Grasim Industries Ltd

Your Directors are pleased to present the 78^th Annual Report in the form of Sixth Integrated Report of our Company along with the Audited Financial Statements for the year ended 31^st March 2025.

The financial performance of our Company for the year ended 31^st March 2025 is summarised below:

of your Company's Birla Opus, saw a host of innovative programmes for all stakeholders, number of first-time consumer programmes, unique influencer and dealer benefits, multi-media brand campaigns and exciting new product launches, etc. in FY 2024-25.

Birla Opus made an indelible mark in the first year and with high-capacity share is preparing itself to become a significant player in the decorative paints sector.

Birla Opus announced commercial production at three plants namely Panipat, Ludhiana and Cheyyar on 30^th April 2024. The Company launched 5 out of its planned 6 plants and commissioned 1,096 MLPA capacity in FY 2024-25, contributing an unprecedented ~21% share of organised industry capacity. Birla Opus capacity share is further expected to rise to ~24% of organised industry in FY 2025-26 with 1,332 MLPA manufacturing capacity commissioning post the launch of its 6^th plant at Kharagpur. Birla Opus is amongst the few players in India with fully backward integrated plants capable of producing 376.5 MLPA of Emulsion and 92.6 MLPA of Resins more than sufficient for its own needs. The Company incurred H 2,288 crore of capital expenditure during FY 2024-25 and cumulatively its capex spends reached ~H 9,352 crore upto FY 2024-25.

On the back of a robust in-house R&D, Birla Opus launched a wide range of 176+ products and 1,250+ SKUs across a) water-based paints, b) enamel paints, c) wood finishes, d) waterproofing, e) distemper f) designer finishes and textures g) colorants and h) wallpapers (imported + inhouse). The products cater to various consumer segments - economy, premium, luxury, super luxury, and institutional clients. The products are being sold under the main brand of "Birla Opus" and sub brands of "One" for luxury and super-luxury range, "Calista" for premium range, "Style" fo r economy range, "Allwood" for wood finishes, "Alldry" for waterproofing range and "Prime" for institutional range. The entire Birla Opus product range has differentiated products and offers many industry-first, leading product features (scuff resistance, 5,000+ washes to name a few). Birla Opus offers industry leading warranty on its products across the entire range of emulsion, enamel, waterproofing, distemper and wood finishes etc. These products have been conceptualised and designed in-house by over 100+ scientists and chemists who have tirelessly worked over last 3 years at our R&D centre in Taloja near Mumbai. In a market research study monitored by third party audit firm, 9 out 10 Painters who have used Birla Opus products said that they will recommend using it.

In a short period of 11 months, Birla Opus has set up Pan India distribution of dealer network with 137 depots servicing dealers in 6,600+ towns to make its products

available to over 500 million population spread over these towns and adjoining smaller cities. These depots enable Birla Opus to reach dealers across the country with near 4 hour delivery in depot town and next day delivery in upcountry town and villages. Birla Opus' tinting machine, used for delivering 2,320+ colour shades including 216 iconic Indian shades, has great acceptance both due to its smaller size and the proprietary easy-to-use software and tablet. For simplifying lives of our dealers, Birla Opus has created an expansive infrastructure to enable the dealer partners to experience world class services through Dealer Management System (DMS). Birla Opus offers a democratised loyalty programme known as "Signature Club" inviting all performing dealers to join the Birla Opus network. The front-end sales team is approaching entire 1,00,000 plus decorative paints and allied industry dealers, across India both in metro and large towns and even in mid and small towns to become part of the fast-expanding Birla Opus distribution network.

Birla Opus promises to delight the consumers, and has taken on itself to transform the decorative paints retailing industry by building its own experience stores known as Birla Opus Paint Studio in the metros and franchised mid-sized stores across India called Birla Opus Paint Gallery. Birla Opus Studios are in 11 major cities (Gurgaon, Mumbai, Bengaluru, Navi Mumbai, Hyderabad, Kolkata, Delhi, Lucknow, Surat, Jaipur, and Ahmedabad) while Birla Opus Paint Gallery has a massive retail footprint across 300+ towns. Both are helping build the brand salience and drive throughput and premium products sale. Further, Birla Opus offers the Company led Painting Services under the brand name "Paint Craft" which guarantees the highest quality of service, delivered by fully trained and certified professionals. Birla Opus has a consumer app called "My Opus" that helps discover Opus, sign up for services, buy products online, track a painting project step-by-step, register warranty and directly communicate with the Company for any consumer needs. The App also has a visualiser to help customers choose the right paint colour for their space. This Al-powered visualiser provides a unique 'in-app' experience. Birla Opus paint cans feature a QR-based system for "Track & Trace", which enables end-to-end traceability of a paint can from production to application. This ensures no counterfeits and allows the Company to trace the manufacturing batch in case any, complaint is received. This is by far the first digital tracking system operationalised in the sector to assure consumers of product quality and integrity.

Birla Opus brand was launched through an enigmatic and thematic brand campaign "Make Life Beautiful" in June 2024 with the message of "Duniya Ko Rang Do!" (Colour the world) paired with a melodious track, which went

on to become one of the most lovable ad campaigns. In the second half, another brand campaign demonstrating product superiority of Birla Opus products was launched under the banner "Naye Zamane ka Naya Paint". These brand campaigns have been promoted through multimedia including diverse multi language TV channels and popular digital media. The campaign has been supported by onground product expositions, mobile van activations, outdoor hoardings, wall paintings, dealer boards and point-of-sale merchandise. The campaigns have been well appreciated across stakeholders and won laurels from the industry.

Birla Opus has a robust influencer engagement programme to win contractors, painters, architects and interior designers. The Company used digital technology for access and establish real time connection with the painter and contractor community across India. Birla opus has actively engaged with lakhs of contractors and painters registered with the Company through a digitally savvy user friendly exclusive painter and contractor mobile App called "Birla Opus ID". Birla Opus plans to open 10 learning centres across 10 cities to upskill lakhs of unorganised workforce of painters and contractors. Currently, there are 6 learning centres already live in the cities of Bengaluru, Delhi, Kolkata, Hyderabad, Mumbai, & Pune.

