Tirupati Forge Ltd

CHAIRMAN AND MANAGING DIRECTOR'S MESSAGE

It gives me great pleasure to welcome you to the 12^th Annual General Meeting of your Company. I feel proud that Tirupati Forge continues to create a positive impact in our customers by delivering products that promise uncompromising quality. Our consumers have been showing the propensity of moving towards quality and branded products, provided they get value for-money.

The global automotive industry has demonstrated resilience despite macroeconomic challenges, such as higher inflation, supply chain disruptions, and rising raw material costs. Growth was primarily led by the North American and European automotive markets with sustained demand for fleet replacement and personal mobility.

The Indian automobile industry delivered a remarkable performance in F.Y. 2024, propelled by strong economic growth and favorable government schemes. Improved vehicle availability, higher production, and the launch of newer, premium models contributed to a positive consumer sentiment and growth in the Passenger Vehicle (PV) segment.

Your Company demonstrated resilient performance this year. Our commitment to excellence has been unwavering, and it is this commitment that has enabled us to achieve significant milestones this year. In F.Y.2023-24, the sales volumes growth continued at one of the fastest rates in the history of Tirupati Forge as we recorded total revenue of Rs. 11,092.59/- lakh with 18.21% of increasing growth in this year. We had not only exceeded expectations but have also translated into substantial market share gains in the forging industry. We have positioned ourselves as the preferred choice for customers seeking reliable and high-quality forging products.

• During the financial year under review, the Company's total revenue from operations increased by 18.21 % to Rs. 11,092.59/- as compared to Rs. 9,383.87/- in the previous financial year.

• Tirupati recorded Net Profit of Rs. 664.21/- for the year, against the profit Rs. 942.86/- of previous F.Y. 2022-23.

• Earnings per Share (EPS) for the F.Y. 2023-24 is Rs. 0.67/- as compared to Rs. 0.96/- of F.Y. 2022-23.

Our products leverage latest technologies to enhance comfort and convenience for our consumers. As we cast our gaze towards the future, we are filled with optimism regarding the tremendous potential for manufacturing growth in the coming decade. To seize the opportunities presented by this auspicious outlook, we are proactively gearing up for accelerated growth by channeling substantial resources into enhancing our manufacturing capabilities, ensuring that we are well-equipped to meet the future demand for our products.

We endeavor to create long-term value by leveraging our diverse product portfolio and making continued investment in the key pillars of growth. Our evolution from a manufacturer of critical auto components to a supplier of critical components and products/systems across multiple sectors has led to exceptional outcomes over a decade. Your Company is committed to further strengthening its growth and market leadership through several strategic initiatives in the coming years.

The success we have achieved is a testament to the hard work and dedication of our talented team of Tirupati Forge Limited. Their relentless pursuit of excellence and customer satisfaction drives our progress and sets us apart in a competitive industry.

I would like to take this opportunity to thank my colleagues on the Board for their continued guidance in charting the Company's blueprint. I extend my heartfelt gratitude to our valued investors, loyal customers, dedicated employees, and supportive partners. I am grateful to our stakeholders, fortrusting us and being a part of the Tirupati forge family. We are committed to fulfil their expectations and deliver value to them.