The Directors take pleasure in presenting the 46^th Annual Report together with the Audited
Financial Statements of the Company for the Year Ended 31^st March 2025.

1. FINANCIAL RESULTS (Standalone):

The Company’s Financial Results for the year ended 31^st March 2025 is summarized below:

[Rs.in Crores]

OVERVIEW OF COMPANY’S FINANCIAL PERFORMANCE
Revenue

During 2024-25, the Company achieved a turnover of Rs.73.86 Crore, as against Rs.71.50 crorers in the
previous year. The Company focused on reducing fixed costs, manage working capital more
efficiently and making capital expenditure prudently on critical growth projects.

Other Operating Revenue

Other operating revenue for the year ended March 31, 2025 includes Rs. 0.17 crore (previous year Rs.

0.50 crore)

ProfitbeforeTax

Profit posted before tax for the year is Rs.0.13 Crore
Total Comprehensive Income

Total Comprehensive income for the year 2024-25 is Rs. 0.02 Crore as compared to a profit of Rs.
0.23 Crore in 2023-24.

2. TRANSFER TO RESERVES

The Company has not transferred any amount to General Reserves during FY 2024-25.

3. CASH & CASH EQUIVALENT

Cash and Cash Equivalent as at March 31, 2025 was Rs. 1.54 Crore. The Company continues to focus
on judicious management to fits working capital. The Company has taken many steps during the year
to improve the working capital turns. The working capital parameters were kept under strict check
through continuous monitoring.

4. DIVIDEND

Your directors did not recommend any dividend for this year.

5. SHARE CAPITAL

The Company’s paid up Equity Share Capital as on March 31^st 2025 is Rs. 5.12 Crores.The Company
has neither issued any shares with differential rights as to Dividend, Voting or other wise nor issued
shares (includings we at equity shares)to the Employees or Directors of the company under any
Scheme. As on March 31, 2025 none of the Directors of the Company hold shares or convertible
instruments of the Company.

No disclosure is required under Section 67(3)(c) of the Act, in respect of voting rights not exercised
directly by the employees of the Company as the provisions of the said Section are not applicable.

6. DEPOSITS

The Company has not accepted any fixed deposits under Chapter V of the Companies Act, 2013, and
as such no amount of principal and interest were outstanding as on 31^st March 2025.

7. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the
CompaniesAct, 2013 are given in the notes to the Financial Statements.

8. CAPITAL EXPENDITURE

The company continues to assess the trends emerging in the industry and the changing requirements
of its customers and invests appropriately for the long-term, with a view to servicing its customers in a
more timely and efficient manner.

9. STANDALONE FINANCIAL STATEMENTS

The Standalone Financial Statements of the Company for the Financial Year Ended 31^st March 2025 is
prepared in compliance with the applicable provisions of the Act, Indian Accounting Standards (Ind-
AS) and as prescribed by Securities and Exchange Board of India (SEBI) under SEBI (Listing
Obligations and Disclosure Requirements) Regulations,2015 (hereinafter referred to as ‘the SEBI
(LODR) Regulations, 2015). The FinancialStatements of the Company for the year ended 31^st March
2025 have been disclosed as per Division II of Schedule III to the Companies Act, 2013.

Pursuant to the provisions of Section 136 of the Companies Act, the Financial Statements of the
Company, the Standalone Financial Statements along with all relevant documents and the Auditors’
Report thereon form part of this Annual Report. The Financial Statements as stated above are also
available on the website of the company and can be accessed at the weblink www.tntpipes.com.

10. CORPORATE SOCIAL RESPONSIBILITY (CSR):

At present, the company is not falling under purview of section 135 of the Companies Act, 2013.
The Company is committed to Corporate Social Responsibility and strongly believes that the business
objectives of the Company must be in congruence with the legitimate development needs of the
society in which it operates.

11. CORPORATE GOVERNANCE

The Company is committed to maintaining high standards of corporate governance. The Company has
been in compliance with the requirements of SEBI Listing Regulations.

A report on corporate governance together with a certificate from the Practicing Company Secretary
is annexed in accordance with the terms of the SEBI Listing Regulations and forms part of the Board’s
Report. The Managing Director and the ChiefFinancial Officer have submitted a certificate to the Board
regarding the financial statements and other matters in terms of Part B of Schedule II [Corporate
Governance] of the SEBI Listing Regulations.

The Report further contains details as required to be provided in the Board’s Report on the policy on
Directors’ appointment and remuneration including the criteria, annual evaluation by the Board and
Directors, composition and other details of Board committees, implementation of risk management
policy, whistle-blower policy/vigil mechanism, dividend policy etc.

12. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & 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 Companies Act, 2013 read with Rule 8 of The
Companies (Accounts) Rules, 2014 forms part of this Report.

13. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year under review were on
an arm’s length basis and were in the ordinary course of business. There are no materially significant
related party transactions during the year which may have a potential conflict with the interest of the
Company at large. Necessary disclosures as required under the Indian Accounting Standards have been
made in the notes to the Financial Statements.

None of the Directors except Mr.Rakesh Goyal (Ex-Managing Director) had any pecuniary
relationships or transactions vis-a-vis the Company.

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of your Company is duly constituted in accordance with the requirements of the Companies
Act, 2013 and SEBI Regulations.

DIRECTORS AND KMPS RESIGNED AND APPOINTED DURING THE YEAR:

Mrs. PRIYA KRISHNA, Independent Director, was inducted to the Board during 2024 appointed as
independent director of the Company from 30.05.2024. The appointment of Mrs. PRIYA KRISHNA, as
an Independent Director is approved by the shareholders in the last Annual General Meeting held on
26^th September 2024.

Miss. M INDUMATHI, Independent Director, was inducted to the Board during 2024 appointed as
Independent director of the Company from 14.08.2024. The appointment of Miss. M INDUMATHI, as an
Independent Director is approved by the shareholders in the last Annual General Meeting held on 26^th
Septermber 2024.

Mrs. RENUKA RAMESH, Independent Director resigned during the year in view of her tenure is
completed.

Mr S.N. SATHYANARAYANA, Independent Director resigned during the year in view of his tenure is
completed.

All the Independent Directors of the Company have furnished necessary declaration in terms of
Section 149 (6) of the Act affirming that they meet the criteria of independence as stipulated there
under. All the Independent Directors of the Company are registered on the Independent Directors Data
bank as required under the Companies Act, 2013 and the applicable Rules in the said regard. In the
opinion of the Board, all the Independent Directors have the integrity, expertise and experience
including the proficiency as required to effectively discharge their roles and responsibilities in directing and
guiding the affairs of the Company.

The required information of the Directors being appointed, pursuant to the provisions of the Listing
Regulations, forms part of the Annual Report.

There was a change in the composition of the Board of Directors and the Key Managerial Personnel,
except as stated above.

The following persons have been designated as Key Managerial Personnel of the Company pursuant
to section 2(51) and section 203 of the Act, read with the Rules framed there under.

1. Mr. BIVASHWA DAS -Managing Director

2. Mr.N. SUDHARSAN -Whole-time Director

3. Mr. KRISHNAN KAMAL SHUKLA -Whole-time Director

4. Mr.RAM ASHISH SINGH -Whole-time Director

5. Mr. K SURESH - Company Secretary & Compliance Officer

6. Mr. H. VINODH KUMAR (upto 31.7.25) -Chief Financial Officer (C.F.O.)

7. Mr SHIV BANDHU (w.e.f.14.08.25) -Chief Financial Officer (C.F.O.)

15. DIRECTORS’ REMUNERATION POLICY AND CRITERIA FOR MATTERS UNDER SEC. 78

Information regarding Directors’ Remuneration Policy and criteria for determining qualifications,
positive attributes, independence of a director and other matters provided under sub-section(3) of
Section 178 are provided in the Corporate Governance Report.

16. EXTRACT OF ANNUAL RETURN

A copy of the Annual Return of the Company is placed on the website of the Company and the same
is available on the website of www.tntpipes.com.

17. SECRETARIAL STANDARDS OF ICSI

Pursuant to the approval given on 10 April 2015 by the Central Government to the Secretarial
Standards specified by the Institute of Company Secretaries of India, the Secretarial Standards on
Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) came into effect from 1 July
2015. The said standards were further amended w.e.f. 1^st October 2017.

The Company has ensured compliance of the Secretarial Standards issued by the Institute of Company
Secretaries of India during the period under review. The Company is in compliance with the same.