Birla Opus has a diverse, young employee team at its six manufacturing plants, head office, R&D centre and nationwide spread regional offices. In sales and services team, Birla Opus has inducted amongst the largest field team in paints industry to support all its key stakeholders - dealers, contractors, painters, architects, and consumers. Birla Opus team, with a committed mission to become #2 decorative brand in India, is striving hard, collaborating as a team, moving with agility and remains focused on achieving this vision while delivering superior value to all its stakeholders.

In line with the government's vision of creating Digital India and empowering small and medium businesses, Birla Pivot has created a new-age, high-growth e-commerce platform that helps businesses with procurement of raw material across various sectors and catalyzes their growth by streamlining financing and supply chain gaps.

Some of the key highlights for the year:

• Evolved our technology stack into a comprehensive B2B E-commerce platform that is unique and solves the needs of the ecosystem. The platform now powers a

catalog of more than 40,000 SKUs across 300+ brands and OEMs in 35 product categories. Our proprietary stack — Pivot Grid, Pivot Edge, Pivot Vault, and Pivot XP — enables end-to-end B2B commerce across digital procurement, credit-linked transactions, seamless fulfillment, and marketplace selling.

• Birla Pivot's customer base spans top-tier EPC companies, civil contractors, real estate developers, OEMs, fabricators, dealers, and retailers. With successful deliveries to over 375 cities across 26 States and Union Territories, the unit has established a robust network of suppliers and logistics providers who facilitate a very seamless fulfillment experience.

• The significant scale up in revenue is driven by new customer acquisition and higher penetration amongst existing buyers, driven by a superior OTIF (On-time and In-full delivery) and seamless experience

• Our competitive pricing is driven by demand aggregation across categories and strategic partnerships with OEMs and regional brands. To further support ecosystem efficiency, we offer customised, end-use-restricted financing solutions that optimise working capital for both buyers and sellers.

• The business launched Birla Pivot Bathware in Q3FY25, expanding the private label portfolio beyond Tiles and Plywood. The focus now is to increase the reach and distribution of these products across both Retail and Projects.

• We launched custom credit and financing solutions that are relevant for different buyer segments and sellers, there by solving their working capital requirements.

• In FY26, we will continue to strengthen our foundation by scaling up our customer base, expanding credit programmes, and accelerating digitisation. We will offer more personalised solutions for buyers and sellers using data and intelligence & helping them optimise their overall procurement and project costs.

• The aspiration for Birla Pivot is to reach $1 billion revenue in the next two years, leveraging technology to create smarter and more efficient solutions across the value chain. This would be the first big milestone in our journey of building the most trusted B2B E-commerce platform in the country. Given the rapid evolution of small businesses (70 million+ growing at 13%) who are using the digital ecosystem for business processes (GST, e-way bill generation, loans and payments), Birla Pivot is well positioned to be the platform that will drive the shift to B2B E-commerce and digital adoption across all these sectors.

India's building materials industry is undergoing exponential growth and is projected to double to $ 200 billion in next five years. With less than 2% digital penetration, this sector faces many challenges - from fragmented supplier networks, and logistical bottlenecks to access to credit.

However, this remains one of the sectors that is yet to see meaningful disruption or adoption of technology. Indian B2B supply chain continues to operate in an inefficient, fragmented, and localised manner with a lot of involvement from intermediaries. There is a limited presence of large-scale distributors or digital channels, and sourcing happens largely offline. There is a huge opportunity to create a platform that can manage end to end requirements for the customers - right from demand prediction / sourcing to post delivery.

The aspiration for Birla Pivot is to reach a $1 billion revenue in the next two years, leveraging technology to create smarter and more efficient solutions across the value chain. This would be the first big milestone in our journey of building the largest and the most trusted B2B E-commerce platform in India.

Given the rapid evolution of small businesses (70 million+ growing at 13%) who are using the digital ecosystem for business processes (GST, e-way bill generation, loans and payments), Birla Pivot is well positioned to be the platform that will drive the shift to B2B E-commerce and digital adoption across all these sectors.

The Board has approved setting up of 110K TPA capacity of Lyocell, the fastest growing Cellulosic Fibre at Harihar, Karnataka. The first phase of 55K TPA which is planned to be executed by mid-2027 is progressing as per plan. Negotiations and ordering of major long lead items are underway.

In accordance with the provisions of the Companies Act, 2013 ('the Act'), read with the Companies (Accounts) Rules, 2014, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations' / 'SEBI Listing Regulations') and Ind AS 110 ? Consolidated Financial Statements and Ind AS 28 - Investments in Associates and Joint Ventures, the Audited Consolidated Financial Statements forms integral part of this Integrated Annual Report. Consolidated Financial Statements include financial performance of the Company's subsidiaries, Associates and Joint Ventures,

which inter-alia includes UltraTech Cement Limited, Aditya Birla Capital Limited, Aditya Birla Renewables Limited and other entities as mentioned in Notes to Consolidated Financial Statements.

Following were the additions during the year:

• Aditya Birla Renewables SPV 3 Limited was incorporated on 21st November 2024 as a wholly owned subsidiary (WOS) of Aditya Birla Renewables Limited (ABReL).

• Aditya Birla Renewables SPV 4 Limited (ABReL SPV 4) was incorporated on 14th December 2024 as a WOS of ABReL. The status of ABReL SPV 4 changed from WOS to subsidiary pursuant to transfer of 26% of its shares to Gujarat Alkalies and Chemicals Limited on 21st February 2025.

• Aditya Birla Renewables SPV 5 Limited was incorporated on 24th January 2025 as a WOS of ABReL.

There were no changes in the direct Subsidiaries, Associates and Joint Venture Companies of the Company during the year.

In accordance with the provisions of Section 129(3) of the Act, read with the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the subsidiaries, associates and joint venture Companies is provided, in the prescribed Form AOC-1, in Annexure 'A' to this Report.

