To

The Members of,

Digikore Studios Limited

We are pleased to present this Board Report of Digikore Studios Limited (the Company or DIGIKORE) on the business and operations of the Company together with the Audited Financial Statements for the financial year ended March 3 1 , 2025 (FY 2024-25)

The Audited Financial Statements of the Company as on March 31, 2025, are prepared in accordance with the relevant applicable Accounting Standards and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and the provisions of the Companies Act, 2013 ("Act").

The summarized financial highlight is depicted below:

The key aspects of the Company's performance during the financial year 2024-25 are as follows:

-Total Revenue (including other income) for FY'25 stood at Rs.3,700.65 Lacs, compared to Rs.4,947.02 Lacs in FY'24, a YoY decline of 25.19%.

^-Loss before tax for FY'25 stood at Rs.961.49 Lacs, compared to profit before tax of Rs.1,277.06 Lacs in FY'24.

-Loss after tax for FY'25 stood at Rs.720.35 Lacs, compared to profit after tax of Rs.952.99 Lacs in FY'24.

-Total Revenue (including other income) for FY'25 stood at Rs.3,638.37 Lacs, compared to Rs.4,737.69 Lacs in FY'24, a YoY decline

?VV;' of 23.2%.

" ? -Loss before tax for FY'25 stood at Rs.966.11 Lacs, compared to profit before tax of Rs.1,278.28 Lacs in FY'24.

-Loss after tax for FY'25 stood at Rs.724.96 Lacs, compared to profit after tax of Rs.954.21 Lacs in FY'24.

The Company is in the growth phase and is in the process of expanding its business activities. Considering the increased func requirements for the expansion activities and to augment working capital requirements, your directors do not recommend any dividend for the financial year ended 31st March, 2025.

During the year the company has not transferred any amount to the General Reserves.

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend unclaimed and lying in the unpaid dividend account with the Company.

During the year under review, the Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

During the year under review, there was no change in the nature of the business of the Company. The Company continued to operate in the same line of business activities as in the previous year.

During the year under review, The Company's authorized share capital remained unchanged during the year at ?7,50,00,000/-, divided into 75,00,000 equity shares of ?10/- each.

The Paid-up capital of the Company at 31st March, 2025 stands at ?6,33,28,000/- (63,32,800 equity shares).

In compliance with Section 134(3)(a), the Annual Return of the Company, prepared as per Section 92(3) of the Act for the financial year ended 31st March, 2025, is accessible on the Company's website at http://www.digikore.com.

As of 31st March 2025, the Board of Directors comprised 4 Directors which includes 2 Independent Directors (including one Woman Independent Director), 1 Non- Executive Director and 1 Executive Directors which includes Managing Director.

In accordance with the provisions of Sections 2(51) and 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, Mr. Ketan More, Chief Financial Officer and Mrs. Heny Pahuja, Company Secretary are the Key Managerial Personnel of the Company as on 31st March, 2025.

Further, during the year, Ms. Surekha Misal was appointed as Chief Financial Officer of the Company under SEBI Listing Regulations w.e.f., 22nd May, 2024 in place of Mr. Shrinivas Behede who resigned from the services of the Company w.e.f., 22nd May, 2024 and then Mr. Ketan More was appointed as Chief Financial Officer of the Company under SEBI Listing Regulations w.e.f., 26th December, 2024 in place of Ms. Surekha Misal who resigned from the services of the Company w.e.f., 26th December, 2024.

Presently the Board of Directors of the Company consists of Mr. Abhishek Rameshkumar More (DIN: 00139618), Managing Director, Mr. Rameshkumar More (DIN: 00140179), Non- Executive Director and Mr. Aqueel Mehboob Merchant (DIN: 08042097) and Ms. Megha Virendra Raval (DIN: 10241 141), are Independent Directors. The composition of the Board of Directors is in compliance with Section 149 of the Companies Act, 2013.

The Board meets at regular intervals to discuss and decide on the Company/business policy and strategy apart from other Board business. In case of special and urgent business, if the need arises, the Board's or Committee's approval is taken by passing resolutions through circulation or by calling the Board / Committee meetings at a shorter notice, as permitted by law.

During the Financial Year 2024-25, Six (6) Board meetings were convened and held which is summarized below. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 201 3.