18. DIRECTORS’ RESPONSIBILITY STATEMENT

The Board of Directors confirm that the Company has in place a framework of internal financial controls
and compliance system, which is monitored and reviewed by the Audit Committee and the Board
besides the statutory, internal and secretarial auditors. To the best of their knowledge and belief and
according to the information and explanations obtained by them, your Directors make the following
statements in terms of Section 134 (3)(c) of the Companies Act, 2013:

a) that in the preparation of the annual Financial Statements for the year ended
31st March 2025, the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in the Notes to the Financial
Statements have been selected and applied consistently and judgment 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 31^st March 2025.

c) that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act,

2013 for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;

d) that the annual Financial Statements have been prepared on a going concern
basis;

e) that proper internal financial controls to be followed by the Company have been
laid down and that the financial controls are adequate and were operating
effectively and

f) that proper systems have been devised to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating
effectively.

19. AUDITORS
STATUTORY AUDITORS

Based on the Recommendations of the Audit committee at their meeting held on
21.05.2022, the Board, at their meeting held on 21.05.2022 and the Members, at the 43^rd
Annual General Meeting held on September 27, 2022, appointed M/s. D.P.V. & Associates, Chartered
Accountants, [Firm’s Registration No.011688S] Sri Ranga, No.51 Mambalam High Road, T.Nagar,
Chennai-600 017, as the Statutory Auditors of the Company, (after obtaining their consent letter & valid
peer review certificate issued by the Institute of Chartered Accountants of India) to hold office for a
term of 5 (five) years from the conclusion of the 43^rd Annual General Meeting (AGM) of the Company
held for the financial year 2022-23 until the conclusion of the 48^th AGM of the company for the
financial year 2026-27 on such remuneration as may be mutually agreed upon between the said
Auditors and Board of Directors of the Company.

Pursuant to the amendment to Section 139 of the Companies Act, 2013 which was notified on May 7,
2018, ratification of appointment of Statutory Auditors at every AGM is no longer required.

COST AUDITORS

On the recommendation of the Audit Committee meeting held on 14.08.25, the Board of Directors
appointed M/s. Latha Venkatesh & Associates, Cost Accountants (Firm Registration No. 101017), as Cost
Auditor of the Company for the financial year 2025-26 under Section 148 of the Companies Act, 2013

read with the Companies (Cost Records and Audit) Amendment Rules, 2014. M/s. Latha Venkatesh &
Associates has confirmed that they are free from disqualification specified under Section 141(3) and
proviso to Section 148 (3) read with Section 141(4) of the Companies Act 2013 and that their
appointment meets the requirements of Section 141(3)(g) of the Companies Act, 2013. They have
further confirmed their independent status and an arm’s length relationship with the Company.

The remuneration payable to the Cost Auditor is required to be placed before the Members at the
ensuing AGM for their confirmation and approval. Accordingly, a Resolution for seeking appointment
and remuneration payable to Cost Auditor is included in the notice convening the Annual General
Meeting.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed
Mr. VS Sowri Rajan (FCS 2368), Company Secretary in Practice to undertake the Secretarial Audit of
the Company. The Report of the Secretarial Audit Report is annexed here with and forms part of this
Report.

The Company has ensured compliance of the Secretarial Standards issued by the Institute of Company
Secretaries of India during the period under review. Accordingly, no qualifications or observations or
other remarks have been made by the Secretarial Auditor in the said Report.

G.S.T. AUDITORS

The company has appointed M/s. KSquared, Auditors, as GST Auditors to the company for auditing
GST related matters viz. filing of GST Forms/Returns etc., and to represent the company before the
GST authorities for proper compliance.

INTERNAL AUDITORS

The company has appointed Ms. N Neeraja, Chartered Accountants, as Internal Auditors to the
company for auditing / verifying the records of the company, to advise the company with regard to
the Internal controls & auditing of the same, and to issue and submit their report on quarterly basis
to the Board of Directors.

INVENTORY AUDITORS

The Company has appointed Mrs. Selvi, Audtor, for inventory & logistic management.

20. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SEC. 143(12)

During the year under review, there were no frauds reported by the auditors to the Audit Committee
or the Board under section 143(12) of the Companies Act, 2013.

21. HUMAN RESOURCES

The company continued to lay emphasis on creating a high performing work culture to achieve
organizational goals of the present as well as those of the future in a sustainable way by establishing a
culture of process discipline, organizational oneness and achievement orientation across its businesses
through simplification and digitization, empowerment, project-based working and customer
centricity.

The information relating to employees and other particulars required under Section197 of the
Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 will be provided upon request.

In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to the

Members excluding the information on employees, particulars of which are available for inspection by
the Members at the Registered Office of the Company during business hours on all working days of
the Company up to the date of the forth coming Annual General Meeting. If any Member is interested
in obtaining a copy there of, such Member may write to the Company Secretary in the said regard.

