Navneet Education Ltd

Dear Shareowners,

Your Directors present their thirty-ninth Annual Report along with the Audited Financial Statements of the Company for the Financial Year ended 31^st March, 2025.

(1) FINANCIAL RESULTS :

( Rs in Crores)

* During FY 2024-25, exceptional items include Rs 150 Crores towards realised gain on stake sale in K12 (5.32%) and Rs 454 Crores towards fair value gain on remaining stake in K12 as the same is being considered as financial asset.

a) Standalone performance: The Company achieved revenue from operations of Rs 1,733 Crores (previous year Rs 1,693 Crores). The EBITDA was Rs 345 Crores as against Rs 313 Crores in the previous Financial Year. After providing Rs 64 Crores towards depreciation,

Rs 70 Crores for Income Tax, Rs 3 Crores deferred tax charge, the Company achieved Net Profit before OCI and after exceptional items of Rs 801 Crores for the Financial Year ended 31^st March, 2025 as against Rs 189 Crores achieved in the previous Financial Year.

b) Consolidated performance: The consolidated revenue from operations for the Financial Year under review was Rs 1,786 Crores as against Rs 1,751 Crores in the previous Financial Year. During the year under review, EBITDA was Rs 343 Crores as against Rs 309 Crores for FY 2023-24. After providing Rs 66 Crores towards depreciation, Rs 86 Crores for Income Tax, Rs 51 Crores deferred tax charge, the Company achieved Net Profit before OCI and after exceptional items of Rs 804 Crores for the Financial Year ended 31^st March, 2025 as against Rs 252 Crores achieved in the previous Financial Year.

(2) DIVISION PERFORMANCE : Content Publishing Division:

The revenue of content publishing division increased by 3% to Rs 714 Crores during the year under review as against Rs 693 Crores achieved in the previous Financial Year. The revenue of content publishing division increased marginally by 3% largely due to the absence of syllabus changes for the seventh consecutive year in both Maharashtra and Gujarat, combined with the growing second-hand book market impacting counter sales.

Stationery Division:

During the year under review, the revenue of domestic stationery business was Rs 352 Crores as against Rs 406 Crores for the previous Financial Year, decrease by 13% driven by a 9% drop in realisation due to lower paper prices and a 4% decline in volumes, attributed to intensifying competition from the unorganised sector.

The revenue of export stationery business was Rs 662 Crores during the year under review as against of Rs 590 Crores achieved in the previous Financial Year 2023-24, registering a growth of 12%.

(3) DIVIDEND :

Your Directors had declared and paid interim dividend of Rs 1.50 (75%) per share on the face value of Rs 2/- each for the Financial Year 2024-25. Your directors further recommended a final dividend of Rs 1.50 (75 %) per share on the face value of Rs 2/- each for the Financial Year 2024-25. The said dividend will be subject to approval by the shareholders at the ensuing Annual General Meeting of the Company. In view of the changes made under the Income Tax Act,1961, by the Finance Act, 2020, dividend paid or distributed by the Company shall be taxable in the hands of the shareholders. The Company shall, accordingly make the payment of the dividend after deduction of tax at source, if applicable. The Dividend Distribution Policy of the Company as per Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is marked as Annexure ‘A'. The same is available on website of the Company and can be accessed at https://navneet.com/pdfs/Corporate_ Governance_Policies/Dividend-Distribution-Policy.pdf

(4) TRANSFER TO GENERAL RESERVES :

The Board of Directors has decided to retain the entire of profit for the Financial Year 2024-25 in the Statement of Profit and Loss as at 31^st March, 2025.

(5) BUY BACK OF SHARES :

The Company bought back 50,00,000 fully paid up shares at a price not exceeding Rs 200/- per share from the shareholders of the Company by tender route through the stock exchange mechanism. The paid up share capital accordingly stood reduced to Rs 44.24 Crores divided into 22,12,13,181 equity shares of Rs 2/- each.

(6) DIRECTORS' RESPONSIBILITY STATEMENT :

As required under Section 134(3) (c) of the Companies 2013 your Directors hereby state: that in the preparation of annual financial statements the year ended 31^st March, 2025, the applicable Indian Accounting Standards had been followed along with proper explanation relating to material departures, if any; that the Directors had selected such accounting 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 end of the Financial Year and of the profit of the Company for that period; that the Directors had taken proper and sufficient 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; that the Directors had prepared the annual accounts going concern basis; the Directors had laid down internal financial to be followed by the Company and that such internal financial controls are adequate and were operating effectively;

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

(7) DIRECTORS :

In accordance with the provisions of the Companies Act, 2013, Shri Kamlesh S. Vikamsey and Shri Dilip C. Sampat Directors of the Company, retire by rotation and, being eligible offer themselves for re-appointments.

