Dear Shareholders,

Your Directors present herewith the Twenty Eighth Annual Report (first as a listed company) on the business and operations of the Company together with financial statements for the financial year ended 31^s* March, 2025.

SUMMARISED STATEMENT OF PROFIT AND LOSS:

INDUSTRY OVERVIEW AND COMPANY'S PERFORMANCE:

Financial year 2024-25 has been an eventful year that observed almost one-half global population occupied in electoral activity amidst adverse geopolitical scenarios and global financial markets conditionally augmented volatility, driven by regional instability and geopolitical risks.

However, worldwide economic growth remained moderate with 2024 growth projected at 3.2% by the International Monetary Fund ("IMF"). Easing of inflationary elements and grown service sector contributed in this stable performance. Growth has been varied across different economies and the ongoing geopolitical conflicts and trade policy risks are likely to pose challenges to economic stability and growth in near term.

India's economy constitutes a diverse and dynamic industry landscape, with the presence of diverse sectors. Key sectors include automotive, agriculture, construction, infrastructure, manufacturing, and services.

In this pretext, India's economic growth has remained robust with first advance estimates of national accounts projecting 6.5% real GDP growth in the financial year 2024-25. Strong agricultural output and a resilient services sector have been key contributors to India's growth. PFCE (Private Final Consumption Expenditure) is expected to grow at 8.3% in the financial year 2024-25 and thereby account for 61.8% of the

financial year 2024-25 GDP This has been driven by rural demand supported by a good Kharif harvest and favourable agricultural conditions. Nearly 80% of rural households reported an increase in their consumption expenditure. Robust sales of tractors are further indicators of a rise in rural consumption. Retail inflation watered-down from 5.4% in the financial year 2023-24 to 3.35% at end of the financial year 2024-25. Food inflation also narrowed down sharply in 2^nd half of the year from ~10% in October 2024 to 2.69% in March 2025. With inflation now at its lowest since 2018-19, India has been able to reinforce macroeconomic stability and create an enabling environment for sustainable growth.

Agriculture remains a critical sector in India, supporting a large portion of the population and contributing significantly to GDP The sector holds 18% share of GDP While the sector has shown resilience, challenges such as fragmented landholdings, water scarcity, low productivity, and farmer indebtedness persist.

India's manufacturing sector encompasses various industries such as automobiles, textiles, chemicals, and electronics. The manufacturing sector is expected to account for a 14.1 % share of GDP in the financial year 2023-24. However, with an expected growth rate of 7.5%, the sector's share of GDP could potentially increase to 20% by the financial year 2030-31.

Given the global and domestic scenarios, the Company achieved consolidated revenue of ' 18,076 Million in the financial year 2024-25, depicting a flattish growth of 0.9% as compared to consolidated revenue of ' 17,890 Million in the previous fiscal. The revenue slit for the financial year 2024-25 comprised of:

Domestic viz-a-viz Export split of consolidated revenue:

Profitability of the Company on consolidated basis stood at:

The Company primarily manufacture axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers and small motor graders. Company's products are mission critical for its customers, as the products constitute important components of its customers' final products. The Company provides a diverse range of products including axles and transmission systems of different HP ranges for off-highway vehicles in the agricultural tractor and construction vehicle sectors, as well as gears, shafts and ring gears for industrial and automotive vehicles.

Notes:

1. Axles

2. Transmissions

The Company also supply gears mainly used in industrial and automotive markets, spare parts which are primarily loose components of agricultural tractors and construction vehicles and other products which are non-core parts of agricultural tractors and construction vehicles.

Established in 1997, the Company started manufacturing transmission systems and axles in 1999 and 2000, respectively. The Company started to manufacture products for the Indian market by understanding its customer needs, leveraging the Carraro Group's research and development ("R&D") capability and knowhow to design and produce our products based on market trends, procuring materials at

optimal costs from its supplier base and manufacturing the products in its own plants.

On 1^st October, 2023, the Company acquired all the intellectual property rights, title and interest of certain items pertaining to axles and transmissions assembly ("IP") from its ultimate holding company, Carraro S.p.A, at a consideration of ' 271.08 Million (€ 3 Million). By this acquisition of IP the Company gained worldwide exclusive rights, title and interest in the IR solely and exclusively for manufacture and marketing of the relevant products (or any other products that may utilise the IP) in India or any other countries or jurisdictions, as the Company may decide to manufacture or market such products.

In June 2024, the Company completed acquisition of Carraro Technologies India Private Limited ("CTIPL") at a consideration of ' 239.82 Million, after which CTIRL has become subsidiary of the Company. As a result of the acquisition, the Company acquired the R&D centre in Pune, Maharashtra, India and the R&D team of CTIPL. The transfer of the foregoing IR rights and acquisition of CTIRL, together with the engagement of Carraro S.p.A. to support Company's development needs, enabled the Company to further strengthen its R&D offering and to integrate the design, R&D and manufacturing capabilities of its products, which is pivotal in enhancing its competitive position in India.

The Company continues to carry on the business operation of the manufacture and supply of Axels, Transmission Systems and allied equipments for Agricultural Tractors and Construction Equipment vehicles. The Company also intends to introduce new product and Rroduct application to increase its market penetration and drive growth in advanced agricultural tractor drivelines (80-150 HP) and a family of telehandler axles and transmission systems for the construction vehicle sector (with respect to backhoe loaders, telehandlers, soil compactors and wheel loaders). The Company is also aiming to leverage future-ready technologies developed by the Carraro Group, including THE (Transmission-Hydrostatic-Electric) transmission which is a new agricultural and off-road vehicle transmission which is compatible with both hydrostatic and full electric versions, higher HP transmission for tractors, independent front axle systems, specialised tractor capabilities, and axles for offroad 4x4 grenadier which has key application to Electric Off- Highway Vehicles and Higher HP Transmission Systems for Tractors.

