Co-Generation Unit at Tanuku with effect from
01.04.2025. Further Crushing Operations shall be temporarily suspended at Sugar Units at Taduvai and
Bhimadole for the Crushing Season 2025-26.

PERFORMANCE OF CHEMICAL DIVISION:

During the year under report the performance of Caustic Soda Division at Saggonda was reasonable. Despite
the unfavourable Market Scenario T urnover of Rs.632.24 Crores was achieved, Profit after depreciation achieved
this year was Rs. 16.84 Crores against Rs.55.41 Crores last year.

Despite un favourable market conditions, Sulphuric Acid division at Kovvur and Saggonda posted a Profit of
Rs.19.78 Crores as against Rs.23.66 Crores last year.

POWER UNITS:

The Net Power generated at Ramagiri Windmills during this year is 1007462 KWH.

During the year under report, the Co-generation Unit at Taduvai generated 76,98,876 KWH of Power.

The Net Power generation at the Tamil Nadu Windmills during the year under report is 27448704 KWH. This
Power is being fed into the Tamil Nadu State Electricity Board Grid.

The Power generated by 33 MW Coal Based Captive Power Plant set up by the Company at Saggonda during
this year is 209592000 KWH. The entire Power is being used at our Chemical Plants at Saggonda.

The Power generated by 2.5 MW Solar Captive Power Plant set up by the Company at Kovvur during this year
is 3110108 KWH. The entire Power is being used at our Chemical Plants at Kovvur.

PROJECTS:

A. Caustic Soda:

Your Company has expanded from the existing 500 Tonnes per day to 600 Tonnes per day Membrane Cell
Caustic Soda facility at our Chemical Complex at Saggonda during March 2023 to cater to the requirements
of wider customer base. This Plant is based on the latest 6^th Generation Membrane Technology which is
Energy Efficient & Environmental friendly.

B. Sulphuric Acid:

Sulphuric Acid is widely used in Pharmaceutical, Fertilizer and Water Treatment Industries resulting in an
increase in demand for this product.

Your Company has set up a 500 TPD Sulphuric Acid Plant at our Chemical Complex at Saggonda with a
Capital cost of Rs.120.00 Crores being met by internal Accruals and this Expanded Plant is in commercial
Production from 26.04.2024 onwards. With this the Total Capacity of Sulphuric Acid at Saggonda is 800TPD.

C. Sodium Hypochlorite:

Your Company is setting up a Project at J.N. Pharmacity, Parawada, Visakhapatnam in the non-SEZ area to
manufacture 100 TPD Sodium Hypochlorite. Required statutory approval was obtained for setting up the
Plant. The estimated project cost was about Rs.18.00 Crores. The required raw materials viz., Sodium
Hydroxide and Chlorine gas will be supplied from our Chemicals Division Operations at Saggonda.

We plan to utilize the 42.28 acres site completely in a phased manner and have obtained CFE from APPCB
for setting up a Chlor-alkali project.

Meanwhile, APIIC had issued cancellation orders of the allotted site of 42.28 acres, stating that your Company
has not fulfilled the terms and conditions of the original tri-party agreement entered between APIIC, RPCIL and
ASL and the project was not implemented. Your Company has filed a writ petition in the Hon’ble High Court
of Andhra Pradesh against cancellation orders given by APIIC. The High Court has ordered Status Quo and
the matter is reserved for Judgement. However, the matter is being pursued with APIIC for Restoration of
Allotment and Extension of time for Completion of the Projects. As Suggested by APIIC, the Writ petition in
the Hon’ble High Court of Andhra Pradesh has been withdrawn. The Orders from APIIC in this regard are
awaited.

Under the present circumstances, your Company has temporarily suspended the construction and
commissioning activities at Parawada Site.

D. The New Salicylic Acid Plant which was commissioned in March’2024 has produced 1748 Mt of Salicylic
Acid during the Financial Year 2024-25.

E. Board of Directors have approved for Setting up of 6TPD Sodium Sulphate Recovery Plant and 12MW Solar
Power Plant at Saggonda with an estimated Capital out lay of Rs.12 Crores and Rs. 42 Croes respectively
and these plants are expected to be completed in the Year 2025-26.

