12,596.22 tonnes, 18,863.83 tonnes and 11,819.04 tonnes for the nine months ended December 31, 2020 and
Fiscals 2020, 2019 and 2018, respectively.

Within the Industrial and Engineering segment, we have utilized our in-house engineering and design capabilities
and developed a diverse product portfolio across two sub-segments, namely, (i) the storage solutions sub-segment
under which we have the complete solution for conventional/automated storage; and (ii) the high end precision
products sub-segment under which we manufacture aluminium products for power transmission, high-end
precision products and undertake sub-assembly, material handling equipment such as hoists, crane kits and
industrial gears, manufacture gear and gear boxes, marine engines and accessories, special purpose machines
(“SPM”), which includes metal cutting and non-metal applications such as washing and leak testing solutions and
tool room, mould base and sheet metal. In our storage solutions business, we provide diverse products and
solutions such as pallets, racking, shelving, vertical storage solutions to several sectors such as FMCG, E-
commerce, food and beverages, logistics, pharmaceutical and electronics. According to the CRISIL Report, the
market sizing of storage solutions industry is estimated at 2 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 2 21
billion in Fiscal 2021. Our storage solutions business has grown at a CAGR of 204.22% from Fiscal 2018 to Fiscal
2020 and has contributed 5.61%, 4.91%, 1.45% and 0.52% of our revenues from operations in the nine months
ended December 31, 2020 and Fiscals 2020, 2019 and 2018, respectively. We intend to leverage our strong product
development, designing, engineering and manufacturing capabilities, to create opportunities in increasing our
market share in the storage solutions business. We have commissioned new strategically located unit in Pune in
2019 for manufacturing storage solutions products which enables us to service the storage solutions market,
catering to customers across India.

We have long term relationships with several marquee domestic and global original equipment manufacturers
(“OEMs”) and component manufacturers across our three business segments. Within our Automotive —
Powertrain and Others segment, our key customers include Daimler India, Tata Motors, Tata Cummins, Mahindra
& Mahindra, Simpson & Co. Limited, TAFE Motors and Tractors, Escorts, Ashok Leyland, Perkins, Mitsubishi
Heavy Industries, John Deere and JCB India. Within our Automotive — Aluminium Products segment, our key
customers include Daimler India, TVS Motors, Royal Enfield, Perkins and Mahindra & Mahindra. Key customers
within our industrial and engineering segment include Siemens and Mitsubishi Heavy Industries. We are
considered as a strategic and preferred supplier by many of our OEM customers and are also the single source
supplier in certain product categories, for some of our key customers. Most of our business comprises direct supply
to our OEM customers, under long term agreements, which are renewed from time to time. With our track record
and wide product portfolio, we have been able to retain our existing customers and also been able to attract new
customers. We have a diversified client base with our top 10 customers accounting for 59.15%, 53.41%, 56.25%
and 52.59% of our revenue from operations, in the nine months ended December 31, 2020 and Fiscals 2020, 2019
and 2018, respectively.

We commenced operations in 1986 in Coimbatore, in the State of Tamil Nadu, India. We own and operate 12
strategically located manufacturing facilities across seven cities in India, with a total built up area of over 1.5
million sq. ft., close to some of our key customers to enable meeting our customers’ just-in-time delivery
schedules, allow economies of scale and logistical advantages for our customers, and to insulate them from local
supply or other disruptions. Our manufacturing facilities include state of the art equipment, engineered layout with
process controls and necessary automations for quality and productivity.

Our business is primarily operated from manufacturing facilities which are owned and operated directly by us.
We do not have any subsidiaries or joint ventures within or outside India manufacturing any of our products. This
allows us to keep our core competencies within our Company, allowing us to ensure strict quality control and
safety at each step of our manufacturing process. We have a wholly-owned overseas subsidiary, Craftsman Europe
B.V. (formerly known as Craftsman Marine B.V.), set up in 2008 in Netherlands, through which we are engaged
in marketing, sales and servicing of marine engines and other associated equipment used in yachts. These products
are manufactured and assembled by us in India and exported under the name “Craftsman Marine” and will help
us expand our footprint in Europe. We have a track record of growing through joint ventures and strategic
alliances, including by gaining access to new customers, business segments, geographies, knowhow and
technologies. We have a joint venture in India, Carl Stahl Craftsman Enterprises Private Limited, engaged in
marketing, installation, commissioning and rendering after-sales services of material handling equipment, such as
chain hoists, rope hoists and cranes kits, manufactured by us under the name “Carl Stahl Craftsman”. We also
have a strategic investment in MC Craftsman Machinery Private Limited, which is majority held by the Mitsubishi
group, strengthening our two decades of business relationship with the Mitsubishi group and allowing us
recognition and access to customers based in or headquartered out of Japan and the East Asia region.

289