(8) RIS K MANAGEMENT POLICY :

During the year under review, the Company has identified and evaluated elements of business risk. Business risk, inter-alia, includes fluctuations in Foreign Exchange, Regulatory Risk, Competition from other players and High Input Costs. The Risk Management Framework defines the risk management approach of the Company and includes periodic review of such risk and also documentation, mitigating controls and reporting mechanism of such risks. The Board of Directors and senior management team currently assess the operations and operating environment to identify potential risks and take necessary action to mitigate the same. As required under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has formed Risk Management Committee to discuss, identify, amountevaluate and mitigate the various business risks that the company may face during its functioning.

The Company's Dedication to Education, Healthcare, and equity

Sustainable Development

In FY 2024–25, the Company upheld its strong commitment to Corporate Social Responsibility (CSR), actively supporting meaningful and impactful initiatives across important development areas such as Education, Healthcare, Community Development, Environment development, Animal Welfare, and sports. The total CSR spend for the Financial Year 2024-25 was Act, Rs 4.70 Crores.

Education

The Company supported 653 under-resourced children with a educational fees and provided 2,840 students with bags, books, and stationery. Recognising the importance of Early Childhood Education, it trained 119 Anganwadi staff and equipped them with resources to prepare 1,600 children for school. The Company conducted 90 workshops in Maharashtra and digital platforms, benefiting 13,109 educators with training and digital resources.

Additionally, the Company supported education centers for 325 children of construction workers and children with kidney ailments in Gujarat.

The Company supported 1,803 children in experiential learning and empowered 1,267 individuals through skill development.

Prioritising Health and Medical Care

This year, a total of 5,092 patients benefited from kidney and dialysis treatments and 891 cataract and dental surgeries were supported. The Company supported cancer screening camp benefiting 833 women and thereof advised further treatment. The Company also extended its support to developing infrastructure in medical centres in Gujarat and Maharashtra, improving access to quality treatment for about 2,50,000 patients affected with various medical ailments.

Community Development

The Company trained a total of 327 women as para-medical workers who served approximately 2 lakh people. The Company empowered 29,500 farmer families and women with cultivation resources enhancing income of farmers.

Environment Development

The Company revitalised Rukmavati river basin in Kutch, enhancing water capacity by 242,111 cubic meters for 2,500 families. Though not under CSR, a Miyawaki forest with 1,176 trees was created on 4,760 sq. ft. at Khaniwade.

Animal Welfare

In alignment with its commitment to animal welfare, the Company supported the care of 2,800 animals at shelters in Gujarat, providing critical provisions such as shelter, nourishment, medical amenities, and vaccinations to ensure their well-being.

Sports

This year, the company supported the coaching of 350 young boys and girls, who showcased their skills, teamwork, and dedication in 166 cricket tournaments during the year.

The year ahead

In the fiscal year 2025–26, the Company reaffirms its unwavering commitment to Corporate Social Responsibility (CSR) by continuing to invest in initiatives that create meaningful impact across key focus areas: Education, Healthcare, Animal Welfare, Community Development, and Environment development.

Through strategic collaborations and a diverse portfolio of initiatives, the Company aims to contribute to the holistic development of communities, upholding its core values of compassion, accountability, and social equity.

(10) NOMINATION AND REMUNERATION POLICY :

In compliance with the requirements of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has laid down a Nomination and Remuneration Policy (NRC Policy) which has been uploaded on the Company's website. The salient features of the NRC Policy are as under: i) Setting out the objectives of the Policy; ii) Definitions for the purposes of the Policy; iii) Policy for appointment and removal of Director, KMP and Senior Management; iv) Policy relating to the Remuneration for the Managerial Personnel, KMP, Senior Management Personnel; v) Criteria for selection and appointment of Board members.

(11) BOARD MEETINGS :

Five (5) Board Meetings were held during the Financial Year ended 31^st March, 2025. The details of the Board Meetings with regard to their dates and attendance of each of the Directors thereat have been provided in the Corporate Governance Report.

(12) SECRETARIAL STANDARDS :

The Directors state that the applicable Secretarial Standards i.e. SS-1 and SS-2 issued by The Institute of Company Secretaries of India, relating to Meetings of Board of Directors and General Meetings respectively, have been duly complied with.