DEMATERIALISATION OF EQUITY SHARES:

As of 31^st March 2025 Equity Shares representing 85.34 % of the Share Capital have been dematerialised.
AUDITORS:

The Audit Committee and the Board at their meeting held on May 28, 2022 approved the appointment of M/s.
Brahmayya & Co., Chartered Accountants as Statutory Auditors for a second term of five (5) years i.e. from
conclusion of the 75th Annual General Meeting till the conclusion of 80th Annual General Meeting.The necessary
resolutions seeking your approval for their appointment as statutory auditors are included in the notice of the
ensuing Annual General Meeting.

Their remuneration for the Financial Year 2025-26 of Rs. 21,00,000/- is being sought for your approval at the
ensuing Annual General Meeting.

COST AUDITORS:

For the year 2024-2025 M/s Narasimha Murthy & Co., Cost Accountants, Hyderabad were the Cost Auditors
of the Company for the 8 No. of Products, which are subject to Cost Audit. For the year ended 2025-26, your
Board of Directors have approved the appointment of M/s. Narasimha Murthy & Co., Hyderabad as Cost
Auditors and recommend to Shareholders to ratify the remuneration of Rs.7,50,000/- as fixed by the Board on
the recommendation of Audit Committee.

SECRETARIAL AUDITORS:

As per the provisions of the Companies Act, 2013, every Listed Company is required to appoint a Secretarial
Auditor to conduct Secretarial Audit in every Financial Year and issue necessary reports to be attached to the
Board of Directors’ Report. SEBI vide its Notification dated 12.12.2024 has amended the SEBI (LODR)
Regulations. As per these amended Regulations, Company is required to appointment Secretarial Auditors in
the Annual General Meeting for a maximum period of 5 consecutive years.

Board of Directors have recommended to the Shareholders for the appointment of M/s Nekkanti
S.R.V.V.S.Narayana & Co., Company Secretaries, Hyderabad as Secretarial Auditors for a period of 5 years
at the ensuing Annual General Meeting.

CORPORATE GOVERNANCE:

As per the amended provisions of the SEBI Listing Regulations from time to time, a Report on Corporate
Governance along with Management Discussion and Analysis forming part of the Directors’ Report is annexed.

The Rank by Market Capitalization as per National Stock Exchange as on 31.03.2025 is 1218. However as
per Regulation 3(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Business
Responsibility & Sustainability Report is annexed.

COMPLIANCE CERTIFICATE OF THE AUDITORS:

The Statutory Auditors have certified that the Company has complied with the conditions of Corporate
Governance as stipulated in the Listing Agreement with the Stock Exchanges and the same is annexed to the
Report of Directors.

AUDIT COMMITTEE:

Audit Committee comprises of Three Non-Whole time and Independent Directors and One Whole-time Director,
Sri G.S.V. Prasad, Sri P. Venkateswara Rao, Dr. V.N. Rao and Sri P. Achuta Ramayya respectively with Sri
G.S.V. Prasad as the Chairman of this Committee.

DIRECTORS AND KMP:

Directors Sri Mullapudi Narendranath and Sri P. Achuta Ramayya retire by rotation at the ensuing 78^th Annual
General Meeting and being eligible, offer themselves for re-appointment.

Statements of declaration as per Section 149(6) of the Companies Act, 2013 have been given by the Independent
Directors.

Dr. V.N. Rao, Independent Director will be retiring at the Annual General Meeting on 25.09.2025.

Approval for the appointment of Sri P. Narendranath Chowdary as Managing Director for a period of 5 years
with effect from 12.01.2026 is being placed at the ensuing Annual General Meeting.

Sri P. Narendranath Chowdary, Chairman and Managing Director and Sri P.V.S. Viswanadha Kumar, Vice
President (Finance) & Addl. Secretary have been designated as Key Managerial Personnel.

COMPLIANCE UNDER COMPANIES ACT, 2013:

Pursuant to Sec.134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, your company
has complied with the compliance requirement and the details of which are enumerated hereunder.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the requirements of Section 134(1) (c) of the Companies Act, 2013 and based on the explanation
and compliance certificate given by the executives of the Company, and subject to disclosures in the Annual
Accounts and on the basis of discussions with the Statutory Auditors of the Company from time to time, we
state as under:

a) that in the preparation of the annual accounts, the applicable accounting standards have been followed
along with proper explanation relating to material departure.

b) that the directors selected such accounting policies and applied them consistently and made judgments
and estimates that those 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 of the Company for that period.