In accordance with the provisions of Section 136 of the Act, the Audited Standalone and Consolidated Financial Statements and related information of the Company and audited accounts of each of its subsidiaries are available on the website of the Company at https://www.grasim.com/ investors/results-reports-and-presentations

UltraTech Cement Limited and Aditya Birla Capital Limited are the material listed Subsidiary Companies of the Company. Our Company does not have any material unlisted Subsidiary. The Audit Committee and the Board reviews the financial statements, significant transactions of all Subsidiary Companies, and the minutes of unlisted Subsidiary Companies are placed before the Board.

Our Company has in accordance with the Listing Regulations adopted the Policy for determining material subsidiaries. The said Policy is available on the Company's website at https://www.grasim.com/upload/pdf/Grasim Policy Material Subsidiary Cos.pdf

UltraTech is the top-tier manufacturer of grey cement and ready-mix concrete (RMC), and one of the largest manufacturers of white cement in India. UltraTech operates 34 integrated manufacturing units, 34 grinding units, 1 clinkerisation unit and 10 bulk packaging terminals. It also has 395 RMC plants across 155 cities. UltraTech has one white cement unit and three wall care putty units. As on 31^st March 2025, UltraTech's grey cement capacity in India stood at 183.4 MTPA, reflecting an addition of 42.6 MTPA capacity in a year alone. Its robust logistics network includes daily dispatch of 50+ rakes, 13,000+ trucks addressing the requirement of 1,40,000+ channel partners. Following debottlenecking of capacities in May 2025, UltraTech's overall capacity (India + Overseas) stood crossed 190 MTPA+.

For FY 2024-25, consolidated grey cement sales volumes grew 17% YoY to 132 MMT, with capacity utilisation at 78%. RMC sales volumes grew 19% YoY to 13.41 million cubic meter. The share of green power (WHRS + renewables) in total power consumption was at 32.7%. Consolidated revenue grew 7% YoY to Rs.75,955 crore. EBITDA declined 2% YoY to Rs. 13,302 crore while PAT declined 14% YoY to H 6,039 crore. Operating cash flow stood at Rs.10,673 crore.

Key Highlights of ABCL's Consolidated Performance for the Financial Year ended 31^st March 2025 are as under

• Consolidated Revenue: Rs.40,651 crore (grew 20% year on year)

• Consolidated Net Profit: Rs. 2,981 crore (grew 8% year on year)

• Overall, AUM across asset management, life insurance and health insurance at over Rs.5.11 lakh crore (grew 17% year on year)

• Overall lending book [Non-Banking Financial Company ("NBFC") and Housing Finance] at Rs. 1.57 lakh crore (grew 27% year on year)

• Gross premium (across Life and Health Insurance) at Rs. 25,579 crore (grew 22% year on year)

The Authorised Share Capital of the Company stood at Rs.423.50 crore comprising of 2,06,25,00,000 Equity Shares of Rs. 2 each and 11,00,000 Redeemable Cumulative Preference Shares of Rs. 100 each as at 31^st March 2025.

Issued Share Capital of the Company stood at Rs. 136.12 crore comprising of 68,05,83,601 Equity Shares of Face Value Rs. 2 each as at 31^st March 2025.

Subscribed and paid-up capital of the Company stood at Rs.136.11 crore comprising of 68,05,80,576 Equity Shares as at 31^st March 2025.

During the year, the Board of Directors, in accordance with the letter of offer dated 4^th January 2024 made two calls in respect of outstanding partly-paid up Equity Shares of the Company.

The details of Rights Issue call's are as under:

2024 decided to make the first call of Rs. 453 per partly paid Equity Shares (comprising H 0.50 towards face value and Rs. 452.50 towards securities premium), payable during the period from 4th July 2024 to 18th July 2024, both days inclusive; and

2025 to 20th January 2025, both days inclusive.

The funds raised by the Company through Rights Issue, have been utilised for the objects stated in the letter of offer, towards repayment of certain borrowings of the Company and general corporate purposes.

During the year, Grasim Employees' Welfare Trust ('Trust') acquired 3,18,750 equity shares of the Company from the secondary market. As per Ind AS, purchase of own equity shares are treated as treasury shares. The Trust constituted in terms of the Company's Employee Stock Option Schemes ('ESOS') holds 20,65,343 equity shares of the Company as on 31^st March 2025 for transfer to the eligible employees under ESOS 2018 and ESOS 2022.

During the year, the Stakeholders' Relationship Committee of the Board allotted 30,440 Equity Shares of Rs. 2/- each of the Company to Stock Option Grantees, pursuant to exercise of the Stock Options and Restricted Stock Units ('RSUs') under ESOS-2013. During the year, ESOS-2013 has been completed.

During the year, 3,62,685 Equity Shares were transferred from the Trust account to the employees account due to exercise of Stock Options and RSUs by the grantees under ESOS-2018.

During the year, the Nomination and Remuneration Committee ('NRC') of the Board approved grant of 3,54,938 Stock Options and 98,137 Performance Stock Units ('PSUs') to the eligible employees, including Managing Director of the Company, under ESOS-2022.

During the year, 11,703 Equity Shares were transferred from the Trust account to the employees account due to exercise of Stock Options and PSUs by the grantees under ESOS-2022.

The ESOS-2018 and ESOS-2022 are being administered through the Trust.

The details of Stock Options and RSUs granted pursuant to ESOS-2013 and ESOS-2018 and Stock Options and PSUs granted pursuant to ESOS-2022, and the other disclosures in compliance with the provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, are available on your Company's website at https://www.grasim.com/Upload/ PDF/esos-disclosures-2024-25.pdf

A certificate from the Secretarial Auditor with respect to implementation of your Company's ESOS, will be available at the ensuing AGM for inspection by the Members.

During the year, our Company has not accepted or renewed any deposits within the meaning of Section 73 of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014.

During the year, our Company has issued following NCDs on private placement basis:

Birla and Mr. Aryaman Vikram Birla, Non-executive Directors of our Company, are liable to retire by rotation at the ensuing Annual General Meeting ('AGM').

Ms. Ananyashree Birla and Mr. Aryaman Vikram Birla, being eligible, has offered themselves for re-appointment at the ensuing AGM.