(13) INTERNAL CONTROL SYSTEM AND ITS ADEQUACY :

Your Company has maintained a proper and adequate system of internal controls. The Company's internal control procedures which includes internal financial controls, ensure compliance with various policies, practices and statutes and keeping in view the organisation's pace of growth and increasing complexity of operations. This ensures the safeguarding of assets and properties of the Company and protects against unauthorised use and disposal of the assets. Your Company's internal control systems commensurate with the nature and size of its business operations. The internal auditor's team carries out extensive audits throughout the year across all locations and across all functional areas and submits its reports to the Audit Committee of the Board of Directors .

(14) INDEPENDENT DIRECTORS :

All the Independent Directors of the Company have given their declarations/confirmations to the Company as required under Section 149(7) of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 25(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that they meet and are in compliance with the criteria of independence as laid down in Section 149(6) of the Companies Act,2013. In terms of Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties.

(15) RELATED PARTY TRANSACTIONS :

Related party transactions that were entered into during the Financial Year were at arm's length basis and were in ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the Company at large. All related party transactions were entered into only with prior approval of the Audit Committee. A statement of all related party transactions is presented before the Audit Committee on quarterly basis, specifying the nature, value and terms and conditions of the transaction. The Board of Directors has adopted a policy on Related Party Transactions and the same is available on the website of the Company. Transactions with related parties, as per requirements of Indian Accounting Standard 24 are disclosed in the notes to accounts accompanying to the financial statements. Since all related party transactions entered into by the Company were in the ordinary course of business and at arm's length basis, Form AOC- 2 is not applicable to the Company.

a) Navneet Futuretech Limited

The Company's wholly owned subsidiary - Navneet Futuretech Limited (NFL) is in the business of sale of computer hardware and related products. NFL's revenue for FY 2024-25 was Rs 5.38 Crores as against Rs 3.70 Crores for FY 2023-24. EBITDA for FY 2024-25 was Rs 1.22 Crores as against Rs 0.17 Crores for FY 2023-24. Loss before tax of Rs 5.32 for FY 24-25 includes exceptional items of Rs 6.51 Crores towards impairment provision made during the year ended 31st March 2025 for difference between fair value of the investment in Carveniche Technologies Private Limited (associate) and the carrying value of investment

b) Indiannica Learning Private Limited

The Company is pioneer in products that promote knowledge and learning. The Company has an extensive product catalogue comprising specialised curricular learning solutions consisting of text books, interactive student and teacher resources, teacher training materials, educational, instructional, and information products as well as technology solutions. Indiannica Learning Private Limited achieved turnover of Rs 54.48 Crores as against Rs 59.20 Crores for FY 2023-24 The decline in revenue was primarily due to higher-than-anticipated sales returns recorded in the previous Financial Year. The EBITDA was Rs (1.67) Crores as against Rs 0.37 Crores for FY 2023-24.

c) Navneet (HK) Limited

Navneet (HK) Limited achieved turnover of Rs 12.99 Crores as against Rs 21.06 Crores in FY 2023-24 and after considering expenses, it made a net loss of Rs 0.30 Crores as against net profit of Rs 0.68 Crores in FY 2023-24. The Company holds 70% of the share capital of Navneet(HK) Limited.

d) Navneet Tech Ventures Private Limited

Navneet Tech Ventures Private Limited (‘NTVPL') was incorporated in March, 2021 to setup, own and operate Technology based and driven education in India. NTVPL has achieved profit (before tax) of Rs 0.33 Crores for the Financial Year ended 31^st March, 2025 as against profit of Rs 0.27 Crores incurred for FY 2023-24.

e) Navneet Learning LLP

The Company continue to hold 93% of voting rights and equivalent share in profit/loss in Navneet Learning LLP (‘the LLP') Profit before Tax of Rs 758.12 Crores includes Rs 189 Crore towards realized gain on stake sale in K12 (5.32%) and Rs 569 Crore towards fair value gain on remaining stake in K12 as the same is being considered as financial asset. After considering administrative expenses, the LLP incurred a loss of Rs 0.001 Crores for the Financial Year 2024-25 as against loss of Rs 0.004 Crores for the Financial Year 2023-24.

f) Carveniche Technologies Private Limited

Carveniche Technologies Private Limited is an education technology company engaged in the business of AI based learning platform, interactive content and physical Math & logic boxes for children in the age group of 3-14 years. The total income generated for the Financial Year 2024-25 was Rs 2.79 Crores (Financial Year 2023-24 Rs 3.02 Crores). The total comprehensive loss of Rs 0.91 Crores for the Financial Year 2024-25 and for the Financial Year 2023-24 it was Rs 1.78 Crores. The numbers for the Financial Year 2024-25 are unaudited and as certified by the management of this associate company.