CONSOLIDATED FINANCIAL STATEMENTS:

As per Regulation 33 of the Listing Regulations and Section 129 of the Companies Act, 2013 ("Act") read with the rules made thereunder, consolidated financial statements of the Company for the financial year 2024-25 have been prepared in compliance with applicable accounting standards. The audited financial statements of the Company and its subsidiary have been approved by the board of directors of respective entities.

During the year under review, the Board of Directors reviewed the affairs of the subsidiary company in accordance with Section 129(3) of the Act. Consolidated financial statements together with the statutory auditor's report thereon form part of this Annual Report.

SUBSIDIARY:

The Company has one subsidiary as on 31^st March, 2025 and as on the date of this report. The Company on 28^th June 2024 by way of a Share Rurchase Agreement, had acquired 1,782,000 equity shares of face value of ' 10 per share of CTIRL for cash consideration of ' 239.82 Million. By this acquisition, the Company acquired 99% stake in CTIRL.

The details regarding performance of CTIRL are provided in the Management Discussion and Analysis Report, forming part of this Annual Report.

In terms of Section 129(3) of the Act, a statement in Form AOC-1, containing salient features of the financial statements of the Company's subsidiary, forms part of the Annual Report. A copy of the audited financial statements of CTIRL will be available for inspection by any shareholder of the Company at its registered office during business hours. These financial statements are also placed on the Company's website at www.carraroindia.com/investors/ investor-information/subsidiary-financial-statements.

CONVERSION OF COMPANY TO PUBLIC LIMITED COMPANY:

During the year under review, the shareholders of the Company, at their Extra-ordinary General Meeting ("EoGM") held on 4^th July, 2024 approved conversion of the Company into public limited by deleting the word 'Rrivate' and corresponding amendments in its Memorandum and Articles of Association as applicable to a public limited company.

The Company received a fresh certificate of incorporation dated 12^th August, 2024 from the Registrar of Companies, Maharashtra at Rune effecting conversion of the Company into public limited. Consequently, the name of the Company changed to "Carraro India Limited"

SHARE CAPITAL:

The paid-up equity share capital of the Company as on 31^st March, 2025, was ' 568,515,380. During the year under review, there has been no change in authorised, issued, subscribed and paid up share capital, including any reclassification or sub-division thereto. The Company has not issued shares with differential voting rights, sweat equity shares, neither has it granted any employee stock options nor has issued any convertible securities.

Transfer of Shares

During the period under review, Carraro International S.E., parent company of the Company, had requested the Board of Director for transfer of their holdings in order to meet the criteria of minimum 7 shareholders of public limited company.

The Board of Director at their meeting held on 3^rd July, 2024 had approved the transfer of five (5) equity shares of face value of ' 10 per share held by Carraro International S.E. to below shareholders:

Initial Public Offering

During the year under review, the Company offered its equity shares of ' 10 each ("Equity Shares") for subscription by the public, by way of Initial Public Offer ("IPO"). The IPO was by way of an Offer for Sale of 1,77,55,681 Equity Shares by Carraro International S.E., Promoter of the Company.

The Equity Shares in the IPO were offered at a price of ' 704 per share. The Company listed its Equity Shares on National Stock Exchange of India Limited and BSE Ltd. and on 30^th December, 2024.

Post IPO, 31.23% of the shareholding is held by public and balance 68.77% is held by the Promoter and Promoter group.

Utilisation of IPO Proceeds:

As the Company's IPO was by way of an Offer for Sale by the Promoter Selling Shareholder, the Company did not receive any proceeds from the IPO and the Proceeds were paid to the Promoter Selling Shareholder, net of IPO expenses.

Re-designation of Mr. Tomaso Carraro as the ViceChairman of the Company

During the year under review, Mr. Tomaso Carraro, (DIN: 00592312), who was serving on the Board of Directors as the Non-Executive Director, was re-designated as the ViceChairman of the Company by the Board of Directors in its meeting held on 9^th August, 2024.

Appointment of Mr. Andrea Conchetto as the Non-executive Director

During the year under review, Mr. Andrea Conchetto, (DIN: 10669692), was appointed as an Additional Director by the Board on 3^rd July, 2024 to hold office up to the date of Twenty Seventh AGM. The Members of the Company at their Twenty Seventh AGM held on 20^th August, 2024 had regularised the appointment of Mr. Andrea Conchetto as the Non-executive Director of the Company.

Appointment of Mr. Matteo Bonino as the Interim-Chief Financial Officer

During the year under review, Mr. Matteo Bonino was appointed as the Interim-Chief Financial Officer in terms of Section 2(51) and Section 203 of the Act, with effect from 3^rd July, 2024. Post identification of a full time CFO of the Company, Mr. Matteo Bonino stepped down from the position of Interim-Chief Financial Officer of the Company effective from 2^nd August, 2024.

Appointment of Mr. Davide Grossi as the Whole-time Director and Chief Financial Officer

During the year under review, Mr. Davide Grossi, (DIN: 10252992), was appointed as the Chief Financial Officer of the Company effective from 2^nd August, 2024 by the Board of Directors at its meeting held on 9^th August, 2024. Further, the Board of Directors at the same meeting appointed Mr. Davide Grossi as the Additional Director (Whole-time Director) to hold office up to the date of Twenty Seventh AGM and subject to the approval of the members at the said AGM, to hold office as a whole-time director for a term of five (5) consecutive years effective from 9^th August, 2024. The members of the Company at their Twenty Seventh AGM held on 20^th August, 2024 had regularised Mr. Davide Grossi's appointment as the Whole-time Director.

Appointment of independent directors including woman director

During the year under review, in terms of Sections 149 and 152 of the Act, the Board of Directors, at its meeting held on 3^rd July, 2024 appointed Mrs. Uma Manoj Mandavgane (DIN: 03156224) and Mr. Kishore Mukund Saletore (DIN: 01705850) as Additional Directors to hold office up to the date of Twenty Seventh AGM.

