The Directors are pleased to present herewith the Forty Fifth Annual Report of Automobile Corporation of Goa Limited ("The
Company”) along with the Audited Financial Statements for the Financial Year ("FY”) ended March 31, 2025.

1. Financial Highlights:

fDr In I 1"^^

2. Company's Performance

In the FY 2024-25, the Company demonstrated robust
growth in the performance. The revenue of the Company
surged to Rs. 66,076.74 Lakhs, marking a substantial
13% increase over the revenue of Rs. 58,434.15 Lakhs in
FY 2023-24. This significant growth is attributed to the
successful implementation of strategic initiatives and the
Company's strong operational execution.

The Profit after Tax (PAT) attributable to shareholders
for the FY 2024-25 stands at Rs. 4697.29 Lakhs,
showcasing an impressive growth rate of 26% compared
to the PAT of Rs. 3,742.18 Lakhs recorded in FY 2023-24.
This remarkabLe increase in profitabiLity underscores the
Company's commitment to deLivering sustainabLe vaLue
to its SharehoLders through continuous improvement
initiatives and effective cost management strategies.

The bus segment has maintained its dominance in
contributing to the Company's revenue and profit. The
proportion of bus division's revenue in the total revenue
of the company clocked 90% during the year under
review. A Large portion of our workforce is operating
in the bus segment at Goa. Revenue from the Bus and
Pressing segment has grown sharpLy as compared to
Last year mainLy due to an increase in demand for the
commerciaL vehicLe passenger segment.

3. Declaration and Payment of Dividend

The Company has a strong track record of rewarding
its shareholders. An interim dividend of Rs. 5.00 per
equity share (50%) was paid to equity sharehoLders on
February 20, 2025. Building on this, the Board is pleased
to recommend final dividend of Rs. 20/- per equity
share (200%) for FY 2024-25. This recommendation
is a refLection of the Company's improved financiaL
performance and its commitment to enhancing
sharehoLder vaLue.

The final dividend, subject to approval by the Members at
the upcoming Annual General Meeting (AGM), will be paid
to sharehoLders whose names appear on the register of
Members as of June 25, 2025. The total dividend payout,
incLuding both the interim and finaL dividends, amounts
to Rs.1522.15 lakh. This represents a payout of 32.40% of
the current profit after tax for FY 2024-25, compared to
32.54% in the previous FY 2023-24. Thus, the aggregate
dividend for the FY 2024-25 is Rs. 25/- per equity share
(250%).

Pursuant to the Finance Act, 2020, dividend income is
taxable in the hands of the Members with effect from
ApriL 1, 2020. ConsequentLy, the Company is required
to deduct tax at source from the dividend paid to the
Members at the prescribed rates as per the Income Tax
Act, 1961.

Book Closure and Record Date: The Register of Members
and Share Transfer Books of the Company wiLL be cLosed
from June 26, 2025 to JuLy 2, 2025 (both days incLusive)
and the Company has fixed June 25, 2025 as the "Record
Date” for the purpose of determining the entitlement of
Members to receive finaL dividend for the financiaL year
ended March 31, 2025.

4. Transfer to Reserves

The Board of Directors has decided to retain the entire
amount of profit for FY 2024-25, in the statement of
profit and Loss. This decision aligns with the company's
strategy of strengthening its financiaL position and
supporting future growth initiatives.

5. Share Capital

The paid up equity share capital as on March 31, 2025
was Rs.6,08,86,220/- divided into 60,88,622 equity
shares of face value of Rs.10/- each. There was no public
issue, rights issue, bonus issue or preferentiaL issue, etc.
during the year. The Company has not issued shares with
differentiaL voting rights, sweat equity shares, and has
not granted any stock options.

6. Subsidiary Companies

The company does not have any subsidiary, associates,
or joint venture companies within the meaning of
Companies Act, 2013.

7. Directors' Responsibility Statement

Based on the framework of internal financial controls and
compLiance systems estabLished and maintained by the
Company, the work performed by the internaL, statutory
and secretariaL auditors and externaL consuLtants,
incLuding the audit of internaL financiaL controLs over
financiaL reporting by the statutory auditors and the
reviews performed by management and the reLevant
board committees, incLuding the audit committee, the
Board is of the opinion that the Company's internaL
financiaL controLs were adequate and effective during FY
2024-25.