The disclosure with regard to remuneration as required under Section 197 of the Act read with Rule
5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
attached and forms part of this Report

22. INTERNAL CONTROL SYSTEMS
Internal Audit and their adequacy

The Company has in place well defined and adequate internal controls commensurate with the size of the
Company and the same were operating effectively throughout the year. To maintain its objectivity and
independence, the Internal Auditor (IA) reports to the Chairman of the Audit Committee of the Board.
The IA evaluates the efficacy and adequacy of Internal Control System, its compliance with operating
systems and policies of the Company and accounting procedures at alllocations of the company.
Based on the report of IA, process owners undertake corrective action in their respective are as and
there by strengthen the controls. Significant audit observations and corrective actions thereon are
presented to the Audit Committee of the Board.

Internal Financial Control Systems with reference to the Financial Statements

The Company has complied with the specific requirements of the Companies Act, 2013, which call for
establishment and implementation of an Internal Financial Control framework that supports compliance
with requirements of the said Act in relation to the Directors’ Responsibility Statement.

The Company has in place adequate internal financial controls commensurate with the size, scale and
complexity of its operations. During the year, such controls were tested and no reportable material
weakness in the designor operations were observed. The Company has policies and procedures in
place for ensuring for proper and efficient conduct of its business, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting
records and the timely preparation of reliable financial information.

The company has adopted Accounting Policies which are in line with the Accounting Standards and
the Act. These are in accordance with generally accepted accounting principles in India. Changes in
policies, if required, are made in consultation with the Auditors and are approved by the Audit
Committee.

The Risk Management Committee of the Board of Directors reviews the risk mitigation plans periodically
to monitor the key risks of the Company and evaluate the management of such risks for effective
mitigation.

The company has a robust financial closure, certification mechanism for certifying adherence to
various accounting policies, accounting hygiene and accuracy of provisions and other estimates.

23. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has a Vigil Mechanism named Ethical View Reporting Policy (EVRP) to report concerns
about unethical behaviour, actual/suspected frauds and violation of company’s code of Conduct.
Protected disclosures can be made by a whistle blower through several channels. An Ethical View
Committee has been constituted to discuss the finding of the investigations of the complaints and to
recommend remedial actions. The Audit Committee of the Board oversees the functioning of the
Ethical View Committee.

Also, during the year, your Company reached out extensively to employees to conduct greater awareness
on Value Creation in Competitive Environment (VCCE) and on Anti Bribery and Corruption Directive
(ABCD) through e-learning modules and face to face sessions, achieving a high level of engagement

and compliance. This reflects your company’s strong commitment to Zero tolerance for non¬
compliances in this regard and to doing business the right way and with integrity.

24. BOARD EFFECTIVENESS

a. Familiarization Programme for the Independent Directors

In compliance with the requirements of SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015, the Company has put in place of familiarization Programme for the Independent
Directors to familiarize them with their role, rights and responsibility as Directors, the working of the
Company, nature of the industry in which the company operates, business model etc. The details of
the familiarization programme are explained in the Corporate Governance Report.

b. Board Evaluation

Pursuant to the provisions of the Act and the SEBI (LODR) Regulations 2015, the Board has carried out the
annual performance evaluation of its own performance, the Directors individually as well as the
evaluation of the working of its Audit, Nomination & Remuneration and Compliance Committee. The
criteria applied in the evaluation process are explained in the Corporate Governance Report.

25. ENHANCING SHAREHOLDER VALUE

Your Company firmly believes that its success in the market place and a good reputation are among
the primary determinants of value to the Shareholder. The organizational vision is founded on the
principles of good Governance and by theresolve to be a customer-centric organization which
motivates the Company’s Management to be aligned to deliver leading-edge building products
backed with dependable after sales services.

Your Company is committed to creating and maximizing long-term value for Shareholders and
essentially follows a four-pronged approach to achieve this end.

a) By increasing all-round operational efficiencies.

b) By identifying strategies that enhance its competitive advantage.

c) By managing risks and pursuing opportunities for profitable growth, and

d) by cementing relationships with other important Stakeholder Groups through
meaningful engagement processes and mutually rewarding associations that
Enable it to create positive impacts on the economic, societal and environmental
dimensions of the Triple Bottom Line.

Underlying this is also a dedication to value-friendly financial reporting that assures the Shareholder
and investor of receiving transparent and unfettered information on the Company’s performance.

26. ECONOMIC SCENARIO AND OUTLOOK

The critical challenges before your Company would include the following:

• To continue to step up the sale of value creating Premium products.