Pursuant to Section 1 34(5) of the Companies Act, 201 3 the Board of Directors, to the best of their knowledge and ability, confirm that for the financial year ended 31st March, 2025:

1. The annual financial statements for the financial year ended 31st March 2025 have been prepared in conformity with the applicable Accounting Standards, and there are no material departures from the prescribed norms;

2. Appropriate accounting policies have been consistently applied, and reasonable and prudent judgments and estimates have been made so as to present a true and fair view of the Company's financial position and results of operations;

3. The Board has taken adequate measures to ensure the integrity and accuracy of the Company's

Accounting records in accordance with the Companies Act, 2013, thereby safeguarding the Company's assets and detecting and preventing fraud and other irregularities;

4. The financial statements have been prepared on a going concern basis, and there is no indication of any uncertainty regarding the Company's ability to continue its operations in the foreseeable future;

5. The Company has implemented internal financial controls which are adequate and commensurate with the size and nature of its business, and such controls were found to be operating effectively during the year under review;

6. The Board has adopted robust systems and processes to ensure compliance with applicable laws, rules, and regulations, and believes that these systems were adequate and functioning efficiently throughout the year.

As per Regulation 34 of the SEBI (LODR) Regulations,2015, the Management's Discussion and Analysis Report is annexed to this report.

During the year under review, M/s. Sharad Shah & Co, Chartered Accountants, (FRN: 109931W), has resigned from the position of Statutory Auditors with effect from March 1 1, 2025 and the casual vacancy created consequent to the resignation was filled by the appointment of M/s SKPN & Associates LLP, Chartered Accountants [Firm Registration Number 100923W] to hold office till the date of conclusion of the ensuing AGM. Subsequently pursuant to the provisions of Section 139 of the Act and Rules made thereunder,M/s SKPN & Associates LLP, Chartered Accountants [Firm Registration Number 100923W]were appointed as Statutory Auditors of the Company shall be valid from the conclusion of ensuing Annual General Meeting till the conclusion of next Annual General Meeting and that they shall conduct the Statutory Audit for the period ended 31st March, 2025. The Auditors have also confirmed that they have subjected themselves to the peer review process of Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

M/s SKPN & Associates LLP, Chartered Accountants, have submitted their Report on the Financial Statements of the Company for the FY 2024-25, which forms part of the Annual Report 2024- 25. There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in the Audit Reports issued by them which call for any explanation/comment from the Board of Directors.

Pursuant to Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s MV& Associates, peer reviewed firm of Practicing Company Secretaries, has been appointed as the Secretarial Auditor for the Financial year 2024-25. The Secretarial Audit Report does not contain any qualification or remarks requiring the Board to make further comments.

(The report is annexed as Annexure - I)

M/s Chetan Varma & Associates, Chartered Accountants, have been appointed as the Internal Auditor of the Company for the FY 2024-25. The Internal Auditor has conducted the Internal Audit, and the Internal Audit report has been submitted to the company. The Audit Committee reviewed the internal audit report.

The Company has complied with the applicable Secretarial Standards in accordance with Section 118(10) of the Companies Act, 2013, and MCA circulars issued from time to time.

The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, in respect of the activities carried on by the Company.

The Company has established adequate internal financial controls with reference to financial statements, commensurate with its size, scale, and operations. These controls are designed to ensure accuracy of financial reporting, safeguarding of assets, prevention and detection of frauds, adherence to policies, and compliance with applicable laws.

The internal control framework is reviewed periodically by the Audit Committee based on reports from management, internal auditors, and statutory auditors. The Board confirms that such controls were adequate and operating effectively during the year under review.

There were no loans, guarantees made by the Company under Section 186 of the Companies Act, 2013 during the year under review. The particulars of investments under Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014, for the financial year 2024-25 are given in Note 13 of the Notes to the financial statements.

All contracts, arrangements and transactions entered by the Company with related parties during FY 2024-25 (including any material modification thereof), were in the ordinary course of business and on an arm's length basis and were carried out with prior approval of the Board. Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is appended to the Board Report as Annexure- II.

In compliance with the provisions of Section 135 of the Companies Act, 2013, read with the applicable rules, the Board of Directors, in their meeting held on 07th July, 2023, approved and adopted the Corporate Social Responsibility (CSR) Policy and constituted a CSR Committee to oversee and monitor the implementation of CSR initiatives of the Company.

As required under the Companies (CSR Policy) Rules, 2014, Annual Report on Corporate Social Responsibility (CSR) Activities for the financial year 2024-25, has been furnished as Annexure - III to this report.

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are furnished in the Annexure - IV to this report.

The Company has framed a policy for management and mitigation of business risks which is reviewed on a periodical basis. The policy is put on the website of the company in the following link: https://digikore.com/investorzone/ policies/2025/04/Risk-Management- Policy.pdf

Your company has subsidiary viz: Digikore Visual Effects Inc incorporated on October 21, 2023 in Canada. The consolidated financial statement has been prepared in accordance with the relevant accounting standards and a separate statement containing the salient features of the financial statement of its subsidiary pursuant to provision of Section 129(3) of the Companies Act, 2013 read with rule 5 of the Companies (Accounts) Rules 2014, in form AOC-1 is attached along with the financial statement of the company as Annexure-V.