The Board of Directors at its meeting held on 9^th August, 2024, had appointed Mr. Ettore Francesco Sequi (DIN: 10734894) as an Additional Directors from that date to hold office up to the date of Twenty Seventh AGM.

The appointment of Mrs. Uma Manoj Mandavgane and Mr. Kishore Mukund Saletore as Non-Executive Independent

Directors, for a period of five (5) consecutive years from 3^rd July, 2024 to 2^nd July 2029 was approved by the shareholders in the Twenty Seventh AGM held on 20^th August, 2024.

The shareholders approved the appointment of Mr. Ettore Francesco Sequi as the Chairman of the Board and NonExecutive Independent Director, for a period of five (5) consecutive years from 9^th August, 2024 to 8^th August, 2029, in their Twenty Seventh AGM held on 20^th August, 2024.

Changes in the Company Secretary and Compliance Officer of the Company

During the year under review, following changes took place in the office of the Company Secretary and the Compliance Officer of the Company:

• Ms. Jui Anil Bhargave, who was the Company Secretary of the Company was appointed as the Compliance Officer by the Board of Directors at its meeting held on 19^th August, 2024, for the purpose of compliance with the requirements of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"). Ms. Jui Anil Bhargave, resigned from the position of Company Secretary and Compliance Officer of the Company which was accepted by the Board effective from the closing business hours of 17^th October, 2024.

• Mr. Nakul Shivaji Patil, a qualified Company Secretary and an Associate Member of the Institute of Company Secretaries of India (Membership No. A39990) was appointed as the Company Secretary and Compliance Officer of the Company, in terms of Section 2(51) and Section 203 of the Act, SEBI ICDR Regulations and SEBI Listing Regulations, by the Board of Directors at its meeting held on 2^nd December, 2024.

Mr. Ettore Francesco Sequi, (DIN: 10734894), is the Chairman and Independent Director of the Company. He holds a prereform degree in political science from the University of Cagliari. He also serves as the national representative of Italy within the Board of Government Representatives of the Einstein Telescope Infrastructure. He has over 37 years of experience in the field of foreign affairs. He was previously associated with the Ministry of Foreign Affairs and International Cooperation, Italy in various capacities from year 1985 to 2023.

Mr. Tomaso Carraro, (DIN: 00592312), is the Vice-Chairman and Non-Executive Director of the Company. He is also one of the Promoters of the Company. He has been associated with the Company since April 21,2015. He holds a master's degree in business administration from the Graduate School of Business, University of Chicago. He has over 26 years of experience in the manufacturing sector.

Dr. Balaji Gopalan, (DIN:07108093), is the Managing Director of the Company. His association with the Company dates back to 01^st September, 1998 when he joined the Company as an employee and over the years of his employment was successfully elevated to the leadership role. He was appointed as the Managing Director in his current tenure on 4^th February, 2021 for a period of five (5) consecutive years. He holds a degree of doctor of philosophy in human resource management from the University of Pune. He has over 25 years of experience in the manufacturing sector.

Mr. Sudhendra Mannikar, (DIN: 07483321), is the Wholetime Director and Chief Operating Officer of the Company. His association with the Company dates back to 02^nd August, 1999 as an employee and over the years of his employment was successfully elevated to the leadership role. He was appointed as the Whole-time Director and Chief Operating Officer in his current tenure on 15^th March, 2021 for a period of five (5) consecutive years. He holds a bachelor's degree in engineering (production) from University of Pune and a masters' degree in business administration from Savitribai Phule Pune University. He has over 25 years of experience in the field of supply chain, purchase and operations.

Mr. Davide Grossi, (DIN: 10252992), is the Whole-time Director and Chief Financial Officer of the Company. He holds an undergraduate degree in business administration from Bocconi University, Italy and a masters' degree of science in accounting, corporate finance, and control from Bocconi University. He has 13 years of experience in the field of finance.

Mr. Enrico Gomiero, (DIN: 00588074), is a Non-Executive Director of the Company. He holds a diploma of accountant and commercial expert from the Technical Institute for Commercials and Surveyors of Padua, Italy. He has over 29 years of experience in the manufacturing sector. He was also previously associated with Carraro S.p.A. (ultimate holding company) in his capacity as a manager.

Mr. Andrea Conchetto, (DIN: 10669692), is a NonExecutive Director of the Company. He holds a diploma in electrotechnical engineering from the University of Padua, Italy. He is currently associated with the Carraro Group, including Carraro S.p.A., Carraro Drive Tech Italia S.p.A.,

Carraro China Drive Systems Co. Ltd, and Siap S.p.A. He has over 23 years of experience in the manufacturing sector. He was previously associated with AEG Electric Motors as a commercial-technical engineer and with Carraro S.p.A. (ultimate holding company) as a manager.

Mrs. Uma Mandavgane, (DIN: 03156224), is an Independent Director of the Company. She holds a bachelor's degree in commerce from the University of Mumbai. She is a member of the Institute of Chartered Accountants of India and a certified information systems auditor. She has over 14 years of experience in the field of advisory and consulting. She was previously associated with Deloitte Touche Tohmatsu India Private Limited in the capacity of a manager in the enterprise risk services department.

Mr. Kishore Saletore, (DIN: 01705850), is an Independent Director of the Company. He is a member of the Institute of Chartered Accountants of India. He has over 11 years of experience in the field of finance. He was previously associated with Bharat Forge Ltd. as the group chief financial officer and TATA Realty and Infrastructure Limited as the chief financial officer.

Mr. Nakul Shivaji Patil is the Company Secretary, Compliance Officer and Assistant General Manager - CS, Legal & Compliance of the Company. He has a bachelor's degree in computer applications from Dr. Babasaheb Ambedkar Marathwada University, Chhatrapati Sambhaji Nagar. He is an associate member of the Institute of Company Secretaries of India. He has over 10 years of postqualification experience in Secretarial, Compliance, Legal, M&A and Finance functions.