(17) CONSOLIDATED FINANCIAL STATEMENTS :

Your Directors have pleasure in presenting Consolidated Financial Statements which form part of the Annual Report and Accounts.

(18) LISTING OF SECURITIES :

The equity shares of the Company are listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) with security ID 508989 and symbol of NAVNETEDUL respectively. The Company confirms that the annual listing fees to both the stock exchanges for the Financial Year 2025-26 have been paid.

(19) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS :

Details of loans, guarantees or investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the note number 51 and 52 to the standalone financial statements.

(20) BOARD EVALUATION :

Pursuant to the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 a structured questionnaire was prepared after taking into consideration various aspects of Board's function, composition of the Board and its committee, culture, execution and performance of specific duties, obligations and governance.

The following were the Evaluation Criteria:

a) For Independent Directors: -

Knowledge and Skills - Professional Conduct - Duties, Role and Functions - Fulfillment of the Independence Criteria; and

b) For Executive Directors: -

Performance as Team Leader/Member - Evaluating Business Opportunity and analysis of Risk Reward Scenarios - Set Key Goals and Achievements -

Professional Conduct and Integrity - Sharing of Information with the Board. The Board of Directors expressed its satisfaction with the evaluation process.

(21) REPORTING OF FRAUDS :

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and/ or to the Board as required under Section 143(2) of the Companies Act, 2013 and Rules framed thereunder.

(22) TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND(IEPF) :

As required under Section 124 of the Companies Act, 2013, the unclaimed dividend amount aggregating to Rs 0.52 Crores lying with the Company for a period of seven years were transferred during the Financial Year 2024-25, to the Investor Education and Protection Fund Authority (IEPF) established by the Central Government.

As required under Section 124 of the Companies Act, 2013, the Company transferred 34,014 equity shares in respect of which dividend has not been claimed by the members for seven consecutive years or more to the Investor Education and Protection Fund Authority during the Financial Year 2024-25. Details of shares so transferred have been uploaded on the website of IEPF as well as the Company.

(23) WHISTLE BLOWER POLICY :

Pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Vigil Mechanism or Whistle Blower Policy for directors, employees and other stakeholders to report genuine concerns has been established. The same is uploaded on the website of the Company.

(24) SECRETARIAL AUDIT :

Pursuant to the provisions of Section 204 of the Companies Act,2013 and read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and amendments thereto, your Company engaged the services of CS Sunil M. Dedhia (COP No.2031), Proprietor of Sunil M. Dedhia & Co., Company Secretary in Practice to conduct the Secretarial Audit of the Company for the Financial Year ended 31^st March, 2025. The Secretarial Audit Report in Form MR-3 is attached as Annexure ‘C' forming part of this Report.

(25) SUBSIDIARY COMPANY :

The Company does not have any material subsidiary whose net worth exceeds 10 % of the consolidated net worth of the Company in the immediately preceding accounting year or has generated 10 % of the consolidated income of the company during the previous Financial Year. A statement containing salient features of the financial statement of subsidiary company in the prescribed format AOC-1 is included in the report as Annexure ‘D' and forms part of this Report.

(26) FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS :

The Company has a familiarisation programme for Independent Directors with regard to their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, the business models of the Company etc. and the same is available on the website of the Company.

(27) CORPORATE GOVERNANCE :

A report on Corporate Governance as stipulated under Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 alongwith requisite certificate obtained from M/s. N A Shah Associates LLP, Statutory Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached and forms part of this Report marked as Annexure ‘E'.

(28) AUDITORS :

The Members of the Company at their 36^th Annual General Meeting had approved the re-appointment of M/s. N. A. Shah Associates LLP (Firm Registration No. 116560W/W100149), Chartered Accountants as the statutory auditors of the Company for a period of five years commencing from the conclusion of the 36^th AGM until the conclusion of 41^st AGM of the Company to be held in the year 2027. Pursuant to the provisions of Companies Amendment Act, 2017, notified on May 7, 2018, ratification of appointment of Statutory Auditors at every AGM is no more a legal requirement. Accordingly, the Notice convening the ensuing AGM does not carry any resolution on ratification of appointment of M/s. N. A. Shah Associates LLP as Statutory Auditors of the Company.