Further, in terms of the Listing Regulations, no listed Company shall appoint or continue the appointment of a Non-executive Director, who has attained the age of 75 years, unless a special resolution is passed to that effect. Mr. Yazdi Piroj Dandiwala, Independent Director, will attain the age of 75 (Seventy Five) years in November 2025, as a Non-executive Director of the Company, resolution seeking his continuation as Non-executive Director form part of the Notice of the ensuing the AGM.

Brief profile of Ms. Ananyashree Birla, Mr. Aryaman Vikram Birla and Mr. Yazdi Piroj Dandiwala are provided in the Report on Corporate Governance and Notice of AGM.

During the year, the Board of Directors appointed:

1. Mr. N. Mohan Raj (DIN: 00181969), Independent Director, was reappointed for a second term of 5 years with effect from 12th July 2024 upto 11th July 2029 (both days inclusive).

2. Mr. Ashvin Dhirajlal Parekh (DIN: 06559989) as an Independent Director, with effect from 23rd August 2024 upto 22nd August 2029 (both days inclusive).

3. Mr. Haigreve Khaitan (DIN: 00005290) as an Independent Director, with effect from 26th September 2024 upto 25th September 2029 (both days inclusive).

4. Mr. Mukkavilli Jagannath (DIN: 10090437) as a Nonexecutive Director, with effect from 26th September 2024, liable to retire by rotation.

The Board of Directors at their meeting held on 10^th February 2025, based on recommendation of Nomination and Remuneration Committee and subject to the approval of Members of the Company, approved the appointment of Mr. Himanshu Kapania (DIN: 03387441) as an Additional Director, Managing Director ('MD') and Key Managerial Personnel ('KMP') of the Company, not liable to retire by rotation, with effect from 1^st April 2025 upto 30^th April 2028.

During the year, Mr. Cyril Shroff and Dr. Thomas M. Connelly, Jr. completed their second term of five years as an Independent Directors of the Company on 22^nd August 2024.

Mr Raj Kumar, Non-executive Director, who was liable to retire by rotation at 77^th AGM of the Company did not offer himself for re-appointment and ceased to be the Nonexecutive Director of the Company with effect from 20^th August 2024.

Mr. Harikrishna Agarwal (DIN: 09288720) took an early retirement and ceased to be the Managing Director and Key Managerial Personnel of the Company with effect from the close of business hours of 31^st March 2025. There was no other material reason for his cessation except as stated.

The Board placed on record its sincere appreciation for the valuable contribution and services rendered by the Directors during their tenure with the Company.

There is no pecuniary or business relationship between the Non-executive Directors and the Company, except for the sitting fees and commission payable to the Non-executive Directors, in accordance with the applicable laws and approval of the Members of the Company.

Pursuant to the provisions of Sections 2(51) and 203 of the Act, Mr. Harikrishna Agarwal, Managing Director, Mr. Pavan Kumar Jain, Chief Financial Officer ('CFO') and Mr. Sailesh Kumar Daga, Company Secretary are the Key Managerial Personnel ('KMP') of the Company as on 31^st March 2025.

Consequent to the early retirement of Mr. Harikrishna Agarwal, the Board of Directors at its meeting held on 10^th February 2025 approved the appointment of Mr. Himanshu Kapania as MD and KMP of the Company, with effect from 1^st April 2025.

Consequent to the superannuation of Mr. Pavan Kumar Jain, CFO and KMP, with effect from 15^th August 2025, and based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee, the Board of Directors, at its meeting held on 22^nd May 2025, approved the appointment of Mr. Hemant Kumar Kadel as CFO and KMP of the Company, effective from 16^th August 2025.

Mr. Sailesh Kumar Daga, the Company Secretary and Compliance Officer of the Company, has tendered his resignation to pursue opportunities outside the Company with effect from the close of business hours of 15^th July 2025.

The Board of the Company met 6 (six) times during the year to deliberate on various matters. The meetings were held on 4^th April 2024, 22^nd May 2024, 9^th August 2024, 27^th August 2024, 14^th November 2024 and 10^th February 2025. Further details are provided in the Report on Corporate Governance, which forms an integral part of this Integrated Annual Report.

As on date of this report, the Audit Committee comprises of Mr. N. Mohan Raj, Chairman, Mr. V. Chandrasekaran, Mr. Yazdi Piroj Dandiwala and Mr. Himanshu Kapania as its members. Majority of the members including Chairman of Audit Committee are Independent Directors. The Chief Financial Officer of your Company is a permanent invitee at the Audit Committee Meetings.

The Nomination and Remuneration Committee ('NRC') comprises of Ms. Anita Ramachandran, Chairperson, Mr. Kumar Mangalam Birla, Mr. Haigreve Khaitan and Mr. Adesh Kumar Gupta as its members. Majority of the members including Chairperson of NRC are Independent Directors.

As on date of this report, the Corporate Social Responsibility ('CSR') Committee comprises of Smt. Rajashree Birla, Chairperson, Ms. Anita Ramachandran and Mr. Himanshu Kapania as its members.

As on date of this report, the Stakeholders' Relationship Committee ('SRC') comprises of Ms. Anita Ramachandran, Chairperson, Mr. Yazdi Piroj Dandiwala and Mr. Himanshu Kapania as its members. Majority of the members including Chairperson of SRC are Independent Directors.

As on date of this report, the Risk Management and Sustainability Committee ('RMSC') comprises of Mr. N. Mohan Raj, Chairman, Mr. Ashvin Parekh, Mr. V. Chandrasekaran, Mr. Himanshu Kapania, Mr. Kapil Agrawal and Mr. Jayant V. Dhobley as its members.

The Chief Financial Officer and Chief Sustainability Officer of our Company are permanent invitees at the RMSC Meetings.

All the recommendations made by the above Committees, during the year, were accepted by the Board of the Company.

Further details relating to the above Committees are provided in the Report on Corporate Governance, which forms an integral part of this Integrated Annual Report.

Our Company has received declarations from all the Independent Directors of the Company, confirming that:

a) they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1) (b) of the Listing Regulations;

b) 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 with an objective of independent judgement and without any external influence; and

c) they have registered their names in the Independent Directors Databank.

