Report for FY 2025-26.

The Board of Directors are pleased to present the Company's Forty Second Annual Report (third Integrated Annual Report) and the Company's audited financial statements (standalone and consolidated) for the financial year ended March 31, 2026.

FINANCIAL PERFORMANCE

The Company's financial performance (standalone) for the year ended March 31, 2026, is summarised below:

(Rs. in lakhs)

For the financial year ended March 31, 2026, the Company reported a Total Income of 2,05,314.93 lakhs as against 1,49,734.59 lakhs in the previous year.

For the year ended on March 31, 2026, the Company reported Earnings Before Interest, Finance Cost, Depreciation and Amortisation and Tax (EBIDTA) of 60,340.90 lakhs, as against EBIDTA of 34,280.75 lakhs during the previous year.

The Net Profit of the Company for the year ended March

31, 2026 was 36,310.50 lakhs compared to 25,942.54 lakhs during the previous year.

BUSINESS REVIEW

During the year under review, your Company has made significant strides in creating a strong base for the future.

The Company's CMS business showed robust growth on the back of the commercial molecules even as the seeds for long-term growth were laid through new projects. The momentum in the business is seen in the decision to move to a new R&D facility ensuring attractiveness to the full range of potential clients. The other key capital expenditure project driving long-term growth is the Peptides block where progress is being made in accordance with the plan. While the GDS business has seen a dip this year due to the performance of a few key products, the Company has undertaken actions to make the business a reliable source of sustainable long-term growth. The planned strengthening of the Project Management function has given the Company better visibility on planning and execution of CMS projects. During the course of the year, the Company has put into effect its plan to create a better structure for accountability as well as creating management bandwidth for crucial long-term planning.

During FY 2025-26, the Company further strengthened its commitment to robust governance, sustainability and environmental stewardship through continued focus on

Enterprise Risk Management (ERM) and the Environmental, Social and Governance (ESG) agenda under the oversight of the Risk and Sustainability Committee of the Board. During the year, the Company sharpened its ESG governance and execution through structured reviews and cross-functional ownership of key initiatives, including progress on climate-related disclosures and resilience planning. The Company also continued to improve its performance as assessed by external sustainability rating agencies. In parallel, capability building remained aligned to strategic priorities and anticipated business needs, with increasing emphasis on strengthening people capabilities, deepening the leadership and talent pipeline, and building organisational capacity for long-term growth.

DIVIDEND

Your directors are pleased to recommend a final dividend of 34/- (340%) per equity share of face value of 10/- each of the Company, for the financial year ended March 31, 2026. The final dividend, if approved at the 42nd Annual General Meeting, will be paid to members within the period stipulated under the Companies Act, 2013 (‘the Act'), as amended from time to time. The outflow on account of final dividend is estimated to be 4,362.16 lakhs.

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the dividend distribution policy, is available on the Company's website at - https://www.neulandlabs.com/ sites/neulandlabs/files/neuland-labs/Investors/corporate-governance/policies-and-documents/dividend-distribution-policy.pdf

SHARE CAPITAL

The equity shares of your Company continue to be listed and traded on the BSE Limited and National Stock Exchange of India Limited. The paid-up equity share capital of the Company as on March 31, 2026 was 1,290.05 lakhs. During the year under review, the Company has not issued any shares with differential voting rights nor granted stock options nor sweat equity.

OUTLOOK

The Company is continuing to evolve at a sustainable pace to ensure long-term growth and deliver through execution of the significant business that has been built over the years. Even as the current environment seems uncertain, the

Company's planning and execution should ensure that the long-term objectives are met consistently even as newer avenues are explored. The Company is actively working on plans to broaden the customer base by engaging with Big

Pharma, based on the investment in enhanced capabilities. With a sharper focus on quality, reliability, sustainability and execution excellence across the value chain, the Company aims to create long-term value for all stakeholders and strengthen its position as a preferred partner enabling a healthier world.

CONSOLIDATED FINANCIAL STATEMENTS

The Audited Consolidated Financial Statements of your

Company as on March 31, 2026, which forms part of the Integrated Annual Report, have been prepared pursuant to the provisions of the SEBI Listing Regulations as amended from time to time, and also in accordance with the applicable Indian Accounting Standard (IndAS) on Consolidated Financial Statements (IndAS-110) as notified by the Ministry of Corporate Affairs.