(29) COMMENTS ON AUDITORS' REPORT :

There are no qualifications, reservations or adverse remarks or disclaimer made by the Statutory Auditors in their report requiring explanation or comments from the Board of Directors as required under Section 134(3) of the Companies Act, 2013.

(30) BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR) :

In 2021 SEBI introduced new sustainability related reporting requirements to be reported in the specific format which is a notable departure from the existing Business Responsibility Report. This is a significant step towards giving platform to the companies to report the initiatives taken by them in areas of environment, social and governance. Further, SEBI has mandated top 1,000 listed companies, based on market capitalisation, to give Business Responsibility and Sustainability Reporting in that specific format. In line with the above, the Business Responsibility and Sustainability Report is provided in a separate section and forms part of the Annual Report as Annexure ‘F'.

(31) PARTICULARS OF EMPLOYEES :

Disclosure pertaining to remuneration as per Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure ‘H' to this report. However, as per the provisions of Section 136(1) of the Companies Act, 2013, this Report is sent to the shareholders excluding the said information. Any shareholder interested in obtaining such information may write to the Company Secretary at the Registered Office of the Company.

(32) MANAGEMENT DISCUSSION AND ANALYSIS :

As per Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Management Discussion and Analysis report forms part of this Report.

(33) ANNUAL RETURN :

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company in Form MGT-7 for FY 2024-25, is available on the Company's website at https:// navneet.com/wp-content/uploads/2025/08/Annual-Return_NEL.pdf

(34) CREDIT RATING :

During the year under review CRISIL has reassigned CRISIL A1+ (pronounced CRISIL A One Plus) rating of Rs 300 Crores to the Commercial Paper programme and CRISIL A1+ (pronounced CARE A One Plus) rating of Rs 2 Crores to the Short Term Bank facilities of the Company. The instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations.

During the year under review CARE Ratings has reaffirmed CARE AA (pronounced CARE Double AA) rating of Rs 450 Crores to the Long Term Bank facilities and CARE A1+ (pronounced CARE A One Plus) rating of Rs 2 Crores to the Short Term Bank facilities of the Company. The bank facilities covered with this rating are considered to have very strong degree of safety regarding timely payment.

(35) NUMBER OF CASES FILED AND THEIR DISPOSAL UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 :

The Company has zero tolerance towards sexual harassment at the workplace and has adopted 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 made there under. The details of number of complaints pending at the beginning of the Financial Year, received during the Financial Year and pending as on end of Financial Year is as under:

(36) OTHER DISCLOSURES :

During the year under review:

no significant or material orders were passed by the Regulators/Courts/Tribunals impacting the going concern status of the Company and its future operations; no proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of one-time settlement with any Bank or Financial Institution; no material change and commitment affecting the financial performance of the Company occurred between the end of the Financial Year of the Company to which the financial statement relate and the date of this report; no public deposit as defined in Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 was accepted or renewed; there has been no change in the nature of business of the Company; the Company has complied with the provisions of Secretarial Standards on Meetings of Board of Directors (SS-1) and on General Meetings (SS-2) issued by The Institute of Company Secretaries of India;

All the insurable interest of the Company including inventories, buildings, plant and machinery are adequately insured against risk of fire and other risks.

(37) DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO : (A) Conservation of Energy

Company's plant was designed to achieve high efficiency in the utilisation of energy. The key areas with regards to reduction of energy are identified and constant efforts are made towards energy conservation.

Research & Development

(1) Efforts in brief towards technology absorption, adaptation & innovation

Through visits of technical personnel to developed Western countries, your Company keeps abreast with the advanced Technology Development and through specific programmes introduces, adopts and absorbs these sophisticated technologies.

(2) Benefits derived as a result of the above efforts

In view of the above, your Company has been able to achieve a higher production, accuracy and perfection in printing.

(3) In case of Imported Technology

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company's export turnover has been Rs 642 Crores (FY 2023-24 Rs 572 Crores) Total Foreign Exchange earned and used :

(i) Foreign Exchange earned : Rs 641 Crores (FY 2023-24 Rs 572 Crores)

(ii) Foreign Exchange used : Rs 84 Crores (FY 2023-24 Rs 99 Crores)

(38) ACKNOWLEDGEMENT :

Your Directors wish to place on record their appreciation for the commitment extended by the employees of the Company during the year. Further, the Directors also wish to place on record the support received from its shareholders, bankers, business associates, vendors and customers.

Your Directors also thank Government of various States in India and government departments/agencies concerned for their co-operation.