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

i. in the preparation of the annuaL accounts, the

appLicabLe accounting standards have been foLLowed
and there are no material departures;

ii. they have 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;

iii. they have taken proper and sufficient care 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;

iv. they have prepared the annuaL accounts on a going
concern basis;

v. they have Laid down internaL financiaL controLs to be
foLLowed by the Company and such internaL financiaL
controLs are adequate and operating effectiveLy;

vi. they have devised proper systems to ensure
compLiance with the provisions of aLL appLicabLe Laws
and that such systems are adequate and operating
effectiveLy.

8. Directors and Key Managerial Personnel

In accordance with the provisions of the Act and Articles
of Association of the Company, Mr. Vishat Badshah (DIN:
10106666) Non-Executive, Non-Independent Director
of the Company retires by rotation and being eligible,
offers himself for re-appointment. A resolution seeking
members approval for his re-appointment forms part of
the Notice.

The Board of Directors on the recommendation of
Nomination and Remuneration Committee and in
accordance with the provisions of Act, Artictes of
Association and SEBI Listing Regulations, has appointed
Mrs. Sandhya Kudtarkar (DIN: 00021947) as an Additional
Director in the capacity of Non-Executive, Independent
Director of the Company w.e.f. January 17, 2025.

On March 24, 2025, the shareholders, through postal
battot, approved the appointment of Mrs. Sandhya
Kudtarkar as an Independent director of the company
not liable to retire by rotation, for a term of 5 (Five) years
w.e.f. January 17, 2025.

During the period under review, Mr. Rohit Srivastava (DIN:
07910693) resigned as Non-Executive Non-Independent
director of the company w.e.f. May 11, 2024.

Mrs. Vaijayanti Pandit (DIN: 06742237) ceased to be the
Independent Director of the Company with effect from
October 20, 2024.

The details as required pursuant to Regulation 36 of the
SEBI Listing Regutations and the Secretariat Standard-2
on General Meetings are mentioned in the Notice of
AGM, forming part of the Annual Report.

Pursuant to the provisions of Section 149 of the Act,
the Independent Directors have submitted declarations
that they meet the criteria of independence as
provided in Section 149(6) of the Act along with Rules
framed thereunder and Regutation 16(1)(b) of the SEBI
Listing Regulations. There has been no change in the
circumstances affecting their status as Independent
Directors of the Company. In terms of Regulation 25(8) of
SEBI Listing Regutations, they have confirmed that they
are not aware of any circumstance or situation which
exists or may be reasonably anticipated that coutd impair
or impact their abitity to discharge their duties.

The Independent Directors of the Company have
confirmed that they have enrotted themsetves in the
Independent Directors' Databank maintained with the
Indian Institute of Corporate Affairs ('IICA') in terms of
Section 150 of the Act read with Rute 6 of the Companies

(Appointment & Qualification of Directors) Rules, 2014,
as amended. They are atso in comptiance with the
requirement of Ontine Proficiency setf-assessment Test.

During the year under review, the Independent Directors
of the Company had no pecuniary relationship or
transactions with the Company, other than sitting fees,
commission and reimbursement of expenses incurred by
them for the purpose of attending meetings of the Board/
Committees of the Company.

None of the Directors of the Company are disqualified for
being appointed as Director, as specified in Section 164(2)
of the Companies Act, 2013 read with Rute 14(1) of the
Companies (Appointment and Quatification of Directors)
Rutes, 2014 as amended.

The resolutions seeking approval of the Members
for appointment/re-appointment of Directors of the
Company forms part of the notice convening 45th
Annual General Meeting. The Board recommends their
appointment/re-appointment at this Annual General
Meeting.

Key Manageriat Personnet

In terms of Section 203 of the Act, the Key Manageriat
Personnel ("KMPs”) of the Company during FY 2024-25
were:

1. Mr. Pranab Ghosh - CEO & Executive Director

2. Mr. Raghwendra Singh Butota - Chief Financial Officer

3. Mr. Mitesh Gadhiya - Company Secretary

4. Mr. Sanjay Chourey- Compliance Officer*

*Resigned with effect from March 18, 2025

9. Meetings of the Board

The Board of Directors hetd 5 (five) meetings during the
FY 2024-25. For detaits, ptease refer to the Report on
Corporate Governance, which forms part of this Annuat
Report.