The Company does not have any Holding, Joint venture or Associate Company.

In accordance with the provisions of Sec 178 (1) of the Companies Act, 2103, the Board of the Company constituted Nomination and Remuneration Committee (NRC) and the terms of reference of the Committee are in line with the provisions of the Companies Act, 2013 and the Rules made thereunder.

The NRC committee has the following members

In accordance with Sec 178 (3) of the Companies Act, 2013, a Policy has been framed for remuneration of Directors, Key Managerial Personnel and other employees and approved by the Board. The said policy has been placed in the website of the company and can be viewed from the following link: https://digikore.com/investorzone/.

The Board of the Company is composed of experienced persons with proven competence and integrity. Besides the experience, strong financial acumen, strategic astuteness, and leadership qualities, they have a significant degree of commitment towards the Company and devote adequate time to the meetings and preparation.

As per the regulation 15 of SEBI (LODR) Regulations, 2015, the applicability with respect to Corporate Governance Report is not applicable to the Company.

Pursuant to the provisions of Section 149(7) of the Companies Act, 2013, the above-mentioned Independent Directors have submitted their respective declarations confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act. They have also affirmed compliance with the Code of Conduct for Independent Directors as specified under Schedule IV of the Act.

In the opinion of the Board, there has been no change in the circumstances affecting their status as Independent Directors during the year under review. The Board further affirms that the Independent Directors possess requisite integrity, expertise, and experience, including proficiency as required under Section 150(1) of the Act and the applicable rules framed thereunder.

Additionally, in accordance with the provisions of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, all Independent Directors of the Company have duly registered their names in the databank maintained by the Indian Institute of Corporate Affairs (IICA).

In terms of the provisions of the Companies act, 2013 and the Rules made thereunder, the Board has constituted the following committees;

a) Audit Committee

b) Nomination and Remuneration Committee

c) Stakeholders Relationship Committee

d) Corporate Social Responsibility Committee

The composition and terms of reference of each of the above committee is provided below as on the report date:-

A qualified and independent Audit Committee has been constituted by the Board of Directors in compliance with the provisions of Section 177 of the Companies Act, 2013 and applicable regulatory requirements.

The Committee comprises two (2) Independent Directors and one (1) Executive Director, as under:

The Company Secretary acts as the Secretary to the Committee

The primary objective of the Audit Committee is to provide oversight of the Company's financial reporting process, ensuring accuracy, completeness, and timely disclosures in compliance with applicable laws. The Committee works to uphold the highest standards of transparency, integrity, and quality in financial reporting, while also providing effective supervision of management's processes and controls.

The powers, role, and terms of reference of the Audit Committee are in line with the requirements of Section 177 of the Companies Act, 2013 and relevant provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the Financial Year 2024-25, the Audit Committee met four (7) times, deliberating and making recommendations to the Board on various matters falling within its scope, including but not limited to financial reporting, internal controls, statutory and internal audit reports, and compliance matters.

The Nomination and Remuneration Committee (NRC) of the Board is entrusted with the responsibility of ensuring that the composition and competencies of the Board align with the Company's industry, strategic objectives, and long-term vision. The NRC undertakes a detailed analysis of Board composition, reflecting a deep understanding of the Company's strategies, business environment, operations, financial position, and c compliance requirements.

In accordance with the provisions of Section 178 of the Companies Act, 2013, the NRC has formulated, and the Board has adopted, a Policy on Appointment and Removal of Directors, including a Board Diversity Policy ("NRC Policy").The Committee has also established criteria for determining the qualifications, positive attributes, and independence of Directors, which form an integral part of the NRC Policy.

The NRC is responsible for:

-Recommending the nomination and appointment of Directors.

-Evaluating the performance of individual Directors and the Board as a whole.

-Recommending the remuneration policy for Directors, Key Managerial Personnel (KMP), and other employees.

-Overseeing governance-related matters and the effective implementation of the Company's nomination, remuneration, and governance policies.

-Periodically reviewing the effectiveness of these policies and recommending revisions when necessary.

The Committee comprises three (2) Independent Directors and one (1) non-executive Director is as follows: -

The Nomination and Remuneration Committee of the Board of Directors recommends the nomination of Directors, carries out evaluation of performance of individual Directors, recommends remuneration policy for Directors, Key Managerial Personnel and other employees and also deals with the governance related matters of the Company.