Our Company's Board is of the opinion that the Independent Directors possess requisite qualifications, experience and expertise in Corporate Governance, Legal and Compliance, Financial Literacy, General Management, Human Resource Development, Industry Knowledge, Technology, Digitisation and Innovation, Marketing, Risk Management, Strategic Expertise and Sustainability and they hold highest standards of integrity.

Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out an annual evaluation of its own performance, its Committees, Independent Directors, Non-executive Directors, Executive Director and the Chairman of the Board.

The NRC of the Board has laid down the manner in which annual evaluation of the performance of the Board, its Committees and Individual Directors has to be made. It includes circulation of evaluation forms separately for evaluation of the Board and its Committees, Independent Directors/Non-executive Directors/Executive Director and the Chairman of the Company.

The performance of Non-independent Directors, the Board, as a whole, and the Committees of the Board has been evaluated by Independent Directors in a separate meeting. At the same meeting, the Independent Directors

also evaluated the performance of the Chairman of the Company, after taking into account the views of Executive Director and Non-executive Directors. Evaluation as done by the Independent Directors was submitted to the NRC and subsequently to the Board.

Thereafter, the Board at its meeting discussed the performance of the Board, as a whole, its Committees and Individual Directors. The Board expressed satisfaction on the overall functioning of the Board and its Committees. The Board was also satisfied with the contribution of the Directors, in their respective capacities, which reflected the overall engagement of the Individual Directors.

The new Director inducted on the Company's Board attends an orientation programme. The details of the programme for familiarisation of Independent Directors are provided in the Report on Corporate Governance, which forms an integral part of this Integrated Annual Report and is also available on the Company's website at https://www. grasim.com/Upload/PDF/familiarisation-programme- independent-directors.pdf.

The audited accounts for the year are in conformity with the requirements of the Act and the Accounting Standards. The financial statements reflect fairly the form and substance of transactions carried out during the year and reasonably present your Company's financial condition and results of operations.

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirms that:

a) in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) the accounting policies selected have been applied consistently, and judgements and estimates are made that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March 2025, and of the profit of the Company for the year ended on that date;

a) proper and sufficient care have been taken for the maintenance of adequate accounting records, in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

They have confirmed their eligibility and qualification required under the Act for holding the office, as Secretarial Auditor of the Company.

Accordingly, an Ordinary Resolution, proposing the appointment of M/s. Makarand M. Joshi & Co., Company Secretaries (Firm Registration Number - P2009MH007000), forms part of the Notice of the 78^th AGM of the Company.

The Secretarial Audit Report, issued by M/s. BNP & Associates, Company Secretaries, Mumbai, for the FY 202425, is given in Annexure 'D' to this Report. The Secretarial Audit Report does not contain any qualification, reservation, disclaimer or adverse remark. The Secretarial Compliance Report for the financial year ended 31^st March 2025, in relation to compliance of all applicable SEBI Regulations / circulars / guidelines issued thereunder, pursuant to the requirement of Regulation 24A of the Listing Regulations, is available on the website of the Company at https://www. grasim.com/Upload/PDF/intimation-annual-secretarial- compliance-report.pdf

During the year, our Company is in compliance with the applicable Secretarial Standards specified by the Institute of Company Secretaries of India.

During the year, in the course of audit, auditors did not come across any instances of fraud, except a fraud relating to inventory identified by the Management aggregating to H 4.50 crore involving erstwhile employee, transporter and warehouse staff, for which the Management has taken the appropriate steps.

A report under sub-section (12) of Section 143 of the Companies Act, 2013 has been filed by one of the joint auditors of the Company in Form ADT-4 as prescribed under rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.

During the year, all contracts / arrangements / transactions entered into by the Company with Related Parties were on arm's length basis and in the ordinary course of business. There are no material transactions with any Related Party as defined under Section 188 of the Act, read with the Companies (Meetings of Board and its Powers) Rules, 2014.

In line with the requirements of the Act and amendment to the Listing Regulations, all Related Party Transactions have been approved by the Audit Committee and reviewed by it

on a periodic basis. Our Company has formulated a 'Policy on Related Party Transactions', which is also available on the Company's website at https://www.grasim.com/ upload/pdf/Grasim policy on RPT.pdf.The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.

The details of contracts and arrangements with Related Parties of the Company for the financial year ended 31^st March 2025, are given in Notes to the Standalone Financial Statements, forming part of this Integrated Annual Report.

Further, at the last AGM of the Company, the Members approved the material Related Party Transaction(s) with i) Hindalco Industries Limited, a promoter group Company for an aggregate value of upto H 1,250 crore; and ii) AV Group NB Inc, Canada ('AVNB'), Joint Venture of the Company for an aggregate value of upto H 1,108 crore for the financial year 2024-25.

The Board at its meeting held on 22^nd May 2025, subject to approval of shareholders of the Company has approved entering into material Related Party Transaction(s) with i) Hindalco Industries Limited, a promoter group Company for an aggregate value of up to H 2,535 crore; and ii) AV Group NB Inc, Canada ('AVNB'), Joint Venture of the Company for an aggregate value of up to H 1,300 for the FY 2025-26.

Our Company has established a mechanism for directors and employees to report instances and concerns about unethical behaviour, actual or suspected fraud, or violation of the Company's Code of Conduct. It also provides adequate safeguards against the victimisation of employees, who avail the mechanism and allows direct access to the Chairman of the Audit Committee in exceptional cases. During the year, no person was denied access to the Audit Committee.

The details of the Vigil Mechanism are also provided in the Report on Corporate Governance, which forms an integral part of this Integrated Annual Report and the Vigil Mechanism / Whistle-Blower Policy is available on the website of the Company at https://www.grasim.com/ Upload/PDF/whistle-blower-policy.pdf

In terms of the provisions of Section 135 of the Act and Rules made thereunder, the Board has a Corporate Social

Responsibility ('CSR') Committee, which is chaired by Smt. Rajashree Birla. The other Members of the Committee as on date of this report are Ms. Anita Ramachandran, Independent Director and Mr. Himanshu Kapania, Managing Director. Dr. Pragnya Ram, Group Executive President - CSR is a permanent invitee to the Committee. The Corporate Social Responsibility Policy ('CSR Policy'), indicating the activities undertaken by the Company, is available on your Company's website at https://www.grasim.com/Upload/ PDF/grasim-csr-policy.pdf

Our Company is a caring corporate citizen and lays significant emphasis on development of the host communities around which it operates. Our Company, with this intent, has identified several projects relating to Social Empowerment and Welfare, Rural Development, Sustainable Livelihood, Health Care and Education, during the year, and initiated various activities in neighbouring villages around its plant locations.