The annual accounts of the subsidiary companies are kept for inspection by any member at the Registered Office of the Company as well as at the Registered Office of the respective subsidiary companies and also available on the website of the Company, https://www.neulandlabs.com/en/investors/ financials-and-reports/subsidiary-financials. Any member interested in a copy of the accounts of the subsidiaries may write to the Company Secretary at the Registered Office of the Company.

SUBSIDIARIES

Your Company has two subsidiaries, Neuland Laboratories K.K., Japan, and Neuland Laboratories Inc., USA, working on market development. Your Company does not have any joint venture or associate companies. Further, there has been no material change in the nature of business of the subsidiaries.

A report on the performance and financial position of the subsidiaries, set out in the prescribed form AOC-1, in terms of the proviso to sub-section (3) of Section 129 of the Act, as amended from time to time, is provided as Annexure to the consolidated financial statements and hence not repeated here.

CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION & ANALYSIS AND OTHER INFORMATION REQUIRED UNDER THE COMPANIES ACT, 2013 AND SEBI LISTING REGULATIONS

As per the Act and the SEBI Listing Regulations, as amended from time to time, Corporate Governance Report and Management Discussion and Analysis report are attached and forms part of this report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Appointments

During the year, the members of the Company vide their Postal Ballot resolution dated September 26, 2025, approved the appointment of Dr. Ravi Gopinath as Independent Director of the Company, with effect from August 1, 2025. The Board opined that the above Independent Director possessed requisite experience and expertise (including the proficiency). Further, the Board at its meeting held on May 12, 2026, based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Dr. Mauricio Futran (DIN: 11699767) as an Additional Director of the Company in the category of Non-Executive Non-Independent Director, with effect from May 12, 2026, subject to approval of the Members at the ensuing Annual

General Meeting.

Cessation

Dr. Christopher M Cimarusti, Non-Executive Non-Independent Director (DIN: 02872948), ceased to be a Director of the Company with effect from February 28, 2026, on account of his sad demise.

The Board places on record its profound sorrow on the demise of Dr. Christopher M Cimarusti, who served the Company with distinction as a Non-Executive Non-Independent Director since 2009 and as a member of its Scientific Advisory Board. The Board, management, and the employees, especially those in the Research & Development, deeply valued his outstanding scientific leadership, insight, mentorship, and unwavering commitment to innovation. Dr. Cimarusti's contributions to advancing the Company's scientific capabilities and strengthening its culture of research excellence have left an enduring legacy that will continue to inspire the organization.

Appointment of Directors

The Board of Directors on the recommendation of the Nomination and Remuneration Committee, have approved the following, subject to the approval of the members sought in the Notice of the Forty-Second Annual General Meeting:

Appointment of Dr. Mauricio Futran (DIN: 11699767) as a Director of the Company, categorized as Non-Executive Non-Independent Director.

Retirement by Rotation

Pursuant to the provisions of Section 152(6)(d) of the Act read with the Companies (Appointment and Qualification of Directors) Rules, 2014, and the Articles of Association of the

Company, Dr. Davuluri Rama Mohan Rao (DIN: 00107737) will retire by rotation at the ensuing Annual General Meeting and, being eligible, has offered himself for re-appointment.

The Board recommends his re-appointment in the ensuing

AGM of the Company.

Change in designation of Whole-time Directors

During the year, the members of the Company vide Postal Ballot resolutions dated November 5, 2025, approved the a) re-designation of Mr. Davuluri Sucheth Rao (DIN: 00108880) as Executive Vice Chairman; and 2) redesignation of Mr. Davuluri Saharsh Rao (DIN: 02753145) as Chief Executive Officer & Managing Director, effective from April 1, 2026.

Changes in Key Managerial Personnel (KMP)

During the year under review, there were no changes to the Key Managerial Personnel of the Company. As on the date of this report, the Company has the following Key Managerial Personnel as per Sections 2(51) and 203 of the Act:

Listing at Stock Exchanges

The equity shares of your Company continue to be listed and traded on the BSE Limited and National Stock Exchange of India Limited. The Annual Listing fee for the year 2026-27 has been paid to both the stock exchanges.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Companies Act, 2013, as amended from time to time, your directors confirm that to the best of their knowledge and belief and according to the information and explanation obtained by them:

a. in the preparation of the annual financial statements for the year ended March 31, 2026, the applicable accounting standards have been followed, along with proper explanation relating to material departures, if any; b. such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgements and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2026 and of the profit of the Company for the year ended on that date;

c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, as amended from time to time, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the annual financial statements have been prepared on a going concern basis;

e. proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

f. systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

BOARD MEETINGS

During the year under review, nine Board Meetings were convened and held, the details of which are given in the Corporate Governance Report, which forms part of this report. The intervening gap between the meetings was within the period prescribed under the Act, and the SEBI Listing Regulations, as amended from time to time.

