Financial review The standalone financial statement for the financial year ended March 31, 2023, forming part of this Annual Report, have been prepared in accordance with the Accounting Standards (AS) as notified by the Ministry of Corporate Affairs. On a standalone basis, our sales increased to Rs. 11,511.28 million for the current year as against Rs. 7,632.89 million in the previous year, recording an increase of 51 %. The total expenses increased from previous year and stood at Rs. 9,896.20 million in FY 2022-23 as compared to Rs. 6,814.26 million in FY 2021-22. The profit in FY 2022-23 was at Rs. 1,359.04 million as compared to profit of Rs. 662.08 million last year. The improvement in profitability is a result of consulted efforts to increase revenue from operations. CONSOLIDATED FINANCIAL STATEMENTS In accordance with the provisions of Section 129(3) of the Companies Act, 2013, consolidated financial statements shall not be applicable. REVISION OF FINANCIAL STATEMENTS Your Company did not revise any of its financial statements or reports of earlier years as provided in Section 131(1) and hence, your Company has no information to provide under this Section. NATURE & OPERATIONS OF BUSINESS Ajax Engineering Private Limited (“the Company”) is a Company domiciled in India. The registered office of the Company is located at # 253/1, 11th Main, 3rd Phase, Peenya Industrial Area, Bangalore - 560 058, Karnataka, India. The Company was incorporated in 03rd July, 1992. The products offered by the Company includes Self -Loading Concrete Mixers, Transit Mixers, Concrete Batching Plants, Concrete Pumps, Boom Pumps, Slip form Pavers and Self-propelled Boom Pump, being used across various application sectors, viz., Irrigation, Infrastructure, Urban Development, Power Housing, Industrial Projects, to name a few. The Company is headquartered at Bangalore and its state-of-the-art manufacturing facilities are situated at Doddaballapur and Gowribidanur. The Company has embarked on an ambitious business plan to appoint dealers for all its business operations. The Company has wide geographical spread of Dealers across the Country along with several touch points catering to the sales and after-sales support to its customers. The Company has also spread out its wings entering into the field of International Business and has its Distribution Networks in Asia, Middle East and Africa.

A. CONSERVATION OF ENERGY: In our endeavor to conserve energy, we have a continual program to reduce specific consumption of fuel and power. Focus on renewable energy and alternate sources of energy are being explored. 1. The steps taken or impact on conservation of energy: - • Power Saving Initiatives and Conservation of other energy Sources: • Introducing Operator oxygen hose line pokayoke in blasting machine • Hold the rainwater entry by closing the drainage after water wash with pokayoke • LED instead of tube lights in paint booths and training on proper usage of compressed air • Implementation of Solar Plant at Obadenahalli Plant with 599 KWP • Water saving initiative in Dispatch Vehicle Water Washing Area Pokayoke 2. The steps taken by the Company for utilizing alternate sources of energy: - NIL 3. The Capital investment on energy conservation equipments: - NIL

