Dear Shareholders

Indian's economy maintained its strong growth in the financial year 2017-2018. TheGross Domestic Product was 6.7%. This was a result of structured capital outlay by theGovernment increased consumer spending and improvement in rural demand. The year alsowitnessed the implementation of Goods and Services Tax (GST). This has created a onemarket one tax scenario in the country.

India is in electrification overdrive with about 30000 new electricity connectionsbeing granted every week. Prepaid and smart meters are going to get greater thrust fromthe government as India moves towards the target of achieving universal householdelectrification as part of the Saubhagya scheme by end of next year.

There is assured demand for smart meters. The households which will be electrified infuture will be connected through smart meters.

Clean energy is India's top priority. In past few years India has achieved animpressive ¹ growth in adding renewable energy generation. Efforts have beenmade to alleviate the long standing problems like power shortages rural electrificationpoor distribution companies (Discom) financial health and non performing energy assetsthrough various policy interventions. The current penetration of renewable energy is lowabout 15% of total energy supply.

It is envisaged that in 2050 India will have an annual energy demand of about 14500TWh per year. Largely the demand will be from industry sector followed by transportationand buildings. In the absence of paradigm shift towards the low carbon alternatives thedependence on fossil fuel will increase causing a serious threat to nation's energysecurity and GHG emissions in future.

The year under review saw improvement in the total turnover as compared to the previousyear.

Being a "people first" company it has a strong systematic performancemanagement strategy which helps in attracting and maintaining talent.

On behalf of the Board I thank all the business associates employees shareholdersand customers for the support and encouragement.

Regards

Pranav Kumar Ranade

Chairman and Managing Director.