COMPOSITION OF VARIOUS COMMITTEES

Details of various committees constituted by the Board as per the provisions of the Act and the SEBI Listing Regulations, as amended from time to time, and their meetings are given in the Corporate Governance Report, which forms part of this report.

BOARD EVALUATION

Pursuant to the provisions of the Act and SEBI Listing Regulations, the annual evaluation of the performance of the Board, its Committees and of individual directors has been carried out by the Board. The process was carried out by circulating questionnaires on the Board and Committees functioning on certain parameters. The performance evaluation of the Independent Directors was carried out by the entire Board, except for the director being evaluated.

The performance evaluation of the non-Independent

Directors, including Executive Directors, was carried out by the Independent Directors.

INDEPENDENT DIRECTORS

The Independent Directors met on February 10, 2026, without the presence of non-Independent Directors and members of the management. The Independent Directors, inter alia, discussed matters pertaining to the Company's affairs and reviewed the performance of non-Independent

Directors, the Chairman and the Board as a whole, and assessed the quality, quantity and timeliness of flow of information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

The Company has received declarations from all the

Independent Directors of the Company confirming that they meet the criteria of independence prescribed under the Act and the SEBI Listing Regulations, as amended from time to time. All the Independent Directors are registered with the Independent Director's databank and requisite disclosures have been received from them in this regard. Further, they have affirmed compliance with the code of conduct for Independent Directors as prescribed in Schedule IV of the Act. The terms and conditions of appointment of Independent Directors is available on the website of the Company.

DISCLOSURES BY DIRECTORS

None of the directors of your Company is disqualified as per the provisions of Section 164(2) of the Act. Your directors have made necessary disclosures to this effect as required under the Act.

AUDIT COMMITTEE

During the year under review, four Audit Committee Meetings were convened and held. The details of the committee meetings and composition of the Audit Committee, and its terms of reference are included in the Report on Corporate

Governance annexed. All the recommendations made by the Audit Committee were accepted by the Board of Directors.

NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Policy of the Company includes Board Diversity as part of the policy and is available on the website of the Company at https://www. neulandlabs.com/sites/neulandlabs/files/neuland-labs/

Investors/corporate-governance/policies-and-documents/

NominationandRemuerationPolicy22042025.pdf. The policy covers selection and appointment of Directors, Key Managerial Personnel, Senior Management and their remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178(3) of the Act and the SEBI Listing Regulations.

CORPORATE SOCIAL RESPONSIBILITY

The Company has in place a Corporate Social Responsibility Policy which is available on the website of the Company at https://www.neulandlabs.com/sites/neulandlabs/files/ neuland-labs/Investors/corporate-governance/policies-and-documents/corporate-social-responsibility-csr-policy. pdf. The CSR expenditure of the Company for FY 2025-26 as per Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules 2014, as amended from time to time, was 608.99 lakhs. After setting-off 33.52 lakhs from the excess CSR expenditure spent for FY 2024- 25 the Company's total CSR obligation for FY 2025-26 was 575.47 lakhs.

The Company has spent an amount of 561.64 lakhs towards CSR projects and administrative overheads for

FY 2025-26. In addition, an amount of 13.83 lakhs was transferred to the Unspent account, in April 2026, towards identified and ongoing CSR projects for FY 2025-26, due for completion in FY 2026-27.

The total CSR expenditure for FY 2025-26 was 608.99 lakhs, which includes CSR projects spend, administrative expenditure, and amount transferred to the Unspent CSR account.

The annual report on CSR activities, as required under Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 read with Section 134(3) and 135(2) of the Act, has been appended as Annexure-1 and forms an integral part of this Report.

INTEGRATED REPORT

The Company continues its integrated reporting journey in the current financial year. This is the third year of the publication of the Integrated Annual Report of the Company in line with the Integrated Reporting Framework, now part of the IFRS Foundation.

The Global Reporting Initiative disclosures reported in this

Integrated Annual Report have been subject to limited assurance. The Assurance Report issued by BDO India

Services Private Limited has been annexed to this Integrated

Annual Report.