Retirement of directors by rotation

In terms of Section 152(6) of the Act, Mr. Enrico Gomiero and Mr. Tomaso Carraro, Non-executive Directors, who retires by rotation at the ensuing Annual General Meeting ("AGM") and being eligible, has offered themselves for re-appointment. Information as required under Regulation 36(3) of the Listing Regulations is provided in the Notice convening the AGM.

KEY MANAGERIAL PERSONNEL:

The following officials are the 'Key Managerial Personnel' of the Company in terms of the provisions of Sections 2(51) and 203 of the Act, as on the date of this Report:

i. Dr. Balaji Gopalan, Managing Director;

ii. Mr. Sudhendra Mannikar, Whole-time Director and Chief Operating Officer;

iii. Mr. Davide Grossi, Whole-time Director and Chief Financial Officer; and

iv. Mr. Nakul Patil, Company Secretary & Compliance Officer and Assistant General Manager - CS, Legal and Compliance.

Board of Directors and its Committees

During the financial year under review, the Board met eleven times. A detailed update on the Board, its composition and attendance of the Directors at each meeting is provided in the Corporate Governance report, forming part of this Annual Report.

The Board has constituted six Committees, namely, Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, Stakeholders' Relationship Committee, Risk Management Committee and IPO Committee (a non-statutory committee). All recommendations made during the year under review, by the Committees including the Audit Committee were accepted by the Board.

A detailed charter including terms of reference of various Board constituted committees, number of committee meetings held during the financial year 2024-25 and attendance of members at each meeting, also forms part of the Corporate Governance report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(3)(c) of the Act, the Directors, based on the representation received from the management, confirm that:

i. in the preparation of the annual accounts for the year ended 31^st March, 2025, the applicable accounting standards have been followed;

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

iii. the directors 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. the directors have prepared the annual accounts on a going concern basis;

v. the directors have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and are operating effectively; and

vi. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and are operating effectively.

DECLARATION BY INDEPENDENT DIRECTORS:

In terms of Section 149(7) of the Act and Regulation 16(1) (b) of the Listing Regulations, the Independent Directors of the Company have submitted their declarations confirming compliance with the criteria of independence as stipulated thereunder.

All Independent Directors of the Company have affirmed compliance with the Company's Code of Conduct for Directors and Senior Management Personnel for the financial year 2024-25.

The Board took on record declarations and confirmations submitted by the Independent Directors regarding their fulfilment of the prescribed criteria of independence as required under Regulation 25 of the Listing Regulations.

In terms of the amended Rules, an independent director is required to apply online to the Indian Institute of Corporate Affairs ("IICA") for inclusion of his / her name in the data bank for such period till he / she continues to hold office of an independent director in any company.

In terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank maintained by IICA. Independent Directors are also required to undertake online proficiency self-assessment test conducted by the IICA within a period of 2 (two) years from the date of inclusion of their names in the data bank, unless they meet the criteria specified for exemption. Two of the independent directors of the Company are exempt from the requirement to undertake online professions selfassessment test and one of the independent directors has undertaken to complete the online proficiency selfassessment test within the aforesaid time period.

Opinion of the Board with regard to integrity, expertise and experience (including proficiency) of the Independent Directors:

The Board is of the opinion that the Independent Directors of the Company are professionally qualified and well experienced in their respective domains and meet the criteria regarding integrity, expertise, experience and proficiency. Their qualifications and experience in varied fields help in strengthening the Company's systems and processes to align the same with good industry practices and beliefs of corporate governance.

DIRECTORS' REMUNERATION POLICY AND CRITERIA FOR MATTERS UNDER SECTION 178 OF THE ACT:

In terms of Section 178 of the Act, the Nomination and Remuneration Policy covers Directors, Key Managerial Personnel and Senior Management Personnel of the Company. The policy, inter alia, lays down the principles relating to appointment, cessation, remuneration and evaluation of Directors, Key Managerial Personnel and Senior Management Personnel of the Company.

Details of the Company's policy on directors' appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters as stipulated under Section 178(3) of the Act, forms part of the Corporate Governance report.

The policy was adopted by the Board at its meeting held on 19^th August, 2024 and pursuant to the Act and Listing Regulations is also placed on the Company's website at https://www.carraroindia.com/storage/app/uploads/ public/66b/21 3/d32/nomination and renumeration policy 66b213d32e3ad427839307.pdf

PERFORMANCE EVALUATION:

In compliance with the provisions of Section 178 of the Act, the Nomination and Remuneration Policy ("NR Policy") of the Company, inter alia, specifies that the Board will conduct annual evaluation of its own performance, its Committees and the directors individually. Performance evaluation of Directors shall be done by the entire Board (excluding the director being evaluated). The Nomination and Remuneration Committee is responsible for implementation of the methodology followed by the Company, in this regard. The NR Policy of the Company is placed on the Company's website at https://www.carraroindia.com/ storage/app/uploads/public/66b/213/d32/nomi nation and renumeration policy 66b213d32e3ad427839307.pdf

Performance of the Board is evaluated based on inputs from all the directors on a structured questionnaire covering various aspects such as criteria of board composition and structure, effectiveness of board processes, information and functioning, orientation towards corporate governance and its contribution in effective management of the Company. Assessment and observations on the performance of the Board are discussed and key action areas for the Board, Committees and Directors are noted for implementation.

Information and other details on annual performance assessment are given in the Corporate Governance report.

SECRETARIAL STANDARDS:

The Company is compliant with the Secretarial Standards on Meetings of Board of Directors (SS-1) and General Meetings (SS-2).

INFORMATION ON BOARD MEETING PROCEDURE AND ATTENDANCE DURING THE FINANCIAL YEAR 2024-25:

Board meetings of the Company are conducted as per the provisions of the Act, the Listing Regulations and Secretarial Standard-!.