10. Board Evaluation

The annuat evatuation process of the Board of Directors,
individuat Directors and Committees was conducted in
accordance with the Provisions of the Act and the SEBI
Listing Regutations.

The Board evatuated its performance after seeking
inputs from att the Directors on the basis of criteria such
as the Board composition and structure, effectiveness
of Board processes, information and functioning, etc.
The performance of the Committees was evatuated
by the Board after seeking inputs from the committee
members on the basis of criteria such as the composition

of committees, effectiveness of committee meetings, etc.
The above criteria are broadly based on the Guidance
Note on Board Evaluation issued by the Securities and
Exchange Board of India.

In a separate meeting of Independent Directors,
performance of Non-Independent Directors, the Board
as a whole and the Chairman of the Company was
evaluated.

The Board and the Nomination and Remuneration
Committee reviewed the performance of individual
directors based on criteria such as the contribution
of the individual Director to the Board and Committee
meetings Like preparedness on the issues to be
discussed, meaningful and constructive contribution
and inputs in meetings, etc. The Board aLso assessed the
quaLity, quantity and timeLiness of fLow of information
between the Company Management and the Board that
is necessary for the Board to effectiveLy and reasonabLy
perform their duties.

In the Board Meeting that foLLowed the Meeting of the
Independent Directors and Meeting of Nomination
and Remuneration Committee, the performance of the
Board, its Committees, and IndividuaL Directors were
aLso discussed. Performance evaLuation of Independent
Directors was done by the entire Board, excLuding the
Independent Director being evaLuated.

11. Familiarisation Programme for Independent
Directors

The Company maintains a structured famiLiarisation
programme for Independent Directors, providing them
with insights into the company's business operations,
industry dynamics, reguLatory, environment, and
governance framework. This programme enhances the
effectiveness of Independent Directors in fulfilling their
roLes and responsibiLities. PLease refer to the Paragraph
on FamiLiarisation Programme in the Corporate
Governance Report for detaiLed anaLysis.

12. Policy on Directors' Appointment and
Remuneration and other Details

The Company's policy on Directors' appointment and
remuneration and other matters provided in Section
178(3) of the Act has been disclosed in the Corporate
Governance Report, which is a part of this report and is
also available on website of the Company at https://
acglgoa.com/wp-content/uploads/2025/05/Final-
ACGL-Remuneration-Policy-for-Directors-KMP.v2.pdf

13. Internal Financial Control Systems and their
Adequacy

The Company's internal control systems are

commensurate with the nature of its business, the size and
compLexity of its operations and such internaL financiaL
controLs with reference to the financiaL statements are
adequate.

Other details in respect of internal financial controls
and their adequacy are included in the Management
Discussion and Analysis, which forms part of this report.

14. Committees of the Board

a. Audit Committee

b. Nomination and Remuneration Committee

c. StakehoLders ReLationship Committee

d. Corporate SociaL ResponsibiLity Committee

e. Risk Management Committee

f. Capital Investment Committee

The details including the composition of the committee
(terms of reference/ attendance) are included in the
Corporate Governance Report, which forms part of this
report.

15. Secretarial Audit

Pursuant to the provisions of Section 204 of the Act
and the Companies (Appointment and Remuneration
of ManageriaL PersonneL) RuLes, 2014, the Board of
Directors appointed Mr. Shivaram Bhat, Practising
Company Secretary, to conduct the SecretariaL Audit
of the Company for the year ended March 31, 2025.
The Secretarial Audit Report in Form No. MR-3 for the
FY 2024-25 is annexed herewith as Annexure III and
forms part of this report. The secretarial audit report
does not contain any quaLifications, reservations, or
adverse remarks or discLaimer.

16. Statutory Auditors

M/s. BSR & Co. LLP, Chartered Accountants (ICAI
Firm Registration No.101248W/W-100022) were re¬
appointed as the Statutory Auditors of the Company for
a tenure of five years commencing from the concLusion
of the 42nd AGM of the Company untiL the concLusion
of the 47th AGM of the Company to be held in the year
2027. The Statutory Auditor's Report does not contain
any quaLifications, reservations, adverse remarks or
discLaimers.

