STAND-ALONE FINANCIAL PERFORMANCE During the year under review, on standalone basis, revenue from operations stood at Rs. 2,01,310.16 Lakhs as against Rs. 1,54,399.21 Lakhs in the previous year. The total income stood at Rs. 2,02,479.68 Lakhs as against Rs. 1,56,776.68 Lakhs in the previous year. The profit before tax (before exceptional items) stood at Rs. 11,906.29 Lakhs as against Rs. 14,736.72 Lakhs in the previous year. The profit after tax (after exceptional items) stood at Rs. 8,873.07 Lakhs as against Rs. 11,060.79 Lakhs in the previous year. CONSOLIDATED FINANCIAL PERFORMANCE During the year under review, on consolidated basis, revenue from operations stood at Rs. 2,01,308.35 Lakhs as against Rs. 1,54,399.21 Lakhs in the previous year. The total income stood at Rs. 2,02,426.01 Lakhs as against Rs. 1,56,776.68 Lakhs in the previous year. The profit before tax (before exceptional items) stood at Rs. 11,826.58 Lakhs as against Rs. 14,736.72 Lakhs in the previous year. The profit after tax (after exceptional items) stood at Rs. 8,265.86 Lakhs as against Rs. 10,620.13 in the previous year. OPERATIONAL PERFORMANCE Your Company’s plant/s were operating smoothly and no major breakdown was reported.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, EXPORTS AND FOREIGN EXCHANGE EARNINGS AND OUTGO A. CONSERVATION OF ENERGY (i) Steps taken or impact on conservation of energy: - a) Variable frequency drive (VFD) installation for air compressor. b) LED light conversion completed in all plants. c) Energy audit conducted by E&Y. d) Installation of energy efficient motors and pumps for cooling tower. e) Installation of modulator (auto changeover) for air compressor. f) Interlocking in Melting Furnace with Automatic Pollution Control Machines (APCM). g) Covering on Holding Furnaces to reduce heat loss. h) Replacement of high-energy consuming die casting machine with low energy consuming die casting machine. (ii) Steps taken by the company for utilizing alternate sources of energy: a) Renewable energy contributes around 66.04 lakh units through solar power and approx. 10.00 Lakh units through wind power. b) Replacement of diesel fired burner(s) with gas fired burner(s) having high calorific value and low pollution. (iii) Capital investment on energy conservation equipment The Company has not made any capital investment on energy conservation equipment during the year under review. However, the Company has made capital investments in replacing high energy consuming equipment/ machinery/apparatus with low energy consuming equipment/ machinery/apparatus.

B. TECHNOLOGY ABSORPTION 1. Efforts in brief, made towards technology absorption, adaptation and innovation (i) The Company is aggressively working towards development of precision parts for light-weighting and heat management to be used in Electric Vehicles (EV), Internal Combustion Engines (ICE) vehicles, All-Terrain Vehicles (ATV), power tools, outdoor equipment and defence applications in its state-of the-art Tool Room & Design Centre. (ii) In Braking Division new and improved formulations have been developed. (iii) The Company has installed Equators to enable its quality control and tracking of high precision critical components to enhance customer satisfaction by consistent delivery of high-quality products. 2. Benefits derived as a result of the above efforts (i) Development of world class quality products for export and domestic markets. (ii) Readiness for EV transition and light-weighting trends. (iii) Diversification opportunities in non-automotive space like power tools, outdoor equipments and defence applications. 3. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) The absorption of technology for Safety Control Cables is under process wherein new products are being developed. 4. Expenditure incurred on Research and Development 1) Expenditure on R&D a. Capital Nil b. Recurring Rs. 62.82 lakh (previous year 50.93 lakh) c. Total Rs. 62.82 lakh (previous year 50.93 lakh) d. Total R&D expense as % of total turnover/ Sales 0.03% (previous year 0.03%) 2) Future Plan of action a. Design Centre and Tool Room to develop tools for high precision for light weighting and heat management systems. b. Adoption of advanced material engineering in aluminium alloys and braking systems.

C. FOREIGN EXCHANGE EARNINGS AND OUTFLOW 1) Exports: a) Activities relating to exports: Your Company is exporting its Braking and Aluminium light-weighting precision solutions in Automotive Segment and has also started exporting in Non-Automotive Segment also. b) Export Plans: The Company plans to add further export destinations and to add further products/solution offerings to the existing customers during the next financial year 2022-23. 2) Total Foreign Exchange used and earned: a) Foreign Exchange used Rs. 5020.86 Lakhs (Last Year - Rs. 3541.13 Lakhs) b) Foreign Exchange earned Rs. 7521.87 Lakhs (Last Year - Rs. 3781.32 Lakhs) c) Net Foreign Exchange earned (b-a) Rs. 2501.01 Lakhs (Last Year - Rs. 240.19 Lakhs)

DIRECTORS’ RESPONSIBILITY STATEMENT We the Directors of your Company hereby certify that: I. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; II. We 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 end of the financial year and of the profit and loss of the company for that period; III. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; IV. We have prepared the annual accounts on a going concern basis. V. We have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.