• To further streamline channel management and strengthen marketing activities in
a manner that leverages the Company’s brand equity.

• To continue promotion and facilitation of cashless transactions in the retail
network with a view to ensure uninterrupted retail off takes.

To develop the means to foresee changes in the value chain and the agility needed to keep strict control
on the costs of fuel and raw materials amid volatile global prices.

27. G.I. PIPES & TUBES-PERFORMANCE

Costs-Pipes &Tubes Business

During the year 2024-25, the company maintained a close focus on effective cost management through
various initiatives.

a) Cost of Materials consumed

Cost of materials consumed was Rs. 6,771.00 Lakhs in 2024-25 as against Rs. 6,510.34 Lakhs during the
year 2023-24.

The Company’s Sustainable Development programme continues to be comprehensive and robust.

b) Power & Fuel

The Power & Fuel spent in 2024-25 was Rs. 140.15 lakhs, as compared to Rs.111.69 Lakhs spent in 2023¬
24. The Company continues to focus on reducing the overall cost of fuel as well as shifting its dependence on
linkage by optimizing the fuel mix to enhance the use of alternative fuels.

c) Freight&Forwardingexpenses

Freight and forwarding expenses during the year is Rs. 40.78 Lakhs as compared to Rs. 31.26 Lakhs in 2023-24.

d) Employee costs

Overall employee costs, increased by 6.81 % in 2024-25.

e) Other Expenditure

Other expenditure decreased to Rs.128.88 Lakhs for 2024-25 of total expenditure of the company as
compared to Rs.143.23 Lakhs in the previous year 2023-24.

28. SUSTAINABLE DEVELOPMENT

CO2 Emissions:

Your Company is committed to cut its carbon footprint in line with the Low Carbon Technology Roadmap
for the Pipe Industry.

Green Energy

Controlling Emissions: The installation of dust monitors as per the statutory requirement of TNPCB was
completed at our plant.

Water Performance:

Performance and to achieve a water positive status, the company has focused its efforts on two
approaches:

i) Reduction of fresh water intake by lowering water demand in process and non-process areas and
waste water recycling after treatment. Water metering and monitoring systems were installed.

ii) Conservation of water by rain water harvesting in plants, and sustained

Water harvesting measures undertaken over the years has helped our Plant become self-reliant
without being dependent on natural water sources like rivers and borewells. These two approaches
have helped your Company reduce its specific water consumption.

Biodiversity

Your Company is committed to the conservation of biodiversity. Efforts on biodiversity conservation
are focused on following areas:

i) To study and assess the biodiversity operated by the Company.

ii) On-ground implementation of activities which conserves biodiversity:

iii) Afforestation activities in and around our plant premises with native species of trees at our
Plant.

29. HEALTH & SAFETY (H & S Policy-Initiatives)

H & S Business processes and information systems across the Company were further strengthened with
the proposed launch of an online H&S application called “Click2Safety”. This application helps
streamline reporting in a manner that gives access to all employees, is standardized, is faster and
enriches the H&S Database.

30. LOGISTICS SAFETY

Logistics safety is one of the major focus areas for your Company. Ongoing initiatives undertaken in
this regard included provisions of various plant and parking level protocols, creation of certain
hygiene factors for truck drivers and their crew such as amenities at truck parking yards, improving
tarpaulin tying practices, improving Personal Protective Equipment usage, renewal of logistics
contracts to include safety parameters and issue of “passports”, for drivers as well as vehicles which
are informal internal databases that provide details of individual identity, registration, roadworthiness
and safety preparedness.

31. HUMAN RESOURCES

The company adopted a functional organization structure which is intended to enable the organization to
be more collaborative, agile and streamlined in implementing strategy, harnessing internal functional
expertise to the fullest and in enhancing stakeholder value.

Employee Relations

The HR policy is intended as a part of the Company’s continuous efforts to offer one ofthe “Best Places to

Work” in the Pipe Industry. This policy was designed to attract newtalent and motivate existing employees to
contribute to their peak performance levels.The Company’s HR function is recognized in the sector for its
engagement and leadership development processes in nurturing talent necessary to keep the
Organization’s talent pool future ready. The Company continued with efforts to ensure that its pool of human
resources is “future ready” through its robust processes of learning & development, capability building
and its development programme for shop floor associates. Efforts continued to be taken to develop
leadership lines as well as to enhance technical and functional capabilities with special focus on nurturing
young talent, in order to meet future challenges.

