Dear Shareholders

Let me start by wishing all of you a happy and healthy future. The pandemic has clearlyreinforced the message that Health is Wealth. The last financial year was the year ofhope Though the pandemic did not disappear the nationwide roll out of the vaccineprogramme meant that lives were more secure and coupled with precautions people couldget back to some degree of normalcy. With the period of uncertainty mostly behind us Ibelieve a more positive macroeconomic outlook dominates the executive agenda acrossindustries.

The Indian textile industry has picked up pace and recovered significantly afterwitnessing a few sluggish years. The geopolitical winds of change have resulted in Indiaemerging as the best option for many importers. This has been backed by the Indiangovernment's aggressive approach to closing various Free Trade Agreements (FTAs).Government announcements such as the Production Linked Incentive (PLI) scheme the settingup of mega textile parks and the extension of the Rebate of State and Central Taxes andLevies scheme will further support the sector. The industry buoyed by these factors ison the path to a speedy recovery.

Our consistent growth is driven by our pioneering innovation expert sustainableoperations and high quality products. We continue to operate effectively ensuring smoothbusiness continuity.

I am grateful that on the business front we have much to feel happy about and tocelebrate. It has been a highly satisfactory year of strong & profitable growth. Weforesee the same kind of growth & gains in the next year also.

By pushing our limits walking the road less travelled reaching new milestones andmoving on to greater glories and our resilience is also a reflection of our potential torise above and see beyond challenges towards emerging opportunities that shine on thehorizon. We have proved time and again that our vision and strategies can stand the testof time. At the same time we are also improving our ESG scorecard and emerging as anenvironment-friendly business with a strong commitment to social welfare.

Our ambition is to win sustainably in the marketplace while doing good for the planetand our communities. We will continue to unlock our potential to further strengthen ourdistinctive identity and amplify value for all stakeholders Transparency stakeholdervalue integrity and quality are at the core of our business. We believe in achieving ourorganisational objectives by ensuring fair governance maintaining integrity andrespecting our internal and external stakeholders. We believe in creating an empoweringwork environment driven by the values of sustainability and responsibility whichtranslates into quality products.

Gratitude

I like to thank Our robust network of suppliers who has been our partner of growth asthey have ensured quality and timely delivery of raw material despite such trying externalcircumstances. I sincerely thank our governing board that has constantly guided us tostand by our principles of ethics and highest governance standards. Lastly I like tothank each employee of the company and management team of SPAL for being so dynamicdriven committed in building a phenomenal business together.

We are excited about the future and are confident that we will continue to have all ourstakeholders' support and trust as we embark on this exciting journey.