During the year, the Company has spent Rs. 88.42 crore, of which Rs. 67.80 crore was spent towards obligatory CSR of the Company and an amount of Rs. 20.62 crore was voluntarily spent for CSR activities.

The initiatives undertaken by the Company on CSR activities, during the year, are given in Annexure 'E' to this Report, in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended.

Our Company remains firmly committed to a comprehensive and forward-looking approach to risk management and sustainability, recognising them as essential enablers for long-term value creation and achievement of organisational objectives. In an increasingly dynamic business environment, our robust risk management framework facilitates the identification, assessment, mitigation, and continuous monitoring of diverse risks across the organisation. This approach not only safeguards our interests but also allows us to proactively seize emerging opportunities.

The Board-level Risk Management and Sustainability Committee (RMSC) plays a pivotal role in embedding risk management into the core of strategic and operational decision-making. The Committee is entrusted with framing relevant policies, monitoring their implementation, and reviewing the Company's risk and sustainability performance to ensure alignment with our long-term vision. Our Risk Management Policy is available on the Company's website at https://www.grasim.com/Upload/PDF/risk- management-policy.pdf serves as the cornerstone for guiding these efforts.

We have systematically identified and assessed a wide range of risk areas including external, strategic, financial, operational, sustainability, cyber security, compliance, and knowledge-based risks. Our risk-informed decision-making culture empowers us to take timely and well-considered actions, enabling the Company to adapt quickly to change while ensuring business continuity and stakeholder confidence. Tailored mitigation strategies have been implemented for each risk category to strengthen our operational resilience.

The Management Discussion & Analysis section of this Report outlines the key risks identified and the corresponding mitigation plans. During the financial year, the RMSC met three times to review the effectiveness of our risk management and sustainability practices. The Board remains confident in the Company's ability to navigate uncertainties, achieve strategic objectives, and generate sustainable value. Importantly, there are no risks currently identified that, in the opinion of the Board, pose a threat to the Company's continued existence.

As per Regulation 34(2)(f) of the Listing Regulations, a separate section on Business Responsibility and Sustainability Report, describing the initiatives taken by the Company from environmental, social and governance perspective, forms an integral part of this Integrated Annual Report.

Pursuant to Sections 92 and 134 of the Act, and the Rules made thereunder, the Annual Return of your Company as on 31^st March 2025 is available on the Company's website at https://www.grasim.com/Upload/PDF/form-mgt-7- annual-return-fy-2024-2025.pdf

Our Company has in place adequate internal control systems (including internal financial control system) commensurate with the size and complexity of its operations. Internal control systems comprising of policies and procedures are designed to ensure sound management of the Company's operations, safe keeping of its assets, optimal utilisation of resources, reliability of its financial information and compliance. Systems and procedures are periodically reviewed to keep pace with the growing size and complexity of the Company's operations. During the year, no material or serious observation has been received from the Joint Statutory Auditors of your Company, citing inefficiency or inadequacy of such controls.

The Company's remuneration policy is directed towards rewarding the performance based on review of achievements. The remuneration policy is in consonance with the existing industry practice. There has been no change in the policy during the year.

The Remuneration Policy of the Company, as formulated by the NRC of the Board is given in Annexure 'F' to this Report and is also available on the Company's website at https://www.grasim.com/upload/pdf/ABG-executive- remuneration-philosophv-policy.pdf

The R&D projects undertaken by the Company focus on developing and commercialising differentiated premium / new products, improving our competitive cost position, product quality and environmental sustainability. To support these goals, the Company develops a pipeline of projects to address near and mid-term needs, as well as the exploration of future opportunities.

The Cellulosic Staple Fibre (CSF) business continues to strengthen its position as one of the world's leading producers of Manmade Cellulose Fibres (MMCF), built on a foundation of sustainability, innovation, and cost competitiveness.

Our unwavering commitment to environmental responsibility was once again recognised by Canopy, a globally respected NGO. We retained our industry-leading Dark Green Shirt rating, reaffirming our leadership in sustainable raw material sourcing and processing.

A key milestone this year was the commercial production of Saxcell fibre, a breakthrough in chemical recycling derived from pre-consumer textile waste. Alongside Liva Reviva recycled viscose fibres, this achievement positions us as the only MMCF manufacturer globally offering both recycled viscose and Lyocell fibres at commercial scale, reinforcing our leadership in the circular economy.

In our pursuit of novel Value-Added Products (VAPs), we achieved the first successful commercial production run of Liva Intellicolour fibre at our Nagda facility. The product is now undergoing validation through downstream customer testing. Our innovation pipeline also progressed on the flame- retardant front, with a successful large-scale production run of phosphate-based FR fibres, which have been distributed

to potential customers. Additionally, development of silicate- based FR fibres advanced with successful pilot trials.

In our Excel fibre portfolio, we demonstrated a new green chemistry process at pilot scale for producing Non-Fibleration / Low-Fibleration Excel. Commercial implementation of this chemistry process is nearing completion, with initial production runs already underway. We also expanded our capability to produce short-cut Excel fibres with ultra-low cut lengths, enabled by the development of customised fibre-cutting hardware—broadening the application potential of our fibres. Simultaneously, we continued exploring alternative sustainable feedstocks for viscose and Lyocell production, which hold long-term promise for improving pulp supply security.

On the quality enhancement front, our process development team introduced a new additive in the Excel manufacturing process, which has significantly improved fibre abrasion resistance without compromising other key properties—resulting in an overall uplift in performance.

We are also leveraging Artificial Intelligence (AI) and Machine Learning (ML) to transform our manufacturing operations. Notably, computer vision-enabled AIML sensors have been successfully deployed to detect spinning faults in real time. This innovation has improved process stability post-shutdown and is now being replicated across other viscose and Excel lines. We also validated several soft sensors and real-time optimisers through proof-of- concept trials, particularly to enhance energy efficiency in spin bath evaporation and improve control of the viscose slurry process. These interventions are driving higher energy efficiency, process consistency, and ultimately, superior fibre quality.

