Dear Share Holders

Honourable Shri Rajendra V Shirgaokar had shouldered me the responsibility ofChairmanship with his guidance & blessings I am confident of taking his legacyforward and take the company to new highs.

FY 2020-21 was a testing year for our business resilience because of Covid 19 pandemicdisruption. Majority of first quarter operations were interrupted due to nationwidelockdown and spilled over to next quarter for attaining complete normalcy due to migrantlabour issues. In spite of all this company's revenue has been protected and recorded anet sale of Rs.198.85 Crores as against Rs.207.87 Crores in the previous year with amarginal decrease of 4.34%. This could be achieved because of strong global demand andexport revenues grown over 200% from Rs.29.58 Crores to Rs.90.22 Crores.

Industry overview and future prospects:

a. In spite of Covid pandemic shadow on entire business environment it was anoutstanding year for global wind installations with an impressive growth of 53% from 60.8GW in 2019 to 93 GW in 2020. This was mainly because of tax incentive cutoff in USA &China. As per GWEC report these installations are forecasted to sustain with 4% CAGRgrowth during next 5 years.

b. Indian wind industry is subdued because of pandemic and installations were halvedfrom 2.04 GW in FY 2019-20 to 1.12 GW in FY 2020-21. However it is expected to catch upwith global trend with improvement in domestic constraints.

c. Company's order book is originated from domestic installations export of made inIndia turbines and global market. We foresee strong orders growth of over 40% for next twoyears with non-binding capacity allocations from major customers.

d. Considering the strong growth visibility it has been planned to enhance thecapacity by another 50% from 30000 TPA to 45000 TPA during FY 2021-22.

In order to comply with the provisions of SEBI LODR for migration of the Company fromSME exchange to Main exchange Board of Directors has been restructured. Resultant ofthis Directors Shri Rajendra Shirgaokar Shri Prafulla Shirgaokar Shri Niraj Shirgaokarand Shri Jeevan Shirgaokar have stepped down from the Board. I acknowledge thecontributions of these Directors during their tenure. Their guidance will help us toachieve new milestones during the years to come.

Also I am highly thankful to our Board for their valuable guidance and our managementteam & all employees for their continued effort towards the vision and bringingexcellent growth to organisation. I take this opportunity to thank our banker Bank ofBaroda for their continued support in achieving our goals. I also acknowledge the supportextended by Central & State governments and express our sincere thanks to them. Iwould like to express our appreciation to our suppliers and customers for their continuedsupport. I would also like to thank our esteem shareholders for their support.