Our Promoter’s vision, strategic guidance, industry relationships and entrepreneurial ability and our senior
management’s execution skills are supported by a large, motivated and skilled workforce. Our employees and
apprentices benefit from regular in-house training initiatives and we also engage external consultants from time
to time, to assist us in specific initiatives and functions. Our personnel policies are aimed towards recruiting
talented individuals, facilitating their integration, and promoting the development of their skills. As on December
31, 2020, we had a large workforce of 259 management staff, 1,372 permanent workmen, 755 apprentices and
1,214 contract workmen.

Robust financial performance in challenging business environment.

Our robust financial performance positions us for future growth and diversification. Our total income was 2
10,299.08 million, 15,010.57 million, 18,316.43 million and = 15,228.62 million for the nine months ended
December 31, 2020 and Fiscals 2020, 2019 and 2018 while our profit after tax was = 506.60 million, = 410.73
million, = 973.67 million and 2 315.34 million for the same period. Even though our total income declined in
Fiscal 2020 as compared to Fiscal 2019 due to the challenging business environment, our overall EBITDA
increased at a CAGR of 15.42% from 2 3,051.81 million in Fiscal 2018 to 2 4,065.51 million in Fiscal 2020. We
were able to achieve the margin improvement due to our strong process controls resulting in better operational
efficiency. Our profit after tax for the nine months ended December 31, 2020 and Fiscals 2020, 2019 and 2018
was % 506.60 million, = 410.73 million, = 973.67 million and 2 315.34 million, respectively. For the nine months
ended December 31, 2020 and Fiscals 2020, 2019 and 2018, our EBITDA Margin was 28.81%, 27.24%, 25.12%
and 20.19%, respectively. Our overall EBITDA margin increased at a CAGR of 16.15% ona restated consolidated
basis, from 20.19% in Fiscal 2018 to 27.24% in Fiscal 2020. During the same periods, our total debt to equity
ratio was 1.15, 1.44, 1.43 and 1.42, respectively.

Even though our revenues declined by 17.90% from % 18,180.07 million in Fiscal 2019 to 2 14,924.65 million in
Fiscal 2020 due to the challenging business environment, we have improved our EBITDA margin from 25.12%
in Fiscal 2019 to 27.24% in Fiscal 2020. We were able to achieve the margin improvement due to our strong
process controls resulting in better operational efficiencies. According to CRISIL Report, we had the highest
EBITDA margin for Fiscal 2019 and Fiscal 2020 across our peer group. For further details, see “Industry
Overview — Peer Comparison” on page 165.

For our segment wise revenue, percentage of growth in revenue compared to the previous Fiscals, percentage
contribution to our revenue by our segments, our EBITDA and EBITDA margins for nine months ended December
31, 2020 and Fiscals 2020, 2019 and 2018, see “Management’s Discussion and Analysis of Financial Conditions
and Results of Operations” on page 288.

We have already incurred significant capital expenditure in the past few years, including setting up an entire range
of facilities such as no-bake sand foundry, high pressure, low pressure and gravity die casting capabilities for
production of various types of aluminium castings for different applications for our customers, allowing us to
offer a diverse product suite, reduce operating costs and drive our productivity. For our capital expenditure in our
three business segments for Fiscals 2020, 2019 and 2018, see “~ Overview” on page 168. According to CRISIL
Report, despite incurring significant capital expenditure, we were one of the two companies in our peer set to
improve ROCE between Fiscal 2018 and Fiscal 2020. For further details, see “Industry Overview — Peer
Comparison” on page 165.

While the challenging business developments for us and our customers was impacted by slow-down in the overall
economy, the scheduled adoption of BS-VI norms and COVID-19 pandemic has affected the auto sector and our
revenues, we have maintained stable EBITDA and EBITDA margins. For details, see “Management’s Discussion
and Analysis of Financial Conditions and Results of Operations” on page 288. Our current long term loan rating
is BBB+/ stable and our short term loan rating is A2, last upgraded in March 2018 and reaffirmed in February
2020 and again in May 2020 by CRISIL. Strong ratings enable us to optimize our cost of funding and efficiently
plan our ongoing operations, capital expenditure plans and future growth. Going forward, as we propose to utilize
the major portion of the Net Proceeds towards repayment/prepayment of certain of our existing borrowings, the
resultant improvement in our debt-equity ratio should enable us to further optimize our cost of borrowings and
strengthen our balance sheet. This coupled with lower interest outgo due to reduction in borrowings will also
position us favourably for executing our future growth strategies.

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