Your Company’s performance for the FY 2021-22 was better than the previous year’s performance despite post COVID 19 impacts. Your Company achieved revenue of ?397.83 Crore as against ?309.12 Crore in the previous FY20-21, reporting a growth of approx. 28%. We achieved an operating profit of PBT ? 9.57 crore / PAT ?4.05 Crore vs PBT ?(-23.28) Crore / PAT ?(-10.65) Crore in the previous financial year 2020-21. However, we firmly believe in our growth strategy for EV Business and thus continued to invest in the EV Commercial and R&D organization. The state of affairs of your Company continues to be strong with demand growth in Telecom and EV being one of the sunrise segments for the country.

  Exicom continues to give major emphasis for conservation of Energy, and the measures taken during the previous years were continued. The Efficiency of Energy Utilization in Exicom manufacturing Unit is monitored quarterly, in order to achieve effective conservation of energy. The significant Energy Conservation measures during the year were:

  Efforts made in technology absorption: Your company had purchased technology for a Remote monitoring unit for Li-Ion EV batteries.

OREIGN EXCHANGE EARNING AND OUTGO 2021-22 2020-21 Expenditure in Foreign Currency INR 3,78,94,263 INR 1,06,45,790 Earnings in Foreign Currency INR 60,93,83,886 INR 12,37,14,421

Pursuant to the Section 134(5) of the Companies Act, 2013 the Board of Directors to the best of their knowledge and ability confirm: that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; that we 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 and loss of the Company for that period; that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; that the annual accounts have been prepared on a going concern basis; that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively; and that proper internal financial controls were laid down and that such internal financial controls are adequate and were operating effectively.