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

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

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

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

BOARD MEETINGS:

The Board of Directors met 4 times during the financial year 2024-2025 on 30.05.2024, 12.08.2024, 14.11.2024
and 11.02.2025.

INDEPENDENT DIRECTORS MEETING:

A Meeting of the Independent Directors was held on 22^nd March 2025. The Independent Directors have evaluated
the performance of the Non-independent Directors, the Board as a whole and Chairman of the Board. The
Board was briefed by Lead Independent Director on the deliberations made at the Independent Directors
Meeting.

FAMILIARISATION PROGRAMME:

Your Company through a Policy has in place a familiarisation programme to all the Directors with a view to
update them on the Company’s Policies and Procedures. Independent Directors make a periodical visit to
plants to keep themselves abreast of the plant operations. Respective Plant Heads interact with the Independent
Directors and explain to them about the various processes and operations.

FORMAL ANNUAL EVALUATION OF THE BOARD:

Pursuant to the Provisions of Section 134 of the Companies Act, 2013, the Board evaluated its own performance
and that of its Committees and Directors in terms of:

Measured and appropriate contribution by the Directors to the discussions on the Agenda Items,

> Each Director exercising the responsibilities in a bonafide manner. Understanding of the Company’s
business, strategic plans and other key issues.

> Special Skills and expertise of each Director contributing to the Board’s overall effectiveness.

> Respecting the confidentiality of the Company’s business information and Board’s deliberations.

> Satisfactory attendance and active participation of each Director at the meetings of the Board and
Committee.

The Board members were of the opinion that the Board as a whole and the Directors have performed effectively
as per the terms of the above parameters. The respective Committee performed as per its terms of reference.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

As required Under Section 177 of the Companies Act, 2013 as a part of Vigil Mechanism, a Whistle Blower
Policy has been established and approved by the Board. This Policy envisages reporting of wrong doing or un¬
ethical activities observed by Employees at any level directly to the Chairman of the Audit Committee or to the
Chairman & Managing Director. The matter whenever reported is investigated and if the wrong doer is found
guilty, disciplinary action will be initiated depending upon the materiality of the unethical doings. During the
year under report there have been no instances which required reporting our website:www.theandhrasugars.com

NOMINATION AND REMUNERATION COMMITTEE:

As required by the Provisions of the Section 134 of Companies Act, 2013 and Listing Agreement, a Nomination
and Remuneration Committee comprising of Independent Directors Justice Sri Chall Kodandaram Chowdary
(Chairman), Smt. D. Lakshmi Parthasarathy and Sri G.S.V. Prasad was constituted by the Board.

This Nomination and Remuneration Committee has formulated a Nomination and Remuneration Policy which
has been approved by the Board. This Nomination & Remuneration Policy has laid down criteria and terms
and conditions about identifying persons who are qualified to become Directors (Executive and Non-Executive)
and persons who may be appointed in Senior Management and Key Managerial positions and to determine
their remuneration based on the Company’s size and financial position and trends and practices on remuneration
prevailing in the industry. Appointment of Managing Director / Whole-time Director / KMP and Functional

Heads are placed before Nomination and Remuneration Committee for its consideration and recommendation
to the Board.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As required by the Provisions of the Companies Act, 2013, a Corporate Social Responsibility (CSR) Committee
has been constituted by the Board of the Company. Sri P Narendranath Chowdary, Chairman and Managing
Director is the Chairman of The Committee, Sri Mullapudi Thimmaraja, Joint Managing Director and Sri P.
Venkateswara Rao, Independent Director are Members of the Committee. This Committee has formulated a
CSR Policy pursuant to Section 134(3)(o) which has been approved by the Board. This Policy envisages
CSR Activities to be taken up, the amount of expenditure to be incurred and monitoring of CSR Activities from
time to time.

This Policy aims to achieve the CSR objectives by undertaking one or more of the activities to be in alignment
with Schedule VII of the Companies Act, 2013 either on its own or through any Trust / Society or any other
recognized Agency.