It oversees the implementation of the nomination, remuneration and governance policies of the Company, reviews the effectiveness of such policies from time to time and recommends revisions as and when deemed necessary or expedient.

Two meeting of the Nomination and Remuneration Committee was held during the year under review to consider and approve the Resignation of Mr. Shrinivas Behede and Ms. Surekha Misal, Chief Financial Officer and to consider and recommend appointment of Ms. Surekha Misal and Mr. Ketan More, as new Chief Financial Officer.

The Stakeholders' Relationship Committee was constituted by the Board of Directors on 20th July, 2023 with the primary objective of ensuring effective engagement with shareholders and safeguarding their rights. The Committee serves as an important governance mechanism for addressing and resolving grievances of shareholders and other security holders in a timely, fair, and transparent manner.

The Committee's key responsibilities include:

-Monitoring and resolving investor grievances relating to transfer/transmission of shares, non-receipt of annual reports, dividends, and other shareholder communications.

-Overseeing measures for effective communication between the Company and its stakeholders.

-Ensuring compliance with applicable statutory and regulatory requirements pertaining to stakeholder rights.

-Periodically reviewing the adequacy of systems and processes for redressal of shareholder grievances.

In line with the Company's commitment to strong corporate governance, the Committee operates with transparency, accountability, and promptness, fostering trust and confidence among investors and stakeholders.

The Stakeholders Relationship Committee comprises of one (1) Independent Director and one (1) non-executive Director and one (1) Managing Director is as follows: -

The role and terms of reference of the Committee are in consonance with the requirements mandated under Section 178 of the Companies Act, 2013 and applicable Regulation.

Two meeting of the Stakeholders Relationship Committee was held during the year to take note of the redressal status of Investor grievances for the quarters ended 30th June, 2024 and 30th September, 2024 and 31st December, 2024.

In accordance with the provisions of Section 135 of the Companies Act, 2013, the CSR Committee has been constituted, and the Board has adopted a CSR Policy formulated in line with the statutory requirements and Schedule VII of the Act.

The CSR Policy lays down the guiding principles and framework for undertaking CSR initiatives by the Company.

The CSR Committee is responsible for:

-Formulating and recommending to the Board the CSR Policy and activities to be undertaken by the Company.

-Recommending the amount of expenditure to be incurred on CSR activities.

-Monitoring the implementation of CSR projects and ensuring compliance with statutory obligations.

-Reviewing the CSR Policy periodically and suggesting amendments in line with evolving regulatory requirements and business priorities.

-Overseeing transparent reporting of CSR initiatives in the Board's Report and on the Company's website.

The composition of the CSR Committee is as follows:

Two meeting of the Corporate Social Responsibility Committee was held during the year for the Constitution of CSR Execution Group consisting of Volunteers Nominated by the company for smoother execution of CSR Activities and to consider and recommend the Board of Directors CSR Expenditure for FY 2024-25.

In accordance with Section 177(9) of the Companies Act, 2013 and the applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has established a Vigil Mechanism/Whistle Blower Policy. This mechanism enables Directors and employees to report their genuine concerns or grievances, unethical behaviour, or suspected fraud in a secure and confidential manner, without fear of retaliation.

The Vigil Mechanism provides adequate safeguards against victimisation of individuals who avail of the mechanism and ensures direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases.

In compliance with the Act, the Company has constituted an Internal Complaints Committee (ICC) to address and redress complaints of sexual harassment in a prompt and confidential manner. The ICC is empowered to receive and investigate complaints, recommend corrective actions, and ensure compliance with the policy framework.

The Company also conducts periodic awareness sessions and training programs to sensitise employees about the provisions of the Act, their rights, and the process for reporting concerns.

During the financial year 2024-25, the complaints details as per rule 8 of Companies (Accounts) Rules, 2014 is hereunder:

(a) Number of complaints of sexual harassment received in the year - NIL

(b) number of complaints disposed off during the year - NIL

(c) number of cases pending for more than ninety days- NIL

Number of employees as on the closure of financial year: 377

The company is in compliance with the provision of Maternity Benefit Act, 1961.

The details of the Vigil Mechanism/ Whistle Blower Policy are available on the Company's website at: www.diaikore.com.

In compliance with Companies Act,2013 the Board of Directors of the Company has laid down a Code of Conduct (Code) for the Directors and Senior management employees. The Code is also posted on the Website of the Company at https://www.diaikore.com/.

