Our other income increased by % 23.05 million, or 20.34%, from % 113.31 million in Fiscal 2018 to = 136.36 million
in Fiscal 2019, primarily as a result of increase in write back of unclaimed balances, which was partially offset by a
decrease in the interest income from deposits measured at amortised cost.

Our other income accounted for 0.74% of our total income both in Fiscal 2018 and Fiscal 2019.
Expenses
Cost of materials consumed

Our cost of materials consumed increased by 2 1,188.00 million, or 20.08%, from % 5,916.88 million in Fiscal 2018
to 27,104.88 million in Fiscal 2019. Our cost of materials consumed accounted for 38.85% of our total income in
Fiscal 2018, compared to 38.79% in Fiscal 2019.

This is primarily as a result of increase in purchase of materials, due to rise in sale of products, and a resultant
increase in the cost of transportation of such materials.

Change in inventories of finished goods

Our opening stock of finished goods was % 103.39 million for the year ended March 31, 2018, while it was = 98.10
million for the year ended March 31, 2019.

Our closing stock of finished goods was % 98.10 million for the year ended March 31, 2018, while it was = 113.03
million for the year ended March 31, 2019.

The changes in inventories were primarily a result of increase in the growth in sale of products, especially the
material intensive aluminium products and power train product sales, as indicated above.

Excise duty on sale of goods

We were not required to pay any excise duty on the sale of our goods in Fiscal 2019 as goods and service tax has
been implemented from July 1, 2017. Our excise on duty sale of goods was % 324.44 million and accounted for
2.13% of our total income in Fiscal 2018.

Employee benefits expense

Our employee benefit expense increased by = 182.02 million, or 9.16%, from 2 1,986.29 million in Fiscal 2018.
to % 2,168.31 million in Fiscal 2019, primarily as a result of increase in salaries and wages owing to the
corresponding increase in the number of employees, as well as routine increases in employee compensation
packages owing to an increase in operating activities.

Our employee benefits expense accounted for 13.04% of our total income in Fiscal 2018, compared to 11.84% in
Fiscal 2019.

Other expenses

Our other expenses increased by % 439.80 million, or 10.70%, from % 4,110.82 million in Fiscal 2018 to % 4,550.62
million in Fiscal 2019. Our other expenses accounted for 26.99% of our total income in Fiscal 2018, compared to
24.84% in Fiscal 2019.

This is primarily as a result of increase in operating activities and decreased fuel costs, increased power and
consumption of tools, stores and spares, and increased expenditure on repairs and maintenance, as well as an
increase in carriage outwards expenditure and packing material costs due to an increase in manufacturing expenses
(primarily due to an increase in repair and maintenance and power and fuel expenses), an increase in administrative
expenses (primarily due to an increase in managerial remuneration and insurance charges), and increase in selling
expenses (primarily due to an increase in packing material consumed and carriage outwards expenses).

EBITDA

Our EBITDA increased by @ 1,514.99 million or 49.64%, from % 3,051.81 million in Fiscal 2018 to 2 4,566.80 million
in Fiscal 2019, primarily as a result of the factors discussed above.

Our EBITDA came to 20.04% of our total income in Fiscal 2018, compared to 24.93% in Fiscal 2019.

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