Dear Shareholders

I heartily wish this letter unanimously finds you in good health. Inthe past two years we have resolutely faced unprecedented circumstances because of thepandemic. FY2022 instantly started in a rather challenging environment with the SecondWave of COVID-19.

It is encouraging to note approvingly the favourable results of themassive vaccination drive in our beloved country. The tangible benefits of the broadrollout of effective vaccination were clearly visible as the impact of the third wave ofCOVID-19 was minimised and the country swiftly got-back on the growth path.

Though the COVID-19 has been unambiguously a traumatic experience foreveryone but it has also changed one's outlook toward home ownership. This has sincecatalysed the legitimate demand of affordable homes and accordingly the medical and socialinfrastructure. By fundamental virtue of being one of the largest in-situ SlumRehabilitation and experienced Redevelopment player and a Specialist in AffordableHousing construction your Company was able to capitalise on this trend very early byparticipating in apt orders and building a meaningful order- book. The confirmedunexecuted orders aggregate to ' 659.26 crore at 31^st March 2022 - providing amulti-year revenue visibility of your Company. What causes this present time even morespecial is that India finds itself on a springboard for rapid growth that will positivelyenhance its economic standing in the global order. This sustainable growth will becatalysed by an infrastructure push digital inclusion and rising per capita income withthe Union Government taking the lead on capex. Civic Infrastructure typically remains anintegral part of this incredible story.

Even though we tackled the Second Wave of COVID-19 during H1-FY2022 wewere reasonably positively placed to sail through the economic crisis with a strongbalance sheet significant liquidity strict safety measures principal quality anddiverse portfolio of privileged orders a passionate workforce and an experienced Boardand management. While the H1- FY2022 was subdued the comprehensive initiativesimplemented by responsible government RBI and other regulatory authorities offered greatsupport which ensured normalcy during H2-FY2022. Our balance sheet remains strong withrobust cash-flow generation and the strongest credit metrics in a couple of years.

Sound fundamentals enabled us to reasonably achieve the twin objectivesof continually remaining sustainable and also reducing our leverage substantially. Duringthe year the financial position of your Company has not only improved substantially fromthe COVID-19 induced rare disorder but also the overall debt has been considerablyreduced - as more specifically detailed in the dedicated FDA section of this report. Weare now on the potential path to typically becoming a fast-growing low leverage Company.

Your Company is positively EMPOWERING LIVES by relentlessly focusing tocomprehensively develop inclusive Civic Infrastructure and hence the modern country'ssustainable future. Your Company has been entrusted with the total Affordable Housingresponsibility of 16146 Dwelling Units in aggregate. What is more heartening is theevident fact that your Company is uniquely poised to further empower precious lives ofabout 4100+ families within next couple of years through Redevelopment.

We remain optimistic about the effective demand for CivicInfrastructure which is well poised even after considering global challenges. Wegenuinely believe we are precisely at the promising beginning of the multi-year growthjourney of the Indian Civic Infrastructure market. On the back of rising incomes andimproving demography the industry naturally has a tremendous growth potential over thenext decade. Against the ideal backdrop of strong industry growth key experiencedRehabilitation and Redevelopment players like your Company typically havedisproportionately large growth opportunities.

As an organisation we are uniquely poised to chart the next phase inour growth story even amidst the current uncertainty. I would like to sincerely thank allour associates and my distinguished colleagues on the Board for their valuable guidanceand support.

I equally take this unique opportunity to gratefully thank all ourstakeholders - the Central State and local governments our valuable customers activeinvestors key regulators lenders reliable suppliers and influential advisors - fortheir on-going support. Finally I thank your Company's exceptionally talented workforcethat is relentlessly working hard to empower lives. I look forward to meeting you at theannual shareholders' meeting.