Based on the dates of meetings decided by the Board, adequate notice is given to all directors and Committee members; an agenda with detailed notes thereon is sent at least seven days before the respective meeting. If any board meeting is to be held at a shorter notice, permission of at least one independent director is ensured. The notes to agenda contain relevant information and supporting documents along with recommendation from the management, for meaningful deliberation and / or decision on the agenda items.

A gist of Board and Committee meetings held during the year along with attendance record of each Director forms part of the Corporate Governance report.

AUDIT COMMITTEE:

The Audit Committee of the Company was first constituted in terms of Section 177 of the Act and Regulation 18 of the Listing Regulations by the Board on 3^rd July 2024 comprising of the following directors as its members:

i. Mrs. Uma Mandavgane, Independent Director and Chairperson;

ii. Mr. Kishore Saletore, Independent Director; and

iii. Mr. Enrico Gomiero, Non-Executive Director.

The Board at its meeting held on 9^th August, 2024, unanimously re-constituted, the Audit Committee and as on 31^st March, 2025, the Committee comprised the following directors as its members:

i. Mrs. Uma Mandavgane, Independent Director and Chairperson;

ii. Mr. Kishore Saletore, Independent Director; and

iii. Mr. Davide Grossi, Whole-time Director and Chief Financial Officer.

All the Committee members are financially literate as required under Regulation 18(1)(c) of the Listing Regulations.

The Committee invites the senior officials from Finance, Account and Taxation function to attend meetings of the Committee on "need to do basis". The Statutory Auditors and the independent Internal Auditors are also invited for specific agenda matters.

Mr. Nakul Patil, Company Secretary & Compliance Officer and Assistant General Manager - CS, Legal and Compliance acts as the Secretary to the Committee.

NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee ("NRC") of the Company was first constituted in compliance with the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations by the Board on 3^rd July 2024 comprising the following directors as its members:

i. Mr. Kishore Saletore, Independent Director and Chairman;

ii. Mrs. Uma Mandavgane, Independent Director;

iii. Mr. Tomaso Carraro, Non-Executive Director; and

iv. Mr. Andrea Conchetto, Non-Executive Director.

The Board at its meeting held on 9^th August, 2024, unanimously re-constituted, the NRC by appointing Ettore Francesco Sequi, Independent Director and Chairman of the Company as the members of NRC in place of Mrs. Uma Mandavgane

Mr. Tomaso Carraro, Non-Executive Director and member of the NRC resigned from NRC on 24^th December, 2024 to ensure compliance with Regulation 19 (1) (c) of the Listing Regulations.

As on 31^st March, 2025, NRC comprised following directors as its members:

i. Mr. Kishore Saletore, Independent Director and Chairman;

ii. Mr. Ettore Francesco Sequi, Independent Director; and

iii. Mr. Andrea Conchetto, Non-Executive Director.

Two-thirds the NRC members are Independent Directors and all of them are Non-Executive Directors.

Mr. Nakul Patil, Company Secretary & Compliance Officer and Assistant General Manager - CS, Legal and Compliance acts as the Secretary to the NRC.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The Corporate Social Responsibility ("CSR") Committee was constituted in compliance with Section 135 of the Act.

During the year under review, the CSR Committee underwent re-constitution on below two occasions:

A. on 3^rd July, 2024, the Board of Directors first time reconstituted the CSR Committee owing the additions of new independent directors on the Board. Post this re-constitution, the CSR Committee comprised of the following directors as its members:

i. Mr. Tomaso Carraro, Non-Executive Director and Chairman;

ii. Mrs. Uma Mandavgane, Independent Director;

iii. Dr. Balaji Gopalan, Managing Director; and

iv. Mr. Sudhendra Mannikar, Whole-time Director and COO.

B. on 9^th August, 2024, the Board of Directors reconstituted the CSR Committee again owing to the fact of additions of new independent director on the Board. Post this re-constitution and as on 31^st March, 2025, the CSR Committee comprised of the following directors as its members:

i. Mr. Tomaso Carraro, Non-Executive Director and Chairman;

ii. Mr. Ettore Francesco Sequi, Independent Director;

iii. Dr. Balaji Gopalan, Managing Director;

iv. Mr. Sudhendra Mannikar, Whole-time Director and Chief Operating Office; and

v. Mr. Davide Grossi, Whole-time Director and Chief Financial Officer.

Mr. Nakul Patil, Company Secretary & Compliance Officer and Assistant General Manager - CS, Legal and Compliance acts as the Secretary to the CSR Committee.

STAKEHOLDERS' RELATIONSHIP COMMITTEE:

The Stakeholders' Relationship Committee ("SRC") was constituted by the Board on 19^th August, 2024 in compliance with the provisions of Section 178(5) of the Act and Regulation 20 of the Listing Regulations.

As on 31^st March, 2025, the SRC comprised of the following directors as its members:

i. Mr. Kishore Saletore, Independent Director, Chairman;

ii. Mrs. Uma Mandavgane, Independent Director; and

iii. Mr. Enrico Gomiero, Non-Executive Director.

Mr. Nakul Patil, Company Secretary & Compliance Officer and Assistant General Manager - CS, Legal and Compliance acts as Secretary to the SRC.

There was no change in the composition of the SRC during the year under review.

RISK MANAGEMENT COMMITTEE:

The Risk Management Committee ("RMC") was constituted by the Board on 19^th August, 2024 in compliance with Regulation 21 of the Listing Regulations.

As on 31^st March, 2025, the RMC comprised of the following directors as its members:

i. Mrs. Uma Mandavgane, Independent Director and Chairperson;

ii. Mr. Andrea Conchetto, Non-Executive Director;

iii. Dr. Balaji Gopalan, Managing Director; and

iv. Mr. Davide Grossi, Whole-time Director and Chief Financial Officer.