As per the provisions of Section 135(5) of the Companies Act, 2013, the company should spend in every
Financial Year at least 2% of the average net profits of the company made during the three immediately
preceding Financial Years. In pursuance of its Corporate Social Responsibility Policy, the company gives
preference to the local area and areas around it, where it operates or any other permissible location for
spending the amount earmarked for Corporate Social Responsibility activities.

Accordingly, for achieving its CSR objectives through the implementation of meaningful and sustainable CSR
programmes, your Company allocates at least 2% of its average Net Profits calculated as per Section 198 of
the Companies Act, 2013, as its Annual CSR Budget in each Financial Year.

From the Annual CSR Budget allocation, a provision is made towards the expenditure to be incurred on
identified areas, for undertaking CSR activities on a year-to-year basis.

Allocation of the Annual Budget for CSR activities in any given year would be as per the provisions of the
Companies Act, 2013 and rules made thereunder as amended from time to time. Any unspent/unutilised CSR
allocation of a particular year will be carried forward to the next year, i.e., the CSR budget will be non-lapsable
in nature.

As required by Rule 8 of the Companies (CSR Policy) Rules, 2013, a Report on CSR Activities and the
amount of expenditure incurred are annexed to this Report as Annexure-vi

RISK MANAGEMENT COMMITTEE:

As required by the Provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 the Board
constituted Risk Management Committee and the Meetings were held at the Registered Office of the Company,
Venkatarayapuram, Tanuku on 12.04.2024, 27.07.2024 and 10.02.2025.

RISK MANAGEMENT POLICY:

The Risk Management Committee has formulated a Risk Management Policy pursuant to Section 134(3)(n)
which has been approved by the Board, which envisages the following:

• Identification of areas of Risk

• Assessing the impact of Risks

• Steps taken to mitigate the Risk.

The Major Segments of operations of the Company are Sugar and Chlor Alkali.

The major aspects of concern for the Sugar Sector are:

In respect of Sugar Segment inspite of our efforts in mechanization of Cane Harvesting through Sugar Cane
Harvesters development and development of high yielding varieties through Cane breeding programmes, Farmers

are still not coming forward for Cane Plantation due to higher income from other alternative crops compared to
Sugar Cane.

The Chlor Alkali segment is power intensive where Power constitutes a major input cost. Restricted power
supply and increased power costs have become a cause of concern. To mitigate this impact, a Solar Power
Plant has been commissioned at Kovvur. At Saggonda a 33 MW Coal Based Captive Power Plant has been
operative. This improves the power availability to the Chemical Plants at Saggonda. Increasing imports and
volatile market conditions constitute a major risk factor for the segment.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has duly complied with the provisions of Section 186 of the Companies Act, 2013 and there are
no Loans, Guarantees given and Investments made and as such there are no disclosures required under
Section 134 (3)(g).

CREDIT RATING:

ICRA has rated the Credit Limits of the Company and re-affirmed the rating as stated below:

The rating assigned above shows safety regarding timely servicing of financial obligations and low credit risk.

INDUSTRIAL RELATIONS:

Relations with employees continue to be cordial and harmonious during the year under report.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE POLICY:

The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (Act.) An
Internal Compliance Committee (ICC) has been set up to redress the complaints received regarding sexual
harassment. All employees are covered under this Policy. As of the date of this report, there were no complaints
received by the ICC.

SAFETY, HEALTH, AND ENVIRONMENT:

Safety, Occupational Health, and Environment Protection continue to be accorded with high priority.
ANNUAL RETURN:

As required by Section 92 of the Companies Act, 2013 and relevant rules, an Extract of Annual Return in
MGT-7 is placed on the Company’s website. It can be found on www.theandhrasugars.com.

RELATED PARTY TRANSACTIONS:

There is no transaction with Related Party which requires disclosure under Section 134(3) (h) of the Companies
Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014. Form AOC-2 is annexed as Annexure - V.

SECRETARIAL AUDIT REPORT:

As required by Provisions of Companies Act, 2013, Secretarial Audit Report as provided by Nekkanti S R V V
Satyanarayana & Co., Hyderabad, Company Secretaries in practice is annexed to this Report. There are no
qualifications, reservations or adverse remarks in the Audit Report issued by them for the Financial Year
ended 31^st March, 2025.

