Your Directors present their thirty-ninth Annual Report along with the Audited Financial Statements of the Company for the Financial Year
ended 31^st March, 2025.

(1) FINANCIAL RESULTS :

(' in Crores)

* During FY 2024-25, exceptional items include ' 150 Crores towards realised gain on stake sale in K12 (5.32%) and ' 454 Crores
towards fair value gain on remaining stake in K12 as the same is being considered as financial asset.

a) Standalone performance: The Company achieved revenue from operations of ' 1,733 Crores (previous year ' 1,693 Crores). The
EBITDA was ' 345 Crores as against ' 313 Crores in the previous Financial Year. After providing ' 64 Crores towards depreciation,
' 70 Crores for Income Tax, ' 3 Crores deferred tax charge, the Company achieved Net Profit before OCI and after exceptional
items of ' 801 Crores for the Financial Year ended 31^st March, 2025 as against ' 189 Crores achieved in the previous Financial
Year.

b) Consolidated performance: The consolidated revenue from operations for the Financial Year under review was ' 1,786 Crores
as against ' 1,751 Crores in the previous Financial Year. During the year under review, EBITDA was ' 343 Crores as against
' 309 Crores for FY 2023-24. After providing ' 66 Crores towards depreciation, ' 86 Crores for Income Tax, ' 51 Crores deferred
tax charge, the Company achieved Net Profit before OCI and after exceptional items of ' 804 Crores for the Financial Year ended
31^st March, 2025 as against ' 252 Crores achieved in the previous Financial Year.

(2) DIVISION PERFORMANCE :

Content Publishing Division:

The revenue of content publishing division increased by 3% to ' 714 Crores during the year under review as against ' 693 Crores
achieved in the previous Financial Year. The revenue of content publishing division increased marginally by 3% largely due to the absence
of syllabus changes for the seventh consecutive year in both Maharashtra and Gujarat, combined with the growing second-hand book
market impacting counter sales.

Stationery Division:

During the year under review, the revenue of domestic stationery business was ' 352 Crores as against ' 406 Crores for the previous
Financial Year, decrease by 13% driven by a 9% drop in realisation due to lower paper prices and a 4% decline in volumes, attributed to
intensifying competition from the unorganised sector.

The revenue of export stationery business was ' 662 Crores during the year under review as against of ' 590 Crores achieved in the
previous Financial Year 2023-24, registering a growth of 12%.

(3) DIVIDEND :

Your Directors had declared and paid interim dividend of ' 1.50
(75%) per share on the face value of ' 2/- each for the Financial
Year 2024-25. Your directors further recommended a final
dividend of '1.50 (75 %) per share on the face value of ' 2/-
each for the Financial Year 2024-25. The said dividend will be
subject to approval by the shareholders at the ensuing Annual
General Meeting of the Company.

In view of the changes made under the Income Tax Act,1961,
by the Finance Act, 2020, dividend paid or distributed by the
Company shall be taxable in the hands of the shareholders.
The Company shall, accordingly make the payment of the
dividend after deduction of tax at source, if applicable. The
Dividend Distribution Policy of the Company as per Securities
and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is marked as
Annexure 'A'. The same is available on website of the Company
and can be accessed at https://navneet.com/pdfs/Corporate
Governance Policies/Dividend-Distribution-Policy.pdf

(4) TRANSFER TO GENERAL RESERVES :

The Board of Directors has decided to retain the entire amount
of profit for the Financial Year 2024-25 in the Statement of
Profit and Loss as at 31^st March, 2025.

(5) BUY BACK OF SHARES :

The Company bought back 50,00,000 fully paid up equity
shares at a price not exceeding ' 200/- per share from the
shareholders of the Company by tender route through the stock
exchange mechanism. The paid up share capital accordingly
stood reduced to ' 44.24 Crores divided into 22,12,13,181
equity shares of ' 2/- each.

