Dear Shareholders

Microbes have often shaped human history and will do so again though it is difficultto speculate on exactly how. Countries across the world have failed their people in publichealth and consequently the world is facing one of its most serious crises in livingmemory.

As news of the dangers of COVID-19 spread across the world the first priority for yourCompany's management was to ensure the safety of its people. We quickly put in placestrict protocols to be followed in daily life and simultaneously supplied all thenecessary protective equipment to keep everyone safe. At the time of writing this letterto you all I am glad to say that we have been successful in protecting all our seafarersas well as our shore personnel from the virus.

About a week before our government announced a nationwide lockdown your Companyinitiated 'Work from Home' (WFH) for its employees. I am happy to report that during theseover 90 days of WFH the business has been run efficiently and seamlessly.

I particularly wish to convey a special message of gratitude to all our seafarers whohave delivered under very challenging circumstances and who unfortunately have been keptaway from their loved ones due to the travel restrictions.

You will recollect that I had mentioned in my previous Chairman's Statement that ourperformance should be judged on normalised profit not on reported profit. Based on thismeasure the year ended March 2020 has been a good year for your Company. Our normalisedprofit for the year ended March 2020 (before adjusting derivative MTM losses and foreignexchange losses) is Rs.614 crores. This has made the year our best year operationallysince 2015-16. Consequently we have increased the dividend from Rs.5.4 per share lastyear to Rs.8.1 per share this year! The year's strong cash flow has enabled us tosuccessfully reduce our debt by the equivalent of US Dollars 132 mn pay out two dividendstotalling Rs.181 crores and also undertake a modest share buyback of Rs.100 crores allwithout depleting the year's opening cash balance. Another measure of our strongperformance is reflected in the movement of our net asset value (NAV). This valuerepresents at market prices the shareholders' equity in the business. As of end March2020 our standalone and consolidated NAV per share stood at Rs.454 and Rs.491-Rs.533respectively compared to Rs.374 and Rs.443- Rs.468 a year previously. As a detailedanalysis of our business results is contained in the 'Management Discussion and Analysis'section I will refrain from discussing it here.

In addition to having a good year financially I am equally happy to report that theyear was also the best it has ever been on our fleet utilisation. Barring the timerequired for completing statutory surveys we achieved an operational efficiency of 99.5%on the shipping fleet. Not only did we achieve this high level of efficiency but we alsomanaged an operating cost reduction of more than '50 crores. Likewise in our offshorebusiness our drilling team achieved an operating uptime of more than 99% while managingto successfully keep the daily operating cost under tight control. As I had mentioned inan earlier Chairman's Statement one of our principal focus areas was to create anorganisational DNA that will position us as one of the most cost-effective and highquality shipping companies globally.

Ever since we began our corporate social responsibility activity through ourfoundation I have emphasised on the need for helping the many who are less fortunate thanourselves and who struggle daily in their lives. I am happy to report that the team thatruns our foundation continues to carry out exemplary work in identifying the mostdeserving of causes. In addition to our annual support of the foundation we have madespecial efforts in the last few months to support some of those who are facing immensehardship during the country's lockdown. We will continue to do so to the best of ourability.

Our sincere thanks to all our employees both onshore and aboard our fleet who strivetogether towards attaining the highest standards of excellence. And of course to you myfellow shareholders who have stood by us through thick and thin.

With warm regards

K.M. Sheth

Chairman

Mumbai June 18 2020.