A significant development on the raw material front was the commissioning of a pulp pilot plant at Harihar, focused on testing cost-effective and sustainable pulp alternatives derived from agri-residues, textile waste, veneer waste, and more. The facility also enables optimisation of pulping parameters and greener chemical processes. Complementing this, we commissioned a pulp treatment station to enhance pulp reactivity and solubility—further strengthening our backward integration capabilities.

To ensure ongoing excellence, we institutionalised a fibre benchmarking programme across all manufacturing sites. By systematically comparing our fibre properties with global standards and competitors, we are generating actionable insights to maintain and enhance our competitive edge.

As we look ahead, the CSF business remains steadfast in its mission to drive sustainable innovation, operational excellence, and market leadership. With a focus on advanced fibre technologies, resource efficiency, and value creation, we are well-positioned to lead the transformation of the textile industry toward a greener and more circular future.

The Fashion Yarn (Cellulosic Filament Yarn - CFY) business is driving innovation with sustainable cellulosic filament yarn. This is based on indigenously developed closed-loop technology, enhanced with European inputs. A pilot plant is being planned following a successful lab-scale proof of concept.

The business has launched high-DPF and microfilament products to leverage emerging fashion trends. Additionally, a molecular tracer has been integrated into the yarn during production. This enables full traceability across the textile value chain, ensuring authenticity, transparency, and sustainability.

The Research and Development ('R&D') efforts are focusing on cost optimisation, developing new products after understanding customers latent needs and further enhancing our chlorine derivative portfolio.

We are focused on advancing water treatment technologies through our R&D Centre. We are developing safer, more sustainable solutions for potable water, including demonstrating the use of HSBP technology for both swimming pools and drinking water sanitation. In the textile industry, we are providing effective solutions for treating colored effluent with new Vytal formulations. Additionally, we offered cost-effective alternatives for treating COD, phosphate, and ammoniacal nitrogen in Effluent Treatment Plants (ETPs) and Common Effluent Treatment Plants (CETPs). Our new Vytal range for the sugar industry focuses on improving color removal efficiency during processing, while for rubber processing, we are offering more sustainable solutions for latex recovery.

R&D Team at Vilayat site worked closely with customers from artificial leather and flexible garden pipes, PVC pipes and sustainable formulations and commercialised under 'Twist' brand. New green sustainable product developed which is effective as co-plasticiser by reducing the load of phthalate-based plasticiser by partial replacement. Customer specific variants are developed of long chain chlorinated paraffins successfully at kilo lab scale for PVC compounding.

Our R&D which is recognised by the Department of Scientific and Industrial Research (DSIR) and is executing collaborative project with many renowned institutes. The Company received NSF / ANSI, Halal and Kosher certifications for its operating Units and adding to new sites for new product range, K-REACH was received for the products to support international business to explore new markets which is implemented from January 2025 in South Korea. R&D Centre published research articles / papers and presentations around Water Treatment and Cleaning solutions at various forums like CII and Everything About Water Journal and International Journal of Environmental Science and Technology.

Our Company's R&D Centre has also collaborated with the Aditya Birla Science and Technology Company Private Limited ('ABSTCPL') and the academia in the scientific and technical forums. R&D Centre had worked with the industry to develop multiple improved technology of phosphoric acid from which few are implemented, and the site is upgraded to reap the benefits on other to improve product quality, reduce cost and enhancing safety, technology improvement of mono chloro acetic acid. The Company is also developing specialty blends (plastics, water treatment, FMCG etc.), new formulations for paints and chemicals for agrochemical applications.

Various enhancements in production process have also been undertaken by the team to enhance its efficacy and quality of deliverables. We observed an improvement in plant capacity in PAC and ACH liquid production for improved process.

Our Research and Development (R&D) team is leading and driving the Sustainability portfolio through New Product Development in the area of Bio-based products, waterless, solvent free, green processes and chemistries, as well as innovation in the area of Recyclability & Circularity of Materials. The team has successfully developed several CMR free formulations, contributing to safe products for human health and environment. The teams are also actively synthesising novel molecules and in developing products and applications that drive growth of specialty segment for the business. Additionally, the team has expanded their existing epoxy portfolio by integrating new products and offerings in the fields of polyamide and polyester applications.

R&D team is working with leading Universities, Institutes and Global experts in building the innovation footprint and speeding up the research to market phase.

To highlight one of the few developments, they have successfully developed a Recyclable Composite Hydrogen Cylinder which is a breakthrough innovation for the automotive segment. They are deeply engaged in development of various bio-based products and has developed polyamide hardeners which are based on biomaterials like fatty acids and dimer acids derived from plant sources.

R&D team is involved in application development in epoxy system solutions for composite segment, wind segment, pipes, LPG, CNG and H2 storage tanks, e-mobility, products for power generation, transmission and distribution and auto-electronics, powder coating segment, adhesives and construction segment, water soluble coating solution for can coating applications, developing products for floor coating and marble coating.

The Textiles business is involved in driving innovation, servicing new customers with focus on sustainability and customers emerging needs, and constantly improving its processes.

This year, we have launched:

Silk Touch Fabric- This fabric is crafted entirely from cellulosic fibres such as linen and rayon, offering a silklike feel with high lustre and exquisite softness against the skin. It easily breaks down at the end of its lifecycle without causing harm to the environment. This sustainable approach reflects our strong commitment to ethical and responsible manufacturing.

Circular Solutions- Although Linen is considered as an eco-friendly fabric, we've stretched the limits further by developing fabrics with recycled Linen from pre-consumer linen waste. Increasing focus on circular economy and demand of recycled fabrics is expected to fuel the demand of this product in coming days. We are in the process of creating a closed-loop system where our resources can be used and recycled in a continuous cycle, minimising waste and environmental impact. Recycled linen helps in reducing waste and conserving natural resources, making it a key value driver in our journey toward a more sustainable and future-ready textile business.