(6) DIRECTORS' RESPONSIBILITY STATEMENT :

As required under Section 134(3) (c) of the Companies Act,
2013 your Directors hereby state:

• that in the preparation of annual financial statements for
the year ended 31^st March, 2025, the applicable Indian
Accounting Standards had been followed along with
proper explanation relating to material departures, if any;

• that the Directors had selected such accounting policies
and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company
at the end of the Financial Year and of the profit of the
Company for that period;

• that the Directors had taken proper and sufficient care
for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

• that the Directors had prepared the annual accounts on a
going concern basis;

• the Directors had laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and were operating
effectively;

• The Directors had devised proper systems to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

(7) DIRECTORS :

In accordance with the provisions of the Companies Act, 2013,
Shri Kamlesh S. Vikamsey and Shri Dilip C. Sampat Directors
of the Company, retire by rotation and, being eligible offer
themselves for re-appointments.

(8) RISK MANAGEMENT POLICY :

During the year under review, the Company has identified and
evaluated elements of business risk. Business risk, inter-alia,
includes fluctuations in Foreign Exchange, Regulatory Risk,
Competition from other players and High Input Costs. The
Risk Management Framework defines the risk management
approach of the Company and includes periodic review of
such risk and also documentation, mitigating controls and
reporting mechanism of such risks. The Board of Directors
and senior management team currently assess the operations
and operating environment to identify potential risks and take
necessary action to mitigate the same. As required under
Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 the Company
has formed Risk Management Committee to discuss, identify,
evaluate and mitigate the various business risks that the
company may face during its functioning.

(9) CORPORATE SOCIAL RESPONSIBILITY :

The Company's Dedication to Education, Healthcare, and
Sustainable Development

In FY 2024-25, the Company upheld its strong commitment
to Corporate Social Responsibility (CSR), actively supporting
meaningful and impactful initiatives across important
development areas such as Education, Healthcare, Community
Development, Environment development, Animal Welfare, and
sports. The total CSR spend for the Financial Year 2024-25 was
' 4.70 Crores.

Education

The Company supported 653 under-resourced children with
educational fees and provided 2,840 students with bags, books,
and stationery. Recognising the importance of Early Childhood
Education, it trained 119 Anganwadi staff and equipped them
with resources to prepare 1,600 children for school. The
Company conducted 90 workshops in Maharashtra and digital
platforms, benefiting 13,109 educators with training and digital
resources.

Additionally, the Company supported education centers for
325 children of construction workers and children with kidney
ailments in Gujarat.

The Company supported 1,803 children in experiential learning
and empowered 1,267 individuals through skill development.

Prioritising Health and Medical Care

This year, a total of 5,092 patients benefited from kidney and
dialysis treatments and 891 cataract and dental surgeries were
supported. The Company supported cancer screening camp
benefiting 833 women and thereof advised further treatment.
The Company also extended its support to developing
infrastructure in medical centres in Gujarat and Maharashtra,
improving access to quality treatment for about 2,50,000
patients affected with various medical ailments.

Community Development

The Company trained a total of 327 women as para-medical
workers who served approximately 2 lakh people. The
Company empowered 29,500 farmer families and women with
cultivation resources enhancing income of farmers.

Environment Development

The Company revitalised Rukmavati river basin in Kutch,
enhancing water capacity by 242,111 cubic meters for 2,500
families. Though not under CSR, a Miyawaki forest with 1,176
trees was created on 4,760 sq. ft. at Khaniwade.

Animal Welfare

In alignment with its commitment to animal welfare, the
Company supported the care of 2,800 animals at shelters
in Gujarat, providing critical provisions such as shelter,
nourishment, medical amenities, and vaccinations to ensure
their well-being.

Sports

This year, the company supported the coaching of 350 young
boys and girls, who showcased their skills, teamwork, and
dedication in 166 cricket tournaments during the year.

The year ahead

In the fiscal year 2025-26, the Company reaffirms its
unwavering commitment to Corporate Social Responsibility
(CSR) by continuing to invest in initiatives that create
meaningful impact across key focus areas: Education,
Healthcare, Animal Welfare, Community Development, and
Environment development.

Through strategic collaborations and a diverse portfolio of
initiatives, the Company aims to contribute to the holistic
development of communities, upholding its core values of
compassion, accountability, and social equity.

(10) NOMINATION AND REMUNERATION POLICY :

In compliance with the requirements of Section 178 of the
Companies Act, 2013 and Regulation 19 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015,
the Company has laid down a Nomination and Remuneration
Policy (NRC Policy) which has been uploaded on the Company's
website.