17. Secretarial Standards

The Company has devised proper systems to ensure
compLiance with the provisions of aLL appLicabLe
Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate
and operating effectiveLy.

18. Risk Management

The Board of Directors of the Company has constituted
a Risk Management Committee to frame, implement and
monitor the risk management plan for the Company.
The Committee is responsible for monitoring and
reviewing the risk management plan and ensuring
its effectiveness. The Audit Committee has additional
oversight in the area of financial risks and controls. The
major risks identified by the businesses and functions are
systematically addressed through mitigating actions on
a continuing basis. The development and implementation
of risk management policy has been covered in the
Management Discussion and Analysis, which forms part
of this report.

19. Particulars of Loans, Guarantees or Investments

Particulars of Loans, guarantees given and investments
made during the year under review in accordance with
Section 186 of the Companies Act, 2013 have been
discLosed in the financiaL statements.

20. Particulars of Contracts or Arrangements with
Related Parties

ALL contracts/ arrangements/ transactions entered by
the Company during the FY 2024-25 with related parties
were on an arm's length basis and in the ordinary course
of business and approved by the Audit Committee.
Certain transactions, which were repetitive in nature,
were approved through omnibus approvaL by the Audit
Committee.

As per the SEBI Listing Regulations, if any Related Party
Transactions ("RPTs") exceeds Rs. 1,000 crore or 10%
or 5% (payment towards royaLty fees) of the annuaL
consoLidated turnover as per the Last audited financiaL
statement whichever is Lower, wouLd be considered as
material and would require Members approval. In this
regard, during the year under review, the Company
has taken necessary Members approval. Therefore,
the discLosure of the ReLated Party Transactions as
required under Section 134(3)(h) of the Act in detaiLs of
transactions with reLated party as per Form AOC-2 are
provided in Annexure I to this report.

Pursuant to the requirements of the Act and the SEBI
Listing ReguLations the Company has formuLated a
poLicy on RPTs and is avaiLabLe on Company's website at
- https://acglgoa.com/wp-content/uploads/2025/05/
ACGL-revised-RPT-Policy-01042022.pdf.

Pursuant to SEBI Listing ReguLations, the ResoLution for
seeking approvaL of the sharehoLders on materiaL reLated
party transactions is being placed at this AGM.

21. Corporate Social Responsibility

The brief outline of the Corporate Social Responsibility
("CSR") policy of the Company and the initiatives
undertaken by the Company on CSR activities during
the year under review are set out in Annexure II of
this report in the format prescribed in the Companies
(Corporate SociaL ResponsibiLity PoLicy) RuLes, 2014. For
other details regarding the CSR Committee, please refer
to the Corporate Governance Report, which forms part
of this report. The CSR poLicy is avaiLabLe on website
of the Company at https://acglgoa.com/wp-content/
uploads/2025/05/Contents-of-the-CSR-Policy-
Jan-2017.pdf

22.Investor Education and Protection Fund

For details on transfer of unclaimed/ unpaid amount/
shares to Investor Education and Protection Fund
("IEPF"), please refer Corporate Governance Report on
'Transfer of unclaimed / unpaid amounts / shares to the
Investor Education and Protection Fund'.

23. Management Discussion and Analysis

The Management Discussion and Analysis, as required in
terms of the SEBI Listing ReguLations, is annexed to this
Report.

24. Annual Return

As per the requirements of Section 92(3) of the Act and
the RuLes framed thereunder, the AnnuaL Return in Form
MGT-7 for FY 2024-25 is available the website of the
Company at https://acglgoa.com/investors/annual-
returns/.

25. Particulars of Employees

The information required under Section 197 of the Act
read with RuLe 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, are
given below:

a. The ratio of the remuneration of each Director to
the median remuneration of the empLoyees of the
Company and percentage increase in remuneration
of each Director, Chief Executive Officer, Chief
Financial Officer and Company Secretary in the FY
2024-25:

* Since the remuneration is paid only for part of the year,
the ratio of their remuneration to median remuneration
and percentage increase in remuneration is not
comparable and hence, not stated.

b. The percentage increase in the median remuneration
of employees in the financial year: 3% (The median
remuneration pertains to permanent workers who are
eligible for the Variable Dearness Allowance (VDA)).