India Manufacturing Transformation (IMT)

The IMT Programme aims to make the work-culture in the core areas of production and maintenance in the
Steel Pipe Plant more contemporary. This envisages a lean manufacturing organization design with
multitasking, standardization nand simplification of manufacturing processes, improved productivity
standards, introduction a centralized maintenance design with better planning and benchmarking with the
best-in-class.These initiatives will enable the Steel Pipe Plant operate more efficiently in a competitive
environment and render them compatible with National manufacturing standards.

Industrial Relations

Employee Relations at all the Units remained cordial. This has helped to build a healthy relationship and
resolve issues through mutual dialogue.

Prevention of Sexual Harassment of Women at Workplace

The company has policy on prevention of sexual harassment at workplace in line with the requirement of
the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An
Internal Complaints Committee (ICC) to redress complaints received regarding sexual harassment has been
constituted in compliance with the requirements of the said Act. The company has constituted “Visakha”
Committee consisting of following Members:

1. Mrs. Divya Abhishek (External Member)

2. Mrs. Priya Krishna (External Member)

3. Mrs. Latha Venkatesh (External Member)

The policy extends to all employees (permanent, contractual, temporary and trainees). Employees at all levels
are being sensitized about the new Policy and the remedies available thereunder. During the year, the
Company has not received any complaint on sexual harassment and there are no complaints pending.

Awarenesss programme were conducted across the Company to sensitize the employees to uphold the
dignity of their colleagues at workplace, particularly with respect to prevention of sexual harassment.

32. BUSINESS RISKS & OPPORTUNITIES

The Business Risk Management Committee, chaired by an Independent Director, is functioning as required
under SEBI Regulations.The committee discussed about the physical risk and marketing risk. Details of this
Committee, its terms of reference and functioning are set out in the Corporate Governance Report.

The Company has implemented a Business Risk Management Policy which lays down the framework to
identify business risks at both corporate level and at Business Segment level.

The Company’s approach to addressing business risks is comprehensive and enables timely anticipation of
risks and identification of opportunities enabling appropriate responses, thereby enhancing the Company’s
competitive advantage. Separate approaches are defined for each of the main business segments of Steel

Pipes and forms an integral part of the company’s Mid Term Planning cycle.

The company is faced with various risks at an operational level which very often have the potential to
offer business opportunities. Some of the main risks are discussed herein:

Proactive Safety Culture

Your company has identified Health & Safety of employees and workmen as one of its key focus areas.
These include possibilities in the areas of the availability and souring of Raw Materials, Energy, Efficiency
and Conservation, Logistics and production development and market segmentation based on research,
imbibing best practices in manufacturing and other areas leading productivity improvement.

Safety on National roads is largely dependent on various factors such as the overall condition and
maintenance of roads, vehicle road-worthiness and general observance of road traffic laws. As part of its
Logistics Safety function and Indian Road Safety Programme, the Company has taken several initiatives
including regular simulator-based driver training, vehicle inspection for road-worthiness and the use of
GlobalPositioning Systems (GPS) to monitor outbound movement of Steel Pipes to the end user.

Opportunities

Your Company also regularly examines potential opportunities created from situations involving business
risks.

33. DECLARATIONS / AFFIRMATIONS

During the year under review:

- There were no material changes and commitments affecting the financial
position of the Company, which have occurred between the end of the financial
year of the Company to which the financial statements relate viz. 31^st Mar’2025
and the date of this Report; &

- There were no significant material orders passed by the regulators or courts or
tribunals impacting the Company’s going concern status and its operations in
future.

34. ACKNOWLEDGEMENTS

The Directors thank all Customers, Vendors, Financial Institutions, Banks, State Governments, and
Investors for their continued support to your Company’s performance and growth. The Directors also wish to
place on record their appreciation of the contribution made by all the employees of the Company resulting
in the good performance during the year under review.

35. CAUTIONARY STATEMENT

Statements in the Board’s Report and the Management Discussion & Analysis is describing Company’s
objective, expectations and forward-looking within the meaningof applicable Securities Laws and Regulations.
Actual results may differ materially from those expressed in the statement. Important factors that could
influence the Company’s operations with regard to demand and supply conditions affecting selling prices of
finished goods, input availability and prices, changes in Government Regulations,Tax Laws, Economic
Developments and other factors such as litigation and industrial relations.

For and on behalf of the Board

Sd/- Sd/-

N. SUDHARSAN BIVASHWADAS

DIN: 08562284 DIN:07352655

PLACE: CHENNAI
DATE: 14.08.2025