Strategies

Leverage vertically integrated manufacturing and engineering capabilities, to tap the growing opportunities
for aluminium usage in the Automotive — Aluminium Products and Industrial and Engineering segments.

Our vertically integrated manufacturing and engineering capabilities enable us to capitalize on the growing
opportunities and emerging trends in our industry, particularly in our Automotive — Aluminium Products segment,
where our focus is on multi utility vehicles, commercial vehicles and two wheelers, and in our Industrial and
Engineering segment, where our focus is on manufacturing certain critical power transmission components,
including, among others, castings for gas insulated switchgear.

Under the Government of India directives, the passenger, commercial vehicles and the two wheeler segments of
the automotive industry in India have migrated to BS-VI emission norms from April 2020. Similarly, the farm
equipment and construction equipment manufacturers are required to upgrade their products to BS-IV emission
norms from April 2021. In order to comply with these norms, the automobile manufacturers are, amongst other
things, exploring various possibilities of light-weighting their vehicles by using non-ferrous metals like aluminium
to reduce carbon emission. As we have an entire range of aluminium casting and product capabilities, we are
poised to offer various aluminium cast components in lieu of iron components. We have already successfully
developed aluminium cast components for an OEM. We have also developed an integral aluminium welding
technology, which would enable us to offer comprehensive solutions to manufacture structural parts for our
Automotive - Powertrain and Others and Automotive — Aluminium Products segments.

 

Increase our wallet share and acquire new business by leveraging existing OEM relationships and adding new
customers.

We intend to strengthen our relationships with our existing customers and explore opportunities to grow along the
value chain by expanding the array of our existing products and solutions that we supply to our customers across
geographies, and to win new customer contracts by developing products and solutions aligned with their needs.

We have been able to discern emerging trends and proactively identify new segments of business over the past
few years, enabling us to capitalize on an early mover advantage in certain segments, and also to harness synergies
through knowledge sharing between our cross-functional teams and horizontal and vertical integration across our
operations. Our engineering expertise and domain knowledge have enabled us to foray into certain niche areas
with high margin, high growth potential, including high-quality, intricate, complex and critical components
required by our customers. As part of our strategy, we have already expanded our business from providing
solutions to OEMs producing commercial vehicles to providing solutions to OEMs producing two wheelers.
Despite competition, we have been able to increase our customers’ contribution to our revenue.

We intend to achieve this by expanding the sale of each of our existing products to new or existing customers who
do not purchase such products from us presently. We see significant potential to increase the wallet share of our
existing OEM customers in the future, including an increase in our wallet share from export opportunities.

Within the Automotive - Powertrain and Others and Automotive — Aluminium Products segments, our continued
focus would be on the growing light and medium commercial vehicle, passenger vehicles and two wheeler sub-
segments. We intend to leverage our relationships with certain of our key customers, with some of whom we have
enjoyed long-term relationships for over 10 years, to grow our Automotive — Aluminium Products segment. In
particular, we seek to continue to explore opportunities that may arise from the Make in India initiative, fiscal and
tax reform and other regulatory and policy support initiatives in India, which the Central and State Governments
may announce and implement from time to time.

Growing opportunities in storage solutions.

As a part of our growth strategy, we seek to pursue emerging opportunities, including storage solutions and
material handling, which are growing market opportunities. According to the CRISIL Report, the market sizing
of storage solutions industry is estimated at 22 billion as of Fiscal 2020. The industry grew at a CAGR of 15 to
16% over Fiscal 2016 to Fiscal 2020 and is expected to 2 36 billion in Fiscal 2024 from % 21 billion in Fiscal
2021. We see opportunities in increasing our market share in the storage solutions business, where we intend to
leverage our strong product development, designing, engineering and manufacturing capabilities along with our
strong relationships with our existing customers.

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