c. The number of permanent employees on the rolls of
Company: 433

d. Average percentile increases already made in the salaries
of employees other than the managerial personnel
in the last financial year and its comparison with the
percentile increase in the managerial remuneration
and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial
remuneration:

During the year, the Company provided increments and
performance-linked pay to staff members and increased
Variable Dearness Allowance (VDA) for permanent
workers. These measures were taken to recognize and
reward the hard work and dedication of our employees.

e. Affirmation that the remuneration is as per the
remuneration policy of the Company: The Company
affirms that the remuneration is as per the remuneration
policy of the company.

f. The statement containing names of top ten employees
in terms of remuneration drawn and the particulars
of employees as required under Section 197(12) of
the Act read with Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided in a separate
annexure forming part of this report. Further, the
report and the accounts are being sent to the Members
excluding the aforesaid annexure. In terms of Section
136 of the Act, the said annexure is open for inspection
at the Registered Office of the Company. Any Member
interested in obtaining a copy of the same may write to
the Company Secretary.

26. Disclosure Requirements

All the requirements of the Corporate Governance are
adhered to both in letter and spirit. All the committees
of the Board of Directors meet at regular intervals
as required in terms of SEBI Listing Regulations.
The Directors and Key Managerial Personnel of the
Company have complied with the approved 'Code of
Conduct for Board of Directors and Senior Executives of
the Company'.

As per SEBI Listing Regulations, the Corporate
Governance Report with the Auditors' Certificate thereon,
and the Management Discussion and Analysis are
attached to this report.

A Business Responsibility Report as per Regulation
34 of the SEBI Listing Regulations, and the Dividend
Distribution Policy as per Regulation 43A of the SEBI
Listing Regulations are not applicable to the Company.

The Company has devised proper systems to ensure
compliance with the provisions of all applicable
Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate
and operating effectively.

There have been no material changes and commitments
affecting the financial position of the Company which
have occurred between the end of the financial year of
the Company to which the financial statements relate
and the date of this report, which forms part of this
report. There was no change in the nature of business of
the Company during the Financial Year ended March 31,
2025.

27. Credit Rating

The rating committee of CARE Ratings Limited has
assigned a long-term credit rating of CARE AA-
(pronounced as CARE Double A Minus) as against long
term credit rating of CARE AA- for previous year and a

short-term credit rating of CARE A1 (pronounced as
CARE A One Plus) as against short-term rating of CARE
A1 for previous year to the Line of credit facility enjoyed
by the Company. The outlook on the long term and
short-term rating is stabLe.

28. Deposits from Public

The Company has not accepted any deposits from
public and as such, no amount on account of principal or
interest on deposits from public was outstanding as on
the date of the baLance sheet.

29. Human Resources

The Company believes in engaging human resources
as they are the key differentiator for the success of
the Company. Keeping the employees engaged and
committed can go a Long way in attainment of objectives
and ensuring sustained business performance. In line with
this, the Company has initiated severaL interventions that
will enhance the engagement of the employees. Being
a people centric organisation, the Company recognises
the significance of building next generation leadership
by deveLoping internaL taLent to meet the organisationaL
objectives. Through this, the human resources function
continues to aLign its strategic interventions and
processes, whiLe simuLtaneousLy addressing the needs
of muLtipLe stakehoLders and maintaining a competitive
empLoyee cost. The Company continues to have cordiaL
and harmonious industriaL reLations across aLL the
manufacturing units. The total number of employees of
the Company as on March 31, 2025 stood at 433.

30. Vigil Mechanism / Whistle Blower Policy

Pursuant to the provisions of Section 177(9) and (10) of the
Companies Act, 2013 read with the Companies (Accounts)
RuLes, 2014, the Company has in pLace whistLe bLower
policy / vigil mechanism for Directors and employees of
the Company.

The whistle blower policy / vigil mechanism provides a
route for Directors and empLoyees to report, without fear
of victimisation, any unethicaL behaviour, suspected or
actual fraud, violation of the Company's code of conduct
and instances of Leak of unpubLished price sensitive
information, which are detrimentaL to the Company's
interest. The mechanism protects whistle blower from
any kind of discrimination, harassment, victimisation
or any other unfair empLoyment practice. The PoLicy is
placed on the Company's website and can be accessed at
https://acglgoa.com/wp-content/uploads/2025/05/
WHISTLE-BLOWER-POLICY-Revised-27012022.pdf.