B. TECHNOLOGY ABSORPTION: Technology absorption and innovation is a continuous process in the Company. Your Company continuously evaluates new technologies and techniques to make the infrastructure more energy efficient. i. ARGO 3500 Self-Loading Concrete Mixer with Twin engine (BSIII) (Patent Applied) : Design and development, Inhouse and field trials, Homologation approval from ARAI with Variants of ARGO 3500 non swivel. ii. Concrete Pump ASP 7011G: Developed electronic sensing, micro controller based concrete the pump output of 70m3/h. This will help Ajax to compete with present product in the market. Pump is designed with reliable and branded components like Bosch Rexroth, Yuken etc. iii. Concrete Pump ASP 7011L: Developed hydraulic sensing, concrete the pump output of 70m3/h. This will help Ajax to compete with present product in the market. Pump is designed with reliable and branded components like Bosch Rexroth, Yuken etc. iv. SPBP15ZX/SPBP18ZX/: Patented Ajax truck technology, tested ,Validated and Qualified with AL BSIV Engine. Integrated with wired remote control Configured to deliver 40 m3/hr out put at 15 mtr height. Safety interlocks are introduced for drive and PTO application. Noise level & Steering effort maintained as per ARAI norms. All wheel drive, 2/4/Crab steering options. v. IoT BS IV : Design and Developed IoT system for various BS-IV (CEV) SLCM Models, Developed with CAN communication suitable for IoT telematics. vi. Cabin with Roof top mounted AC : Developed Cabin with Roof top mounted AC. This requirement was from IB sales team, which is on par with European competition machines. Ready for production. vii. SLCM with Bio diesel for Export version: Machine configured, tested and validated with compatible Bio-Diesel, Technical solution is ready for series production with CAT engine. This is for International market requirement. viii. ROPS / FOPS Cabin : Received Type approval certificate from M/s ARAI applicable for Indian market, also received certification from M/s TUV Rheinland applicable for export market segment. We are the first Indian company got ROPS/FOPS certification CABIN applicable for SLCM and Boom pump application. Ready for production. ix. A44RZX - 44 mtr Boom PUMP: First time in INDIA A44RZX Boom pump on TATA 6x4 BSVI Chassis. Configured Boom pump along with TATA R&D team for RPM control, Split shaft PTO, cruise control & Safety interlocks. Based on chassis centre of gravity configured boom pump parts to maintain stability. Integrated with Higher service life and high hardness TWIN layer concrete pipe and elbows. Closed loop hydraulic system to reduce oil consumption. SCZ- Safe Concreting Zone will provide Safety and stable working @ constrained space. x. Ajax twin Shaft Mixier - ATS 750/500: Validation & commercialisation FY 2023-2024 along with CRB 30T plant, OBJECTIVE: To Offer Lower Capacity (30 Cum/Hour) Batching Plants with Twin Shaft Mixer. Twin shaft mixer being approved, accepted & being very commonly used in most of the applications like, Road, Metro constructions, RMC ,Canal lining. SALIENT FEATURES: 1. Better High Homogenous Mix Within a Shorter Time Period Compared to Planetary Mixer 2. High Intensity Mixing Arm & Blade with better Mixing Efficiency 3. Low Operation and Maintenance Cost Compared to Planetary Mixer 4. Higher Productivity Because Of Faster Discharge & Less Mixing Time Compared to Planetary Mixer 5.Twin Shaft Mixer Can Handle Bigger Aggregate Size as Planetary Mixer of Same Capacity. xi. Cross bin conveyor – CRB 30PC (with APM 750/500) plant: OBJECTIVE: To make Economical and reliable 30 CuM weigh Conveyor direct loading to mixer batching plant for concrete discharge to TM. Transportable in One 40' Semi low bed trailer version with HMI hinged panel. Prewired and tested plant from factory. SALIENT FEATURES: 1. The BP can be erected & commissioned within day time. 2. The entire BP can be transported in 40' semi low bed trailer with hinged Deci Plus HMI panel. 3. Compartment 4-bin Plant with 5 Cum volume each. 4. Factory wired & tested plant. 5. Throughput of 30 Cum/hour theoretical. 6. Batching plant will discharge concrete to TM (transit mixer). xii. Research and Development – Capital : Rs. 5.22Mn Revenue: Rs. 148.4 Mn

C. FOREIGN EXCHANGE EARNINGS & OUTGO (in Rs. In Million) 2022-23 2021-22 Foreign exchange earned 236.02 358.13 Foreign exchange used 295.42 340.57

DIRECTORS’ RESPONSIBILITY STATEMENT Pursuant to the requirements under Section 134(3) (c) of the Companies Act, 2013 with respect to Directors’ responsibility statement, it is hereby confirmed that: a. In the preparation of the annual accounts for the financial year ended March 31, 2023, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any; b. the Directors 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 as at March 31, 2023 and of the profit of the Company for the Financial year ended on that date; c. the Directors have taken proper and sufficient care 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; d. the Directors had prepared the annual accounts for the year ended March 31, 2023 on a going concern basis; and e. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.