Our Company is continuously working in collaboration with ABSTCPL, TRADC (Textile Research & Application Development Centre), ICAR (Indian Council of Agricultural research), and global partners, e.g., CELC, Wool Mark, Sanitised, Asahi-Kasei and other specialty fibres and chemical suppliers to explore and develop innovative yarns and fabrics.

Our broad R&D activities are aimed at addressing the present and future needs of the Textile business.

During the year our R&D efforts were focused mainly on new customer requirements, design optimisation for cost optimisation and performance improvement, and new product developments for new markets. Developmental actions were taken in the following areas:

• Development of new products of porcelain discs for new markets.

• Design changes in existing substation products in porcelain for new markets and cost optimisation.

• Development of new colours of glaze for porcelain insulators as per customer requirement.

• Improvement in the existing glaze to enhance high temperature stability.

• New products development in composite long rod insulators for HVDC and export markets.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given in Annexure 'G' to this Report.

In accordance with the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and other particulars of employees drawing remuneration in excess of the limits, set out in the aforesaid rules, forms part of this Report. In line with the provisions of Section 136(1) of the Act, the Report and Accounts, as set out therein, are being sent to all the Members of the Company, excluding the aforesaid information about the employees. Any Member, who is interested in obtaining these particulars about employees, may write to the Company Secretary at grasim.secretarial@adityabirla.com.

Our Company has zero tolerance for sexual harassment at workplace. Our Company 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 ('POSH Act'), and the Rules framed thereunder. All employees (permanent, contractual, temporary and trainees) are covered under this policy.

• World Safety Organisation's OHSE Silver Award (2024), 3 Star rating in the manufacturing sector - Harihar Polyfibres & Grasilene division

• MATEXIL Export Award - Outstanding Export performance for the Year 2023-24

• MATEXIL Export Award - Best Export Performance Continuous Viscose Yarn 2023-24

• Golden Peacock Award 2024 - Occupational Health and Safety - Vilayat Unit

• Golden Peacock National Training Award 2025 - Veraval Unit

• Digital Excellence in Logistics at the CII - Supply Chain and Logistics Excellence Awards - 2024

• Outstanding Performance in Supply Chain & Logistics across the "Chemical Industries" at the CII - Supply Chain and Logistics Excellence Awards - 2024.

• IGMC Award & Net Zero "Torch Bearer" by International Research Institute for Manufacturing - Rehla Unit

• Energy Awards in Chlor - Alkali Sector: Bureau of Energy Efficiency, Government of India from Honourable VicePresident of India - Rehla Unit

• Gold Medal for India Green Manufacturing Challenge - GCA- Rehla Unit

• IRIM Golden Award in the Field of Environment, Energy saving & environmental protection organised by the Odisha government - Ganjam Unit

• Winner of Best National Thermal Power for generation excellence and sustainable operation by CEE in September 2024 GCA - Veraval Unit

• JEC Composites Innovation Awards 2025 (Design, Furniture & Home, Sports, Leisure & Recreation) - Advanced Materials Team

• The FICCI Global Symposium on Resource Efficiency & Circular Economy for pioneering eco-friendly initiatives 2025 -Veraval Unit

• CII - ITC Sustainability Awards for Domain Excellence in CSR - Jaya Shree

• Gold- Retail Marketing Campaign of the Year - ASSOCHAM - Branding & Marketing Excellence Awards 2025

• Gold-Regional Marketing Campaign and Retail & E-commerce - BW Businessworld 2024

• Most Trusted Brands of India 2025 - Marksmen Daily

• Gold: Best Use of PR for a Challenger Brand- Afaqs Communicon

• Gold: Best Integrated Campaign, Media Innovation (Television), Media Innovation (Branded Content), Media Innovation (Sports Marketing - Cricket) at Emvies 2025

• The Competition Commission of India ('CCI') had passed an order under Section 4 of the Competition Act, 2002, dated 16th March 2020, imposing a penalty of H 301.61 crore. The Company had filed an appeal against the order before the Hon'ble National Company Law Appellate Tribunal ('NCLAT'), and has obtained a stay by depositing H 30.16 crore with NCLAT by way of fixed deposit. While the matter is pending before the NCLAT, CCI has passed another order dated 3rd June 2021, and levied a penalty of H 3.49 crore on the Company (@ H 1 lakh per day for a period of 349 days and continuing thereafter) for noncompliance with its order passed on 16th March 2020. The Company has filed a writ petition with the Hon'ble Delhi High Court, and the Hon'ble Delhi High Court has stayed the operation of the CCI order on 3rd June 2021.

• The CCI has passed another order dated 6th August 2021, under Section 4 of the Competition Act, 2002. However, because of the penalty of H 301.61 crore has already been imposed on the Company in a previous order for the period overlapped partly; the CCI deemed it appropriate not to impose any further monetary penalty on the Company. The Company filed an appeal before the Hon'ble NCLAT.

• The Company, believes that the above orders are not tenable in law. Accordingly, no provision has been made in the books of account on account of these matters.

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these matters during the year:

1. No material changes and commitments affected the financial position of the Company between the end of the financial year and the date of this Report;

2. Issue of equity shares with differential rights as to dividend, voting or otherwise;

3. Issue of shares (including sweat equity shares) to employees of the Company under any Scheme save and except ESOS referred to in this Report;

4. The Managing Director of the Company does not receive any remuneration or commission from any of its subsidiaries;

5. There were no revisions in the financial statement(s);

6. There has been no change in the nature of business of the Company;

7. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company's operations in the future. The update on the status of material orders passed by the Regulators or Hon'ble Court or Hon'ble Tribunals is provided in this Report;

8. There were no proceedings initiated under the Insolvency and Bankruptcy Code, 2016;

9. There was no instance of one-time settlement with any Bank or Financial Institution; and

10. There was no failure to implement any Corporate Action.

Your Directors express their deep sense of gratitude to the shareholders, banks, financial institutions, stakeholders, business associates, Central and State Governments for their co-operation and support, and look forward to their continued support in future.

Your Directors very warmly thank all our employees for their contribution to the Company's performance. We applaud them for their superior levels of competence, dedication and commitment to our Company.