Annual Report 2023 24

SUSTAINABLE STEEL
RESILIENT FUTURE
ANNUAL REPORT | 2023-24

This Annual Report, apart from the statutory disclosures, is a narrative
on Hariom Pipe Industries Ltd.’s vision for “Sustainable Steel - Resilient
Future.” By integrating Environmental, Social, and Governance (ESG)
principles into every aspect of our operations, we practice and promote
sustainable manufacturing processes that prioritize energy efficiency,
water conservation, plantation initiatives, and the protection of indigenous
cow breeds. Our diverse steel products drive progress across industrial,
construction, and domestic sectors, enhancing societal value. With robust
financial and risk management, we ensure sustained economic growth for
our stakeholders, fostering innovation, sustainability, and resilience that
benefit both the environment and our communities.
Table of Contents
Corporate Information 01 Our Manufacturing Capabilities 34
Reinforcing the Future 02 ESG Performance Review 42
Hariom at a Glance 04 Governance 48
Key Milestones 06 Board of Directors 50
Operations and Presence 08 Management Discussion and Analysis 52
FY24 Key Highlights 10 Board’s Report 59
Manufacturing Capabilities 11 Corporate Governance Report 79
Our Product Portfolio 12 Business Responsibility and Sustainability

107
Report (BRSR)
What Differentiates Us 16
Independent Auditor’s Report 145
How We Create Value 18
Balance Sheet 155
Letter from the Managing Director 20
Statement of profit and loss 156
Key Performance Indicators 24
Statement of Changes in Equity 157
Ramping up to Drive Accelerated Growth 26
Statement of Cash Flows 159
New Concept Pioneered 27
Notes to financial statements 161
Operating Context 28
Notice 216
Strategic Pillars of Value Creation 30
Corporate Statutory Financial
Overview Reports Statements
Corporate Information
CIN: L27100TG2007PLC054564
Board of Directors
Mr. Pramod Kumar Kapoor - Chairman - Independent Director
Mr. Rupesh Kumar Gupta - Managing Director
Mr. Sailesh Gupta - Whole-time Director
Mr. Soumen Bose - Non-Executive Director
Mrs. Sunita Gupta - Non-Executive Director
Mr. Rajender Reddy Gankidi - Independent Director
Mrs. Sneha Sankla - Independent Director
Key Managerial Personnel

Mr. Rupesh Kumar Gupta - Managing Director
Mr. Sailesh Gupta - Whole-time Director
Mr. Amitabh Bhattacharya - Chief Financial Officer
Mrs. Rekha Singh - Company Secretary & Compliance Officer
1
HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

Auditors Registered Office
3-4-174/12/2, 1st Floor, Samarpan, Lande Beside
Statutory Auditors Spencer’s, Pillar No. 125, Attapur, Hyderabad – 500048,
M/s. R Kabra & Co., LLP, Telangana. Telephone: 040-24016101
Chartered Accountants, 515, Tulsiani Chambers, Email Id: cs@hariompipes.com
Nariman Point, Mumbai – 400 021 Website: www.hariompipes.com
Internal Auditors
M/s. Ravi Ladia & Co., Registrar & Share Transfer Agent
Chartered Accountants M/s. Bigshare Services Private Limited.
#202 A, 2nd Floor, Highness Maurya, 8-2-601/P, 7&10, Address: 306, Right Wing, 3rd Floor,
Gouri Shankar Nagar Colony, Road No. 10, Banjara Hills, Amrutha Ville, Opp. Yashoda Hospital, Raj Bhavan Road,
Hyderabad – 500 034 Somajiguda, Hyderabad - 500082,
Telangana. Tel: 040-4014 4967
Cost Auditors Email Id: bsshyd@bigshareonline.com
M/s. Seshadri & Associates Website: www.bigshareservices.com
Cost Accountants
H.No. 3-6-288/1, 2nd Floor, Uddugally,
Opp. Corporation Bank, Hyderguda, Listing at
Near OLD MLA Qrts, Hyderabad - 500029, Telangana BSE Limited
National Stock Exchange of India Limited
Secretarial Auditors
M/s. VSSK & Associates.
Company Secretary Bankers
H.No. 13-15, Sri Sri Nagar, Behind HUDA Park, Uppal, HDFC Bank Limited
Hyderabad – 500039, Telangana, India Canara Bank Limited
2 Reinforcing the Future
Contributing
to India’s
development
At Hariom, nation-building means more than infrastructure
development; it encompasses empowering communities,
enabling progress, and enhancing the lives of millions across
India. Over the years, our products have been used for critical
applications in diverse sectors across India, advancing the
goals of inclusive growth.
AUTO COMPONENTS
SCAFFOLDING
GREENHOUSE FRAMEWORKS

COMMERCIAL SHEDS
STEEL STRUCTURES
HOARDING STRUCTURES
ESTABLISHED IN 2007 Hariom Pipe Industries Limited
is a premium manufacturer of
iron and steel products catering
to diverse sectors in India.
Today, we are proud to have
a wide range of value-added
products, a well-established
dealer network across the South
Indian market, strong backward
integration capabilities, and a
strong brand presence.
4
HARIOM AT A GLANCE
VISION
To attain sustainable growth and
industry leadership by expanding our
geographic reach and value-added
product portfolio, while unwaveringly
ensuring that every stakeholder reaps
benefits from our growth journey.