The Risk Management Policy of the Company was adopted by the Board of Directors on 19^th August, 2024 and the policy is placed on the Company's website at https://www.carraro india.com/storage/app/uploads/public/66b/213/8c7/risk management policy 66b2138c7e1c6942389796.pdf

The policy lays down a procedure for risk management and mitigation commensurate with the scale and nature of the Company's business. The policy also identifies the risk categories in line with the Company's growth strategy, continually changing business environment and legislative requirements. As per the terms of reference of RMC, it is entrusted with the responsibility to periodically review the risk management process.

CREDIT RATING:

On 16^th January, 2024 India Ratings and Research Pvt Ltd, a Fitch Group company ("India Ratings"), a credit rating agency registered with the SEBI, has revised the Outlook on Company's debt instruments to Positive from Stable while affirming the rating at 'IND A' on the long-term and shortterm bank credit facilities.

Post closure of financial year and between the date of this report, India Ratings, on 16^th April, 2025, upgraded, affirmed and assigned the following rating to Company's bank credit facilities, as under:

INTERNAL FINANCIAL CONTROLS:

In terms of Section 134(5)(e) of the Act, the term Internal Financial Control means the policies and procedures adopted by a company for ensuring orderly and efficient conduct of its business, including adherence to its policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information.

The Company has adequate Internal Financial Control systems in the form of policies and procedures. It follows a structured mechanism of function-specific reviews and risk reporting by senior management of the Company. Further, internal Standard Operating Procedures ("SOPs") and Schedule of Authority ("SOA") are well defined and documented to provide clear guidance to ensure that all financial transactions are authorised, recorded and reported correctly.

In order to record day-to-day financial transactions and ensure accuracy in reporting thereof, the Company uses an established Enterprise Resource Planning ("ERP") system, which is equipped with 'maker and checker' mechanism and has an audit trail of all transactions. Adequate controls and checks are built in the ERP system to integrate the underlying books of accounts and prevent any kind of control failure. Mapping of policies and procedures including SOPs and SOA is done through ERP and audit of these processes forms part of the work scope of both internal and statutory auditors of the Company.

The Company has appointed an independent and external Internal Auditor ("IA"). The IA, carries out the internal audit of the management records. The IA administratively reports to the Managing Director / Whole-time Director & Chief Financial Officer and functionally reports to the Audit Committee. The scope of work, accountability, responsibility and reporting of the IA is annually reviewed by the Audit Committee.

The IA draws up an IA plan at the start of a financial year, which is approved by the Audit Committee and progress

thereof is reviewed by the Committee at its quarterly meetings. The IA conducts audits of plants and corporate functions, specifically emphasising on systems, processes, procedures, guidelines and controls as also statutory compliances, adherence to policies / SOPs, and internal guidelines issued by the management. Implementation of the audit recommendations are monitored by the Finance and Accounts Team.

Report on audit findings and corrective measures taken by the respective process owners, is reviewed periodically by the senior management team of the Company comprising the Managing Director, the whole-time Director & Chief Financial Officer, the Whole-time Director and Chief Operating Officer. Significant observations and status of implementation of recommendations of the IA are presented to the Audit Committee. The Committee reviews the report and advises on improving the systems and processes, where necessary.

The Company's internal control mechanism is commensurate with the scale of its operations thereby ensuring compliance with the Act and the Listing Regulations.

CORPORATE GOVERNANCE:

In compliance with Regulation 34 of the Listing Regulations, a separate report on Corporate Governance along with a certificate from the statutory auditors towards compliance with the provisions of Corporate Governance, forms an integral part of this Annual Report.

The Managing Director and the Whole-time Director and Chief Financial Officer have certified to the Board with regard to financial statements and other matters as required under Regulation 17(8) read with Schedule II to the Listing Regulations.

MANAGEMENT DISCUSSION AND ANALYSIS:

Report on Management Discussion and Analysis as stipulated under the Listing Regulations and any other applicable laws for the time being in force for the financial year 2024-25 forms an integral part of this Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

The provision relating to compliance with the requirements of Regulation 34(2) of the Listing Regulations, pertaining to Business Responsibility and Sustainability Report ("BRSR") shall be applicable to Company for the financial year 202526. Accordingly, the Company shall comply with requirement of reporting BRSR in the Annual Report for the financial year 2025-26.

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING AND FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE INFORMATION:

The Company has adopted a "Code of Conduct to Regulate, Monitor and Report trading by Designated Persons and their Immediate Relatives" ("PIT Code") in terms of the SEBI (Prohibition of Insider Trading) Regulations, 2015, ("PIT Regulations"). Further, the Company has also adopted a 'Code or Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information' ("UPSI Code"). The PIT Code and UPSI Code were adopted by the Board of Directors at its meeting held on 19^th August, 2024.

The PIT Code and the UPSI Code are drawn up on the principle that the Company's directors and employees owe a fiduciary duty, inter alia, to the shareholders of the Company to place the interest of shareholders above their own and conduct their personal securities transactions in a manner that does not give rise to any conflict of interest.

The PIT Code lays down guidelines for 'designated persons' on the procedures to be followed and disclosures to be made while dealing in securities of the Company and also stipulates the consequences of non-compliances or leak of confidential price sensitive information.

The UPSI Code documents the manner of disseminating Unpublished Price Sensitive Information ("UPSI") for making it accessible to the public on non-discriminatory basis. Any information is determined to be UPSI, based on the principles enumerated in the Company's Policy on Determination of Materiality of Event / Information.

In addition to the above, the Company also maintains a Structured Digital Database in terms of Regulation 3(5) of the PIT Regulations containing the nature of UPSI and the names of persons sharing the information, names of persons with whom information is shared, along with the Permanent Account Number or any other identifier authorised by law. The PIT Code placed on the Company's website at https://www. carraroindia.com/storage/app/uploads/public/66b/213/ c73/code of conduct to regulate monitor and report trading by designated persons and their immediate relatives 66b213c73d392275197169.pdf.