PARTICULARS OF EMPLOYEES:

Information in accordance with the provisions of Section 197(12) of the Companies Act, 2013, read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, regarding employees is
annexed as Annexure -I forming part of this Report.

RATIO OF REMUNERATION OF EACH DIRECTOR:

Information in accordance with the provisions of Section 197(12) of the Companies Act, 2013, read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, details of ratio of
Remuneration of each Director to the median employee’s remuneration is Annexed as Annexure - II.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS OF THE COMPANY:

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would
impact the going concern status of the Company.

No application has been made under the Insolvency and bankruptcy Code. 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.

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

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND
OUTGO:

Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with relevant rules is given in
Annexure “III” forming part of this Report.

FIXED DEPOSITS:

As required by the Companies Act, 2013 the details of Fixed Deposits as on 31.3.2025 are given hereunder:

TRANSFERS TO I.E.P.F:

During the year 63,140 no. of shares of 32 Shareholders have been transferred to I.E.P.F Authority. An unclaimed
dividend amounting to Rs 28,56,910/- of 1,167 Shareholders for the year 2016-17 has been transferred to
I.E.P.F Account.

CONSOLIDATED ACCOUNTS:

In accordance with the accounting standards, consolidated financial statements of the Company and its
Subsidiaries form part of the Report and Accounts. These consolidated statements have been prepared
based on Audited Results received from the Subsidiary Companies as approved by their respective Boards.

The Accounts of the Subsidiary Companies for the year 2024-25 have not been attached to the Company’s
Accounts. However, Shareholders desirous of obtaining the Annual Accounts of the Subsidiaries may obtain
them upon request. The Annual Report and the Accounts of the Subsidiary Companies will be kept for
inspection at the Company’s Registered Office as well as at the offices of our Subsidiary Companies.

The details of Pursuant to Section 129 of the Companies Act, and Rule 5 of Companies (Accounts) Rules,
2014 in Form No. AOC-I are Annexed as Annexure-IV.

SUBSIDIARIES AND ASSOCIATE:

JOCIL LIMITED:

For the Financial Year ending 31.3.2025 your subsidiary Company, JOCIL Ltd., posted a profit of Rs.134.06
Lakhs (before taxation) against Rs. 264.65 Lakhs (before taxation) last year. The Board of Directors of this
Company has recommended a Dividend of Rs.0.50 per Share to Shareholders for the Financial Year 2024-25.

THE ANDHRA FARM CHEMICALS CORPORATION LIMITED:

The Company Earned Profit After Tax of Rs.24,84,096/- as against the Loss of Rs.94,841/- during last year.
HINDUSTAN ALLIED CHEMICALS LIMITED:

This Company during the year has earned a profit of Rs.74,65,119/- (After Tax) against a profit of Rs.52,42,917-
(After Tax) during last year.

THE ANDHRA PETROCHEMICALS LIMITED:

The Company achieved sales of Rs. 50188.75 Lakhs against Rs. 78867.35 Lakhs last year and incurred loss
of Rs.1813.05 Lakhs against a profit of Rs. 6340.45 Lakhs last year. The Board of Directors of this Company
has not declared any Dividend for the Financial Year 2024-25.

INTERNAL CONTROL SYSTEM:

Your Company conducts a periodical review of the financial and operating controls of the various Units. The
Internal Control System of your Company is commensurate with its size and nature of business. The Board
has also laid down a policy on Internal Financial Control as required by the provisions of the Companies Act,
2013. The same has been posted on Company’s Website www.theandhrasugars.com

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments affecting the financial position of the Company which
have occurred between the end of the Financial Year of the Company to which the Financial Statements relate
and the date of this report.

LISTING ON STOCK EXCHANGE:

Company’s Equity Shares are listed on the National Stock Exchange and Annual Listing Fee for the Financial
Year 2025-26 has been paid.

ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for the co-operation extended by the State & Central
Government authorities, Banks, Farmers and all the concerned associated with the Company in its Business
process. They also express their appreciation to the employees at all levels for the successful working of the
Company.

t-..,.. . For and on behalf of the Board

IANUKU _ . . A ,P-V—* A A . A-.-. . IXtlOfF-V A —

29 05 2025 P- NARENDRANATH CHOWDARY

. . Chairman and Managing Director