The salient features of the NRC Policy are as under:

i) Setting out the objectives of the Policy;

ii) Definitions for the purposes of the Policy;

iii) Policy for appointment and removal of Director, KMP and
Senior Management;

iv) Policy relating to the Remuneration for the Managerial
Personnel, KMP, Senior Management Personnel;

v) Criteria for selection and appointment of Board members.

(11) BOARD MEETINGS :

Five (5) Board Meetings were held during the Financial Year
ended 31^st March, 2025. The details of the Board Meetings with
regard to their dates and attendance of each of the Directors
thereat have been provided in the Corporate Governance
Report.

(12) SECRETARIAL STANDARDS :

The Directors state that the applicable Secretarial Standards
i.e. SS-1 and SS-2 issued by The Institute of Company
Secretaries of India, relating to Meetings of Board of Directors
and General Meetings respectively, have been duly complied
with.

(13) INTERNAL CONTROL SYSTEM AND ITS ADEQUACY :

Your Company has maintained a proper and adequate system
of internal controls. The Company's internal control procedures
which includes internal financial controls, ensure compliance
with various policies, practices and statutes and keeping
in view the organisation's pace of growth and increasing
complexity of operations. This ensures the safeguarding of
assets and properties of the Company and protects against
unauthorised use and disposal of the assets. Your Company's
internal control systems commensurate with the nature and
size of its business operations. The internal auditor's team
carries out extensive audits throughout the year across all
locations and across all functional areas and submits its
reports to the Audit Committee of the Board of Directors .

(14) INDEPENDENT DIRECTORS :

All the Independent Directors of the Company have given
their declarations/confirmations to the Company as required
under Section 149(7) of the Companies Act, 2013 read with
Rule 6 of the Companies (Appointment and Qualification of
Directors) Rules, 2014 and Regulation 25(8) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015
that they meet and are in compliance with the criteria of
independence as laid down in Section 149(6) of the Companies
Act,2013.

In terms of Regulation 25(8) of the SEBI Listing Regulations,
the Independent Directors have confirmed that they are not
aware of any circumstance or situation which exists or may be
reasonably anticipated that could impair or impact their ability
to discharge their duties.

(15) RELATED PARTY TRANSACTIONS :

Related party transactions that were entered into during the
Financial Year were at arm's length basis and were in ordinary
course of business. There are no materially significant related
party transactions made by the Company with Promoters,
Key Managerial Personnel or other designated persons which
may have potential conflict with interest of the Company at

large. All related party transactions were entered into only
with prior approval of the Audit Committee. A statement of
all related party transactions is presented before the Audit
Committee on quarterly basis, specifying the nature, value
and terms and conditions of the transaction. The Board of
Directors has adopted a policy on Related Party Transactions
and the same is available on the website of the Company.
Transactions with related parties, as per requirements of
Indian Accounting Standard 24 are disclosed in the notes to
accounts accompanying to the financial statements. Since all
related party transactions entered into by the Company were
in the ordinary course of business and at arm's length basis,
Form AOC- 2 is not applicable to the Company.

(16) PERFORMANCE OF SUBSIDIARIES/ASSOCIATE :

a) Navneet Futuretech Limited

The Company's wholly owned subsidiary - Navneet
Futuretech Limited (NFL) is in the business of sale
of computer hardware and related products. NFL's
revenue for FY 2024-25 was ' 5.38 Crores as against
' 3.70 Crores for FY 2023-24. EBITDA for FY 2024-25 was
' 1.22 Crores as against ' 0.17 Crores for FY 2023-24.
Loss before tax of ' 5.32 for FY 24-25 includes
exceptional items of ' 6.51 Crores towards impairment
provision made during the year ended 31st March 2025
for difference between fair value of the investment in
Carveniche Technologies Private Limited (associate) and
the carrying value of investment

b) Indiannica Learning Private Limited

The Company is pioneer in products that promote
knowledge and learning. The Company has an extensive
product catalogue comprising specialised curricular
learning solutions consisting of text books, interactive
student and teacher resources, teacher training materials,
educational, instructional, and information products as
well as technology solutions.