The Integrated Annual Report consists of both financial and non-financial information to demonstrate how various

‘capitals' are utilised to create value, thereby enabling stakeholders to make informed decisions and gain a comprehensive understanding of the Company's long-term perspective and value creation for all stakeholders.

The Board acknowledges its responsibility for the integrity of the report and the information contained therein.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

In accordance with Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report (BRSR), forms part of this report as Annexure-2.

CODE OF CONDUCT FOR BOARD OF DIRECTORS AND SENIOR MANAGEMENT PERSONNEL

The directors and members of senior management have affirmed compliance with the Code of Conduct for Board of Directors and Senior Management Personnel of the Company. A declaration to this effect by the Chief Executive Officer & Managing Director, forms part of this Report.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

Your Company has a Vigil Mechanism/Whistle Blower Policy which serves as a mechanism for its directors, employees and stakeholders to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct without fear of reprisal. Audit

Committee of the Company oversees the implementation of the Whistle Blower Policy. During the year, the Company has not received any protected disclosures. The Whistle Blower Policy is available on the website of the Company, at https://www.neulandlabs.com/en/investors/corporate-governance/policies-and-documents. A brief note on the Whistle Blower Policy is also provided in the Report on

Corporate Governance, which forms part of this Report.

PROHIBITION OF INSIDER TRADING

Pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended, the Company has adopted the Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Designated Persons and their Immediate Relatives along with the Code of Fair Disclosures. Periodically, insider trading awareness sessions are conducted for the benefit of designated persons. Trading window closures, when the designated persons are not permitted to trade in the securities of the Company, are intimated in advance to all concerned.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company is committed to ensure that there is no scope for sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at the workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. The Company has not received any complaints on sexual harassment during the year under review and as on the date of this report.

EMPLOYEE STOCK OPTION SCHEME

As on March 31, 2026, there are no employee stock options available in the Company, and hence, no disclosures are required to be made under Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

STATUTORY AUDITORS

M/s. M S K A & Associates LLP (Formerly known as M S K A & Associates), (Firm Registration No: 105047W/W101187), Chartered Accountants, were re-appointed as the Statutory Auditors of the Company at the 40th AGM of the Company held on July 31, 2024, to hold the office till the conclusion of the 45th AGM to be held in the year 2029.

AUDITORS' REPORT

There are no qualifications, reservations or adverse remarks made by M/s. M S K A & Associates LLP (Formerly known as M S K A & Associates), Statutory Auditors, in their report for the financial year ended March 31, 2026.

Pursuant to the provisions of Section 143(12) of the Act, the Statutory Auditors have not reported any incident of fraud to the Audit Committee during the year under review.

SECRETARIAL AUDIT

M/s. P.S. Rao & Associates, a firm of Company Secretaries in Practice, were appointed as the Secretarial Auditors of the Company at the 41st AGM of the Company held on July 30, 2025, for a term of five consecutive financial years commencing from April 1, 2025, till March 31, 2030.

The report of the Secretarial Audit for the financial year ended March 31, 2026, is annexed to the Corporate Governance Report and forms part of this report. There are no qualifications, reservations or adverse remarks made by the Secretarial Auditor in their report.

COST AUDITORS

In terms of Section 148(1) of the Act, read with the relevant Rules made thereunder, the Company maintains the cost records in respect of its pharmaceuticals business.

Pursuant to Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014, as amended from time to time, subject to the approval of the Central Government, if required, the Audit Committee has recommended, and the Board of Directors has appointed M/s. Nageswara Rao & Co. (Registration No. 000332), Cost Accountants, Hyderabad, being eligible and having sought re-appointment, as Cost Auditors of the Company, to carry out the cost audit of the products manufactured by the

Company during the FY 2026-27.

REPORTING OF FRAUD

During the year, the Statutory Auditors, Cost Auditors and Secretarial Auditors have not reported any instances of frauds committed in the Company by its officers and employees under Section 143(12) of the Act, details of which need to be mentioned in this Report.

INSURANCE

Your Company has taken necessary steps to mitigate risks and obtained appropriate insurances, and the Board is kept appraised of the risk assessment and minimisation procedures. The assets of the Company have been adequately covered under insurance. The policy values have been determined taking into consideration the value of the assets of the Company.

MATERIAL CHANGES

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year of the Company to which the financial statements relate and the date of the report. Further, it is hereby confirmed that there has been no change in the nature of business of the Company.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

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

ANNUAL RETURN

Pursuant to Section 92 and Section 134 of the Act, the Annual Return as on March 31, 2026, in form MGT-7 is available on the website of the Company at www.neulandlabs.com.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information relating to remuneration and other details as required pursuant to Section 197 of the Act read with

Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is provided as Annexure-4 to this report.

