Dear Share Holders

I am pleased to update you that we have completed brown field expansion work andstarted production activities during fourth quarter of FY 2019-20. Capacity has beenincreased from 15000 TPA to 30000 TPA.

In spite of two major operational disturbance for a period of 4 weeks due to Kolhapurfloods and COVID-19 lockdown company could achieve a healthy double-digit growthsupported by additional capacities and strong order book.

During the year revenues grown by 26.3% from Rs 165.6 Crores to 209.15 Crores with anexport's growth of 247% from Rs 11.94 Crores to Rs 29.34 Crores.

Profit before tax grown by 21.4% from Rs 5.15 Crores to Rs 6.24 Crores.

Industry overview and future prospects:

a. During the year 2019 global wind installations surpassed 60 GW with a growth of 19%over previous year. GWEC forecast an average global installation of 71 GW during next fiveyears.

b. Indian installations grown by 31% from 1.58 GW to 2.07 GW. But these installationsare way behind industry expectation of 5 GW due to various challenges faced by theIndustry in execution.

c. Demand for Indian wind turbine casting is projected to grow with all the WTG OEM'ssetting up plants in India for catering to domestic & global markets. Improved globalbuyers' sentiments towards Indian castings due to Trade war between USA & China offersfurther growth opportunity in export business.

d. For the year FY 2020-21 domestic and global installations will be getting affecteddue to COVID-19 lockdowns. Other engineering castings demand will also be getting affectedduring this period.

e. Supported by additional capacities and strong export demand revenues are estimatedto grow between 10 to 20% by factoring 8 weeks operational disturbance due to COVID-19pandemic. Export revenues are estimated to grow over 100%.

f. In spite of moderate growth forecast for FY 2020-21 profit before tax is estimatedto grow substantially with higher export business and cost improvement initiatives.

I am highly thankful to our Board for their valuable guidance and our management team& all employees for their continued effort towards the vision and bringing excellentgrowth to organisation. I take this opportunity to thank our banker Bank

of Baroda for their continued support in achieving our goals. I also acknowledge thesupport extended by Central & State governments and express our sincere thanks tothem. I would like to express our appreciation to our partners in our various ventures. Iwould also like to thank our esteem shareholders for your continued support.

With Warm Regards