Indiannica Learning Private Limited achieved turnover
of ' 54.48 Crores as against ' 59.20 Crores for
FY 2023-24 The decline in revenue was primarily due to
higher-than-anticipated sales returns recorded in the
previous Financial Year. The EBITDA was '(1.67) Crores
as against ' 0.37 Crores for FY 2023-24.

c) Navneet (HK) Limited

Navneet (HK) Limited achieved turnover of ' 12.99
Crores as against ' 21.06 Crores in FY 2023-24 and after
considering expenses, it made a net loss of ' 0.30 Crores
as against net profit of ' 0.68 Crores in FY 2023-24. The
Company holds 70% of the share capital of Navneet(HK)
Limited.

d) Navneet Tech Ventures Private Limited

Navneet Tech Ventures Private Limited ('NTVPL') was
incorporated in March, 2021 to setup, own and operate
Technology based and driven education in India. NTVPL
has achieved profit (before tax) of ' 0.33 Crores for the
Financial Year ended 31^st March, 2025 as against profit of
' 0.27 Crores incurred for FY 2023-24.

e) Navneet Learning LLP

The Company continue to hold 93% of voting rights
and equivalent share in profit/loss in Navneet
Learning LLP ('the LLP') Profit before Tax of
' 758.12 Crores includes ' 189 Crore towards realized
gain on stake sale in K12 (5.32%) and ' 569 Crore
towards fair value gain on remaining stake in K12
as the same is being considered as financial asset.
After considering administrative expenses, the LLP
incurred a loss of ' 0.001 Crores for the Financial Year
2024-25 as against loss of ' 0.004 Crores for the
Financial Year 2023-24.

f) Carveniche Technologies Private Limited

Carveniche Technologies Private Limited is an education
technology company engaged in the business of AI
based learning platform, interactive content and physical
Math & logic boxes for children in the age group of 3-14
years. The total income generated for the Financial Year
2024-25 was ' 2.79 Crores (Financial Year 2023-24'3.02
Crores). The total comprehensive loss of ' 0.91 Crores
for the Financial Year 2024-25 and for the Financial
Year 2023-24 it was ' 1.78 Crores. The numbers for the
Financial Year 2024-25 are unaudited and as certified by
the management of this associate company.

(17) CONSOLIDATED FINANCIAL STATEMENTS :

Your Directors have pleasure in presenting Consolidated
Financial Statements which form part of the Annual Report and
Accounts.

(18) LISTING OF SECURITIES :

The equity shares of the Company are listed on the BSE Limited
(BSE) and National Stock Exchange of India Limited (NSE) with
security ID 508989 and symbol of NAVNETEDUL respectively.
The Company confirms that the annual listing fees to both the
stock exchanges for the Financial Year 2025-26 have been
paid.

(19) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS :

Details of loans, guarantees or investments covered under
the provisions of Section 186 of the Companies Act, 2013 are
given in the note number 51 and 52 to the standalone financial
statements.

(20) BOARD EVALUATION :

Pursuant to the provisions of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 a structured questionnaire was prepared
after taking into consideration various aspects of Board's
function, composition of the Board and its committee, culture,
execution and performance of specific duties, obligations and
governance.

The following were the Evaluation Criteria:

a) For Independent Directors: -

Knowledge and Skills - Professional Conduct - Duties,
Role and Functions - Fulfillment of the Independence
Criteria; and

b) For Executive Directors: -

Performance as Team Leader/Member - Evaluating
Business Opportunity and analysis of Risk Reward
Scenarios - Set Key Goals and Achievements -

Professional Conduct and Integrity - Sharing of
Information with the Board.

The Board of Directors expressed its satisfaction with the
evaluation process.

(21) REPORTING OF FRAUDS :

There was no instance of fraud during the year under review,
which required the Statutory Auditors to report to the Audit
Committee and/ or to the Board as required under Section
143(2) of the Companies Act, 2013 and Rules framed
thereunder.

(22) TRANSFER TO INVESTOR EDUCATION AND PROTECTION
FUND(IEPF) :

• As required under Section 124 of the Companies Act,
2013, the unclaimed dividend amount aggregating to
' 0.52 Crores lying with the Company for a period of
seven years were transferred during the Financial Year
2024-25, to the Investor Education and Protection Fund
Authority (IEPF) established by the Central Government.

