Dear Shareholders

Greetings from Pricol!

I hope you and your family are safe from the ongoing COVID-19 pandemic and I pray foreveryone's wellbeing. Firstly I would like to take this opportunity to thank each andevery one of you for your continuous support and con dencein us. The nation is grapplingwith the pandemic while simultaneously gearing itself for a phased reopening of theeconomy and preparing for life beyond the pandemic. The year 2020-21 was an unprecedentedone in every sense and it tested our resilience and patience to withstand enormouschallenges which brought out our collective strength to push through paradigm shifts. Wehave seen the whole country enter complete lockdown which adversely affected economy atlarge and businesses across sectors; be it large or small organized or unorganized. Suchextraordinary times called for extraordinary measures to be taken within the organizationto be buoyant to sail through the turbulent times. The auto-ancillary industry account foraround 2.5% of India's GDP and it is one of the most important sectors contributing to theIndian economy. The sector saw a big downturn during the start of last scal year. Howeverwith relaxations of lockdown followed by the movement of people and goods gainingtraction the sales were up and running again and with Social Distancing becoming a normthe industry bounced back stronger with increased demand of vehicle sales.

Change is Constant and the one who does not adapt to it shall perish as they say. Weat Pricol have been ever adapting to changes and exible in our approach. This has reallyhelped us to bolster ourselves better and recover from the impact much stronger. We tookseveral initiatives across the organization and our teams have been exhibiting dynamismfrom the forefront which collectively helped us to achieve much better results than we hadanticipated. Safety First! Safety was and is always on top our mind. We have taken all thenecessary precautions in order for the operations to continue seamlessly and will continueto follow the guidelines laid out by the government in order to safeguard our employees atall levels from the impact of COVID-19. We had constituted a dedicated task force andvolunteer team across all locations to monitor the spread of the disease and effectivelycontrol the same.

Beyond Business. During this critical time when the world cries out for help we feltthat reaching out to people beyond our organization was needed more than ever. We haveextended our support to the medical fraternity frontline workers etc to the bestpossible extent as our moral responsibility and commitment to give back to our society andour communities.

Today as Pricolians we are resilient and united more than ever before and we arelooking forward to take on more opportunities and challenges. I would like to take thisopportunity to thank all our employees for their sustained contributions. Further I wouldlike to thank the Board for their continuous guidance and support. I would also like tothank our shareholders bankers and business partners for their continued support for ourcompany over the years. We will continue to stay focused and work together with all ourstakeholders to ensure we all succeed together.