In accordance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the Board of Directors of the Company has adopted the Code of Conduct for prevention of Insider Trading and the Code of Corporate Disclosure Practices (Insider Trading Code). All the Directors, Employees of the Company and their immediate relatives and other connected persons who could have access to the Unpublished Price Sensitive Information of the Company, are governed under this Insider Trading Code. These Codes are posted on the Company's website at the web link: https:// digikore.com/.

During the year under review, there was no revision of the financial statements or the Board's Report pursuant to the third proviso to subsection (1) of Section 131 of the Companies Act, 201 3.

The Company did not buy back any of its securities during the year under review.

No Sweat Equity Shares were issued by the Company during the year under review.

No Bonus shares were issued by the Company during the year under review.

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of the top ten employees in terms of remuneration drawn and names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules, forms part of this Report. 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 forms part of this Report. Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Any member interested in obtaining such information may address their email to cs@diaikore.com.

The Company maintains a policy of zero tolerance towards sexual harassment and is committed to providing a safe respectful, and inclusive work environment for all employees. In line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("the Act") and the rules framed thereunder, the Company has adopted a comprehensive harassment at the workplace.

The Company did not provide any Stock Option Scheme to the employees during the year under review

Bigshare Services Private Limited (CIN: U99999MH1994PTC076534)

Address: Office no. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahum Centre,

Mahakali Caves Road, Andheri (East), Mumbai-400 093

All matters relating to share transfer, transmission, change of address, issuance of duplicate share certificates, and other related activities are handled by the Company's Registrar and Transfer Agent (RTA).

Shareholders holding equity shares in physical form are strongly encouraged to dematerialise their holdings in order to facilitate easy transferability and to participate in various corporate actions without restriction.

For assistance in this regard, members may contact the Company or the Registrar and Transfer Agent,

The Company's Equity Shares are listed on the National Stock Exchange (EMERGE) Platform, also known as SME Platform. Stock Code: DIGIKORE; ISIN: INE0QJ090101 1.

The Company has paid the listing fee for the financial year 2024-25.

As of the current date, no shares of the company are held in Demat Suspense Account or Unclaimed Suspense Account.

In compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is confirmed that there have been no deviations or variations in the utilization of proceeds from the Initial Public Offering (IPO) of the Company. The funds have been utilized for the purposes as stated in the offer document.

The company has not issued any debt instruments and hence the applicability of Credit Rating is not applicable to the company.

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors carried out an annual evaluation of its own performance, the performance of its committees, and that of individual Directors, including Independent Directors.

The evaluation process was conducted based on inputs received from all Directors on parameters such as the composition and structure of the Board, the effectiveness of its processes, the quality and timeliness of information provided, and the overall functioning of the Board.

The performance of each Committee was evaluated by the Board after obtaining feedback from the respective Committee members, taking into consideration factors such as composition, mandate, effectiveness, and the conduct of meetings.

A separate meeting of the Independent Directors was held on 11th March, 2025 to evaluate the performance of Non- Independent Directors, the Board as a whole, and the Chairman of the Company, after considering the views of Executive and Non-Executive Directors.

The Board, reviewed the performance of individual Directors based on criteria including their preparedness for meetings, meaningful and constructive participation, contribution to discussions, and overall engagement in Board and Committee deliberations.

Mrs. Heny Pahuja,

Company Secretary & Compliance Officer

Registered Office: 4th Floor, Lalwani Triumph, Sakore Nagar,

Viman Nagar, Pune, Maharashtra, India Phone No. 020-35553555, email: cs@diaikore.com

During the year under review, there were no significant and material orders passed by the Regulators / Courts that would impact the going concern status of the Company and its future operations.

During the year under review, no application or proceeding made by or against the company is pending before any Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016.

Not Applicable

The company has established a vigil mechanism for directors and employees to report genuine concerns about unethical behaviours, actual or suspected fraud etc. It also provides safe guards against victimization of the Directors/employees who avail of the mechanism. The company affirms that no one is denied access to the Audit Committee. The Whistle Blower Policy in pursuance of provisions of Section 177(10) of the Companies Act, 2013 and details thereof can be accessed at the web link https://diaikore.com/ .During the year under review, there were no complaints received under this mechanism.

he Board of Directors expresses its sincere appreciation to all employees, customers, vendors, investors, and consultants/advisors of the Company for their dedication, commitment, and valuable contributions to the Company's performance during the year.

The Directors also extend their gratitude to the Government of India, the Governments of various States, international authorities, and all concerned Government departments and regulatory bodies for their continued cooperation and support.

The Board further acknowledges and values the contribution of every member of the Company and the support extended by their families, which has been instrumental in the Company's growth and success.