• As required under Section 124 of the Companies Act,
2013, the Company transferred 34,014 equity shares
in respect of which dividend has not been claimed by
the members for seven consecutive years or more to
the Investor Education and Protection Fund Authority
during the Financial Year 2024-25. Details of shares so
transferred have been uploaded on the website of IEPF as
well as the Company.

(23) WHISTLE BLOWER POLICY :

Pursuant to the provisions of Section 177(9) & (10) of the
Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a Vigil Mechanism
or Whistle Blower Policy for directors, employees and other
stakeholders to report genuine concerns has been established.
The same is uploaded on the website of the Company.

(24) SECRETARIAL AUDIT :

Pursuant to the provisions of Section 204 of the Companies
Act,2013 and read with Rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 and
amendments thereto, your Company engaged the services
of CS Sunil M. Dedhia (COP No.2031), Proprietor of Sunil M.
Dedhia & Co., Company Secretary in Practice to conduct the
Secretarial Audit of the Company for the Financial Year ended
31^st March, 2025. The Secretarial Audit Report in Form MR-3 is
attached as Annexure 'C' forming part of this Report.

(25) SUBSIDIARY COMPANY :

The Company does not have any material subsidiary whose
net worth exceeds 10 % of the consolidated net worth of the
Company in the immediately preceding accounting year or has
generated 10 % of the consolidated income of the company
during the previous Financial Year. A statement containing
salient features of the financial statement of subsidiary
company in the prescribed format AOC-1 is included in the
report as Annexure 'D' and forms part of this Report.

(26) FAMILIARISATION PROGRAMME FOR INDEPENDENT
DIRECTORS :

The Company has a familiarisation programme for Independent
Directors with regard to their roles, rights, responsibilities in
the Company, nature of the industry in which the Company
operates, the business models of the Company etc. and the
same is available on the website of the Company.

(27) CORPORATE GOVERNANCE:

A report on Corporate Governance as stipulated under
Regulation 34 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
alongwith requisite certificate obtained from M/s. N A Shah
Associates LLP, Statutory Auditors of the Company confirming
compliance with the conditions of Corporate Governance is
attached and forms part of this Report marked as Annexure 'E'.

(28) AUDITORS :

The Members of the Company at their 36^th Annual General
Meeting had approved the re-appointment of M/s. N. A. Shah
Associates LLP (Firm Registration No. 116560W/W100149),
Chartered Accountants as the statutory auditors of the
Company for a period of five years commencing from the
conclusion of the 36^th AGM until the conclusion of 41^st AGM of
the Company to be held in the year 2027.

Pursuant to the provisions of Companies Amendment Act,
2017, notified on May 7, 2018, ratification of appointment of
Statutory Auditors at every AGM is no more a legal requirement.
Accordingly, the Notice convening the ensuing AGM does
not carry any resolution on ratification of appointment of
M/s. N. A. Shah Associates LLP as Statutory Auditors of the
Company.

(29) COMMENTS ON AUDITORS' REPORT :

There are no qualifications, reservations or adverse remarks
or disclaimer made by the Statutory Auditors in their report
requiring explanation or comments from the Board of Directors
as required under Section 134(3) of the Companies Act, 2013.

(30) BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
(BRSR) :

In 2021 SEBI introduced new sustainability related reporting
requirements to be reported in the specific format which is a
notable departure from the existing Business Responsibility
Report. This is a significant step towards giving platform
to the companies to report the initiatives taken by them
in areas of environment, social and governance. Further,
SEBI has mandated top 1,000 listed companies, based on
market capitalisation, to give Business Responsibility and
Sustainability Reporting in that specific format. In line with the
above, the Business Responsibility and Sustainability Report
is provided in a separate section and forms part of the Annual
Report as Annexure 'F'.

(31) PARTICULARS OF EMPLOYEES :

Disclosure pertaining to remuneration as per Section 197(12) of
the Companies Act, 2013 read with Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is attached as Annexure 'H' to this report. However,
as per the provisions of Section 136(1) of the Companies
Act, 2013, this Report is sent to the shareholders excluding
the said information. Any shareholder interested in obtaining
such information may write to the Company Secretary at the
Registered Office of the Company.