In terms of the provisions of Section 197 of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules is provided in the Annual Report, which forms part of this Report.

Pursuant to the provisions of the first proviso to Section

136(1) of the Act, the Annual Report is being sent to the members and other persons entitled thereto, excluding the information in respect of employees of the Company containing the particulars as specified in Rule 5(2) of the said Rules. The said information is available for inspection on all working days, during business hours, at the Registered

Office of the Company up to the date of the ensuing Annual

General Meeting. Any member interested in obtaining such information may write to the Company Secretary, and the same will be furnished on request.

RELATED PARTY TRANSACTIONS

All contracts/arrangements/transactions with the related parties during the financial year were in the ordinary course of business and at an arm's length basis.

During the year, the Company has not entered into any contract or arrangement with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Further, there were no materially significant related party transactions which could have potential conflict with interest of the Company at large.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board may be accessed on the Company's website at https://www.neulandlabs.com/en/investors/corporate-governance/policies-and-documents.

The particulars of transactions with related parties in the prescribed format is annexed to this report, as Annexure-5. Members may refer to Note No. 38 to the standalone financial statements which sets out related party disclosures pursuant to Ind AS.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year, the Company has not given any loans and guarantees under Section 186 of the Act, and the investments made by the Company are in compliance with the provisions of Section 186 of the Act.

DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from the public and, as such, no amount of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

TRANSFER TO RESERVES

No amount was proposed to be transferred to the general reserve during the FY 2025-26.

RISK MANAGEMENT

The Risk & Sustainability Committee of the Board oversees the Company's processes for determining risk tolerance and reviews management's actions and comparison of overall risk tolerance to established levels. The Company has in place a Risk Management Policy, which outlines the risk management process and framework for the identification and management of risks. The framework is designed to enable risks, to be identified, assessed and mitigated appropriately. There are no risks which in the opinion of the Board, threaten the existence of the Company. Major risks identified by the businesses and functions are systematically addressed through appropriate actions on a continuous basis. For details, please refer to the Management Discussion and Analysis report which forms part of this Report.

INTERNAL FINANCIAL CONTROLS

Internal Financial Controls are an integral part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been embedded and documented in the business processes.

The controls in place include essential components of internal financial controls required under the Act, and also the internal financial controls over financial reporting as per the Guidance Note on Audit of Internal Controls over

Financial Reporting as issued by the Institute of Chartered

Accountants of India.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, continuous monitoring by functional owners, as well as testing of the internal financial control systems by the internal auditors during the course of their audits. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

The Company has in place adequate internal financial controls with reference to the financial statements. During the year under review such controls were tested and no reportable material weakness in the design or operation were observed.

HUMAN RESOURCES & INDUSTRIAL RELATIONS

Your Company's relations with its employees continue to be cordial. Dedicated work by the workmen, supervisors, and executives of your Company made it possible to achieve success under trying and difficult circumstances.

BOARD RESPONSIBILITY STATEMENT

The data and disclosures in the Report have been reviewed internally by the management to ensure completeness and relevance. The Board believes that this Report is a fair representation of the Company's financial, non-financial, sustainability, and operational performance and addresses all material topics relevant to the Company for FY 2025-26.

The Board notes that the contents of this Report have been prepared by the respective functions and businesses under the guidance of the senior management.

OTHER DISCLOSURES

During the year under review:

a. No credit rating has been obtained by the Company with respect to its securities. Further, the details of the credit rating obtained by the Company with respect to its long-term and short-term borrowings have been provided in the Corporate Governance Report, which forms part of this report.

b. No application has been made under the Insolvency and Bankruptcy Code, 2016 (IBC). Further, there are no proceedings admitted against the Company under the IBC.

c. The Company is in compliance with the Maternity Benefit Act, 1961.

d. During the year, there was no one-time settlement done with the Banks or Financial Institutions.

e. Disclosures included in the the Corporate Governance report & Business Responsibility and Sustainability

Report of this report are not included in the

Boards Report.

ACKNOWLEDGEMENT

Your Board of Directors take this opportunity to thank all its stakeholders, including banks, financial institutions, business partners, government and other statutory bodies, regulatory authorities, analysts and members for their continued support and valuable cooperation. The Board of Directors also wish to place on record its deep sense of appreciation for the committed services by the Company's employees at all levels.