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

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is attached as Annexure I.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

In terms of Section 135 of the Act read with Schedule VII to the Act and Company's Corporate Social Responsibility ("CSR") Policy, the CSR projects and programmes undertaken are recommended by the CSR Committee and approved by the Board. These are primarily aimed towards enhancing employability by imparting skill-building training to unemployed youth, providing community facilities, etc.

Salient features of the CSR Policy are available on the Company's website at www.carraroindia.com. The Annual Report on CSR activities is attached as Annexure II to this Report.

In terms of Section 135 of the Act read with Rule 4(5) of the Companies (Corporate Social Responsibility Policy) Rules, 2015, the Whole-time Director and Chief Financial Officer of the Company has provided requisite certificate that the funds disbursed by the Company during the financial year 2024-25 have been utilised for the respective purposes and in the manner as approved by the Board.

Expenditure towards CSR activities

As per the requirements under the Act, the Company earmarked an amount of ' 113.56 Lakh towards CSR activities for the financial year 2024-25, based on the average net profit, calculated in terms of Section 198 of the Act of the immediately preceding three financial years. The Board of Directors approved the following projects / programmes to be undertaken as CSR activities during the financial year 2024-25, and all of these activities were as per Schedule VII to the Act and the CSR Policy of the Company:

i. Tech Skill Development Programme; and

ii. Installation of water coolers at the Police Station, Ranjangaon MIDC, Pune.

The total amount spent by the Company, during the financial year 2024-25 towards approved CSR projects and programmes was ' 115.32 Lakh towards CSR in terms of Section 135 of the Act.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS:

During the year under review, no instances of fraud have been reported under Section 143(12) of the Act.

Statutory Auditors

Based on the recommendation of the Board, the Members of the Company at their Twenty Fourth AGM held on 25^th November, 2021 had approved appointment of M/s. Deloitte Haskins & Sells LLP (ICAI Registration No. 117366W/W- 100018 and Peer review number: 017468) ("Deloitte") as the Statutory Auditors of the Company for a second term of five consecutive years. This appointment is valid from the conclusion of the Twenty Fourth AGM till the conclusion of the Twenty Ninth AGM of the Company. The Statutory Auditors of the Company have issued an unmodified opinion on the financial statements, both standalone and consolidated, for the financial year ended 31^st March, 2025.

The Auditor's Report for the financial year ended 31^st March, 2025 on the financial statements of the Company forms part of this Annual Report.

Cost Auditor

As per the provisions of Section 148 of the Act and Rule 3 of the Companies (Cost Records and Audit) Rules, 2014, the Company is required to maintain cost records with respect to the manufacturing activities, viz. manufacturing of engine components, manufacturing of dies and moulds, and generation of electricity through windmills, and get the same audited.

The Board has appointed M/s Adawadkar Deshmukh & Associates, Cost Accountant (FRN: 000421) as Cost Auditor of the Company for the financial year 2024-25. The remuneration proposed was ' 310,000 and which was ratified by the shareholders of the Company at their Twenty Seventh AGM held on 20^th August, 2024.

Based on the recommendation of the Audit Committee, the Board has re-appointed M/s Adawarkar Deshmukh & Associates, Cost Accountant (FRN: 000421) as Cost Auditor of the Company for the financial year 2025-26. The

remuneration proposed is ' 340,000 which is subject to ratification by the shareholders at the ensuing AGM. The said remuneration is excluding applicable taxes and out-ofpocket expenses, if any, payable at actuals.

Secretarial Auditor

In terms of the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed M/s. KANJ & Co. LLP Firm Registration Number AAM- 2628, Peer review certificate number 6309/ 2024. a firm of Practicing Company Secretaries, to conduct an audit of the secretarial records for the financial year 2024-25. The Secretarial Audit report for the financial year 2024-25 is set out as Annexure III to this Report.

Remarks given by the Secretarial Auditor in the said report are self-explanatory and do not call for any further explanation.

In terms of the provisions of Regulation 24A of the Listing Regulations, as amended by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024 which were notified and came into effect on 13^th December, 2024, the Board of Directors at their meeting held on 27^th May, 2025 has recommended to the shareholders for appointment of M/s. Mehta & Mehta, Practicing Company Secretaries, a firm registered under the Indian Partnership Act, 1932 having Firm Registration Number MU000019250, ICSI Firm Registration Number P1996MH007500 holding peer review certificate no. 3686/2023 valid up to 30^th June 2028, as the Secretarial Auditor of the Company for a term of 5 (Five) consecutive years from 1^st April, 2025 up to 31^st March, 2030. M/s. Mehta & Mehta, Practicing Company Secretaries, comprise of 11 (Eleven) Partners, all whom are peer reviewed company secretary in practice. The appointment of M/s. Mehta & Mehta, Practicing Company Secretaries, as Secretarial Auditors of the Company is recommended on such remuneration as may be approved by the Board of Directors from time to time during their term.

DISCLOSURES:

The Act and the Listing Regulations mandate formulation of certain policies for listed companies. During the year, the Board has framed and approved policies as required under the Listing Regulations as well as under the Act.

Certain key policies framed by the Company include:

The above-mentioned policies are available on the Company's website at the link www.carraroindia.com/investors/corporate- governance/policies.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

Disclosure of 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 are annexed herewith as Annexure IV.

A statement containing particulars of employees as required under 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 is provided as a separate annexure forming part of this Report. In terms of Section 136 of the Act, the Annual Report and financial statements are being sent to the shareholders excluding the aforesaid annexure. The said annexure is available for inspection at the registered office of the Company during business hours and will be made available to any shareholder on request.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has not given any guarantees covered under the provisions of Section 186 of the Act. Particulars of loans, advanced and investments form part of the notes to standalone financial statements. Kindly refer note nos. 15, and 6.1 of the standalone financial statements for the details of investments made by the Company as on 31^st March, 2025.