(32) MANAGEMENT DISCUSSION AND ANALYSIS :

As per Regulation 34 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations,
2015, Management Discussion and Analysis report forms part
of this Report.

(33) ANNUAL RETURN :

Pursuant to Section 92(3) read with Section 134(3)(a) of the
Act, the Annual Return of the Company in Form MGT-7 for
FY 2024-25, is available on the Company's website at https://
navneet.com/wp-content/uploads/2025/08/Annual-Return NEL.pdf

(34) CREDIT RATING :

During the year under review CRISIL has reassigned CRISIL A1
(pronounced CRISIL A One Plus) rating of ' 300 Crores to the
Commercial Paper programme and CRISIL A1 (pronounced
CARE A One Plus) rating of ' 2 Crores to the Short Term Bank
facilities of the Company. The instruments with this rating are
considered to have very strong degree of safety regarding
timely payment of financial obligations.

During the year under review CARE Ratings has reaffirmed
CARE AA (pronounced CARE Double AA) rating of ' 450 Crores
to the Long Term Bank facilities and CARE A1 (pronounced
CARE A One Plus) rating of ' 2 Crores to the Short Term Bank
facilities of the Company. The bank facilities covered with this
rating are considered to have very strong degree of safety
regarding timely payment.

(35) NUMBER OF CASES FILED AND THEIR DISPOSAL UNDER
THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 :

The Company has zero tolerance towards sexual harassment
at the workplace and has adopted a policy on prevention,
prohibition and redressal of sexual harassment at workplace
in line with the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the Rules made there under. The details of number
of complaints pending at the beginning of the Financial Year,
received during the Financial Year and pending as on end of
Financial Year is as under:

(36) OTHER DISCLOSURES :

During the year under review:

• no significant or material orders were passed by the
Regulators/Courts/Tribunals impacting the going
concern status of the Company and its future operations;

• no proceedings are made or pending under the Insolvency
and Bankruptcy Code, 2016 and there is no instance of
one-time settlement with any Bank or Financial Institution;

• no material change and commitment affecting the
financial performance of the Company occurred
between the end of the Financial Year of the Company to
which the financial statement relate and the date of this
report;

• no public deposit as defined in Section 73 of the
Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 was accepted or renewed;

• there has been no change in the nature of business of the
Company;

• the Company has complied with the provisions of
Secretarial Standards on Meetings of Board of Directors
(SS-1) and on General Meetings (SS-2) issued by The
Institute of Company Secretaries of India;

• All the insurable interest of the Company including
inventories, buildings, plant and machinery are adequately
insured against risk of fire and other risks.

(37) DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO :

(A) Conservation of Energy

Company's plant was designed to achieve high efficiency
in the utilisation of energy. The key areas with regards to
reduction of energy are identified and constant efforts are
made towards energy conservation.

(B) Technology Absorption, Adoptation and Innovation
Research & Development

(1) Efforts in brief towards technology absorption,
adaptation & innovation

Through visits of technical personnel to developed
Western countries, your Company keeps abreast
with the advanced Technology Development and
through specific programmes introduces, adopts
and absorbs these sophisticated technologies.

(2) Benefits derived as a result of the above efforts

In view of the above, your Company has been
able to achieve a higher production, accuracy and
perfection in printing.

(3) In case of Imported Technology

(i) Technologies Imported

None, your

(ii) Year of Import Company has

(iii) Has the technology ^{not imported}

been fully absorbed? ^{any technology}

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company's export turnover has been ' 642 Crores
(FY 2023-24'572 Crores)

Total Foreign Exchange earned and used :

(i) Foreign Exchange earned : ' 641 Crores (FY 2023-24
' 572 Crores)

(ii) Foreign Exchange used : ' 84 Crores (FY 2023-24
' 99 Crores)

(38) ACKNOWLEDGEMENT :

Your Directors wish to place on record their appreciation for
the commitment extended by the employees of the Company
during the year. Further, the Directors also wish to place on
record the support received from its shareholders, bankers,
business associates, vendors and customers.

Your Directors also thank Government of various States in India
and government departments/agencies concerned for their
co-operation.

For and on behalf of the Board of Directors

Sd/-

Place : Mumbai Kamlesh S. Vikamsey

Date : 19^th May, 2025 Chairman