Simplex Castings Ltd

Dear Shareholders,

It gives us pleasure to present to you your Company's Annual Report for the FY 2022-23.

FY2022-23 stood out as an important year in the history of the Indian economy as a number of decisive economic measures were undertaken by the Central Government to keep the economic momentum of the nation unabated. Investment of Rs.47,500 crores were announced under the PLI scheme to make the country self-reliant and boost manufacturing in the country. The central government also declared the Net Zero Pledge, to achieve a net zero emissions goal by 2070. The macro-economic volatility and geo-political factors have dominated the global business environment during FY2022-23. Looking ahead, global growth is poised to slow down to 2.8% in 2023 (from 3.4% in 2022), led by a pronounced slowdown in developed markets. In contrast, emerging markets, led by India, will provide some cushion. India's growth continues to be resilient, underpinned by the Government's capital outlay and buoyant private consumption. India's GDP is estimated to have registered a growth of 6.8% in FY2022-23 and is expected to continue to be the fastest growing large economy for the third consecutive year.

India's steel consumption grew by over 10% Y-o-Y to 117 million tonnes in FY2022-23. Given the current stage of development of the Indian economy and the focus on infrastructure development, steel demand growth in India is expected to keep pace with the GDP growth over the next decade. Demand from key steel consuming sectors such as construction, capital goods, railways, and automotive is expected to remain robust.

Our Company revenue from operations rose by 26.97 % at Rs 11660.58 Lacs compared to Rs 9183.85 Lacs in FY 2021-22 .The Profit Before Tax (PBT) and Profit After Tax (PAT) for the year 2022-23 were Rs (1,890.28) Lacs and Rs (1,698.85) Lacs respectively, as against Rs 202.95 Lacs and Rs 152.15 Lacs respectively during the previous year ended 31^st March, 2022.As on 31^st March , 2023 , the Company has order in hand of Rs 51 Cr .

We started the current year with a healthy open order book for all our business segments, which is heartening. We will deploy our energy and resources to grow the business and widen our horizons. We will also work on optimising costs and improving productivity that will enable us deliver faster. We look forward to inking this narrative once again next year with an even better performance and further exciting prospects.

As the Indian economy progresses to become one of the world's largest and fastest growing economies, we are resolute in our commitment to help build the nation of our dreams. As your

Company forges ahead, We firmly believe that we are at the right place at the right time with the right elements.

By prioritizing scalability, we are strengthening our competitive edge and unlocking opportunities for expansion, positioning ourselves for long-term success. Simultaneously, our consistent commitment to responsibility ensures that we prioritize the diverse needs and expectations of our stakeholders, fostering trust and mutual growth. Your Directors and we thank our shareholders and other stakeholders – employees, customers, partners and Government for their continued trust and support. We remain committed in acting as trustee to create long-term value for all our stakeholders.