DEPOSITS:

During the year under review, the Company has neither accepted any deposits from the public nor any amount from its directors.

VIGIL MECHANISM-CUM-WHISTLE BLOWER POLICY:

In terms of the provisions of Section 177(9) of the Act, read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Company has established a vigil mechanism, which forms part of the Vigil Mechanism-Cum- Whistle Blower Policy in terms of Regulation 22 of the Listing Regulations for directors and employees. The objective of this policy is to provide a reporting mechanism for any person who observes any unethical behaviour, actual or suspected fraud, or violation of the Company's Code of Conduct for all members of the Board and Senior Management ("Codes of Conduct"). Such person can report the same to the Whistle Blower Officer ("WB Officer") appointed under the policy. The said policy also encompasses reporting of instances of leak of Unpublished Price Sensitive Information ("UPSI").

Protected disclosures can be made by a whistle blower to a dedicated e-mail ID and / or postal address of WB Officer, appointed under the policy. The policy has been hosted on the Company's website at https://www. carraroindia.com/storage/app/uploads/public/66b/213/ b07/whistleblowing vigil mechanism policy carraro india 66b213b07c99e706098897.pdf

A WB Officer has been appointed in terms of the provisions of the Act to independently investigate protected disclosures communicated under the policy and matters of violation to the Codes of Conduct.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY BETWEEN 31ST MARCH, 2025 AND DATE OF BOARD'S REPORT:

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 and the date of this Report.

RELATED PARTY TRANSACTIONS:

As per the Listing Regulations, all Related Party Transactions ("RPT") and any modifications thereto are placed before the Audit Committee for approval. Further, the Audit Committee accords specific / omnibus approval for RPTs, which are in ordinary course of business and satisfy the principles / conditions of being at arm's length basis. Details of the RPTs entered pursuant to the specific and omnibus approval granted are placed on quarterly basis before the Audit Committee for review and update.

Particulars of RPTs entered during the financial year 2024-25

During the financial year 2024-25, the Company did not enter into any contract / arrangement / transaction with related parties, which could be considered material for which shareholders' approval, was required in accordance with Section 188 of the Act and the Policy on Related Party Transaction ("RPT Policy").

Accordingly, there is no information to be disclosed in Form AOC-2, while the particulars of all RPTs in terms of Indian Accounting Standard ("Ind AS") - 24 are forming part of the financial statements.

Further, in terms of Regulation 23 of the Listing Regulations, no material related party transactions took place, from the date of listing of Company's equity shares on the stock exchanges i.e. 30^th December, 2024 till 31^st March, 2025.

The RPT Policy of the Company, as approved by the Board, can be accessed on the Company's website at https://www.carraroindia.com/storage/app/uploads/ public/66c/44c/946/related party transactions policy 66c44c946d248444192428.pdf

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has adopted a "Policy for Prevention of Sexual Harassment" ("POSH Policy") in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The POSH Policy aims to provide a safe, friendly, positive and productive working environment and promote an atmosphere in which employees can realise their maximum potential. The policy applies to all permanent and temporary employees and also to workforce engaged by the Company through contractors.

The Company observes zero tolerance towards any kind of violation of the POSH Policy. As per the POSH Policy, the Company has constituted Internal Committees ("IC") for all its locations. Such committees are chaired by a female employee and other senior management officials of the Company are its members along with an external member who has experience in dealing with cases relating to sexual harassment. The IC is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the POSH Policy.

Pursuant to Rule 8 (5)(x) of the Companies (Accounts) Rules, 2014, the disclosure of the complaints is given below:

DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961:

During the year under review, the maternity benefit leave of 26 weeks with remuneration was granted to a total 5 women employees of the Company including one (1) woman employee of Company' subsidiary, CTIPL. The Company has observed compliance with the applicable requirements laid under the Maternity Benefit Act, 1961.

INDUSTRIAL RELATIONS:

During the year under review, the industrial relations remained cordial.

As on the date of this Report, the Company had entered into two agreements with labour unions for the Company's

plants located at Ranjangaon (Dist. Pune, Maharashtra). In terms of the agreements, none of them was due for renewal during the financial year under review.

INVESTOR EDUCATION AND PROTECTION FUND:

In accordance with the provisions of Sections 124 and 125 of the Act and the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), dividends of a company that remain unpaid or unclaimed for a period of seven years from the date of transfer to the Unpaid Dividend Account shall be transferred by such company to the Investor Education and Protection Fund ("IEPF").

In terms of the foregoing provisions of the Act, no dividend amount or shares were required to be transferred to the IEPF by the Company during the year ended 31^st March, 2025.

During the seven years preceding the financial year ended 31^st March, 2025, the Company has paid all the declared dividends to its shareholders and no amount of dividend was required to be transferred to the Unpaid Dividend Account.

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

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

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 ("IBC Code"):

During the year under review, neither the Company made any application nor any proceedings were pending against the Company, under the IBC as at the ned of financial year 2024-25 and vice-a-versa.

SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS:

The Company has not made any one-time settlement for loans taken from the Banks or Financial Institutions, and hence 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 or Financial Institutions along with the reasons thereof is not applicable.

ANNUAL RETURN:

In terms of Section 92(3) read with Section 134(3)(a) of the Act, the annual return of the Company for the financial year ended 31^st March, 2025 shall be available on the Company's website at https://www.carraroindia.com/investors/financial- information/annual-returns.

ACKNOWLEDGMENTS:

Your Directors take this opportunity to express their sincere appreciation for the commitment, hard work and support of all its employees and workmen during the year

The Directors also express their gratitude to the shareholders, workmen unions, customers, vendors, dealers, bankers, government authorities of India and other countries where the Company operates and all other business associates for their continued support extended to the Company and for placing their confidence in the management. The management looks forward to their continued support in future.