31. Prevention Of Sexual Harassment

The Company has zero tolerance for sexual harassment

at 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 RuLes framed
thereunder. Internal Complaints Committee ("ICC”) is in
place for aLL works and offices of the Company to redress
compLaints received regarding sexuaL harassment.
During FY 2024-25, the Company had not received any
complaints on sexual harassment. In addition, there were
no carry forward cases from the previous financiaL year.

The Company organized awareness workshops across
aLL the pLants in order to cover fLexibLe and temporary
workforce, contractuaL staff, bLue coLLar empLoyees, new
joiners etc.

The policy on Prevention of Sexual Harassment is
avaiLabLe on website of the Company at https://acglgoa.
com/wp-content/uploads/2025/05/Policy-against-
Sexual-Harassment-at-Workplace.pdf

32. Particulars of Energy Conservation, Technology
Absorption and Foreign Exchange Earnings and
Outgo [Pursuant to Companies (Accounts) Rules,
2014]

A. Conservation of Energy

The Company has aLways tried to improve energy
efficiency significantly. During the year under review the
steps taken by the Company to conserve energy include:

• Introduction of HIGH-VOLUME LOW SPEED (HVLS)

fans with Low RPM with energy efficient is initiated.

• Automatic Power Factor Control (APFC) system
introduced which wiLL maintain the power factor
which reduces power Losses.

• Introduction of optimum capacity DG set for canteen
area which wiLL reduce the consumption of dieseL.

• Replacement of conventional Light fixtures with
energy efficient Light fixtures such as LED Lights.

• At its pLants, the Company has carried out various
actions to optimize energy consumption and reduce
Losses.

• Optimization of shifts done to reduce the power
consumption.

• Speed ControL of fan motor for air baLancing at paint
shop to reduce power consumption.

• Compressed air Leakages checked periodicaLLy for
the necessary repairs which had resuLted in energy

saving all hyper-rated motors at our Goa plant
have been replaced with energy-efficient Variable
Frequency Drives (VFDs).

B. Absorption of Technology

1. Efforts made towards Technology Absorption:

The Company has undertaken the following initiatives
for technology absorption during the FY 2024- 25

• Develop the EV 12 mtrs. AC coach 1100mm floor
height with space frame.

• Develop the EV 12 mtrs. AC, low floor (400
mm.) bus. Bus structure is compliance with
European regulations. Composite body structure
developed eliminating the mild steel inputs.

• New Bus assembly capabilities for EVs, CNGs
& Defense requirements ACGL is actively
developing the capabilities to manufacture CNG
fuel buses.

2. Benefits derived from R&D and future plan of action:

The Company is focusing on the innovation and
technology development to enhance the value of the
products and manufacturing procedures in order to
cater varied market demands.

3. In case of imported technology (imported during the

last three years reckoned from the beginning of the
financial year): Not Applicable

4. Expenditure on Research and Development:

a) Capital Rs. 57.84 lakh

b) Recurring Rs. 158.28 lakh

c) Total Rs. 216.12 lakh

d) Total as a percentage of

net turnover: 0.33%

(Excluding other income and taxes)

C. Foreign Exchange earnings and outgo:

Earnings:

i. On export of goods calculated on FOB basis - Rs.0.90

Lakh

ii. The Company has exported bus bodies and component

parts thereof through a merchant exporter -
Rs. 21,768.64 Lakh (excluding taxes)

Outgo:

i. Travelling expenses - Rs. 3.29 Lakh

ii. Procurement of raw material - Nil

33. Cost Auditors

Maintenance of cost records as specified by the Central
Government under Section 148 (1) of the Act is not
applicable to the Company.

34. Acknowledgement

The Directors wish to convey their appreciation to all of
the Company's employees for their contribution towards
the Company's performance. The Directors would also
like to thank the members, employee unions, customers,
dealers, suppliers, bankers, governments and all other
business associates for their continuous support to the
Company and their confidence in its Management.

On behalf of the Board of Directors

Shrinivas V Dempo

Chairman
DIN: 00043413

Place: Mumbai
Date: May 8, 2025