MISSION
Our mission is to surpass the highest
standards of customer expectations
in quality, service, experience, and
trust. We are dedicated to reducing
emissions and prioritizing the
production of green steel, aligning with
our commitment to sustainability and
environmental responsibility.
16 YEARS
of Industry Prowess
7,01,232 MTPA
Total manufacturing capacity
Key Milestones
From our roots in trading steel pipes
and tubes, we have gone from
strength to strength, evolving into an
integrated manufacturer of premium
steel pipes and tubes and set new
benchmarks for quality.
2022
• Increased Scaffolding Unit capacity to 5,000 MTPA
• Raised ₹130 crore (gross) through an IPO on Main Board (NSE and BSE) on April 13
• Furnace unit installed capacity increased to 1,04,232 MTPA while rolling mill
installed capacity was increased to 1,24,000 MTPA
2019
6 Enhancement of installed capacity in Furnace
Unit, Rolling Mill and Pipe Mill to 2,64,832 MTPA
2018
Converted to a public limited
company; renamed as Hariom
Pipe Industries Limited
2017
Started Slitting Line Unit
2011
Started Pipe Mill Unit-II and
Scaffolding Unit
2007
Incorporation of
the company.
2023
• Acquired operating assets with a GP/
GI capacity of 1,80,000 MTPA located
in Tamil Nadu, resulting in product
diversification
• Added 10+ new value-added products,
such as GP pipes and coils
• Increased the Pipe Mill’s capacity to
1,32,000 MTPA
• Set up a GP Unit at Mahabubnagar, TS
with a 1,20,000 MTPA total capacity
• Infusion of ₹102.85 crore through the issue
of warrants and equity shares
7
• Commissioned state-of-the-art Cold-Roll
Tandem mill and an annealing furnace at

Mahabubnagar Plant in Telangana
2020
Acquisition of Sponge Iron Unit situated at
Anantapur, A.P., with a capacity of 36,000
MTPA to achieve cost efficiency and better
control of the entire value chain
2010
Started Rolling Mill Unit in May. Started Pipe
Mill Unit-1 in July
2008
Started Furnace Division at Mahabubnagar,
Telangana in February
Data given in calender year

Operations and Presence
Strategic location of manufacturing units

Our manufacturing units are strategically positioned near major industrial hubs, providing seamless access
to logistics, power, and skilled labor. This allows us to optimize production and distribution, ensuring timely
and cost-effective delivery of products nationwide. Additionally, our proximity to iron ore production centers
further boosts logistical efficiency.
8
UNIT I AND UNIT IV

Comprehensive Steel Plant: From Melting
Shop to Galvanized Pipe and Coil Production
Mahabubnagar, Telangana.
UNIT II
Sponge Division, Anantapur, Andhra Pradesh.
UNIT III
Galvanized Plant , Erode, Tamil Nadu.
Strengthening market presence

Our company currently has a solid foothold in Southern and parts of Western India. We aim to bolster our
presence in these regions and venture into new areas thereby leveraging our intrinsic logistical advantage to
cater to burgeoning demand. Our strategy includes expanding our domestic sales networks and extending
our reach into Western, Eastern India, and Union Territories.
Our dealer network
33 216
Districts Dealers
5
Districts
11
Dealers
Telangana Maharashtra
26 164 30 201

Districts Dealers Districts Dealers
Andhra Pradesh
Karnataka
32 120
Districts Dealers
8
Districts
79
Dealers
Tamilnadu Kerala
OTHER STATES AND

UNION TERRITORIES 10 20
Districts Dealers
800+ 1,500+
Dealers Point of sales
FY24 Key Highlights
Financial ESG
80%
Revenue growth (YoY)
34K MT
Use of steel scrap in production
23%
PAT growth (YoY)
9.21 TJ
Usage of Captive Renewable Power
Operating Cash Recommended for

Flow Positive Dividend Distribution
10
Operational
92%
Share of value-added products
84%
Increase in Utilization Capacity (YoY)
Manufacturing Capabilities
Sponge Iron Induction Furnace

Installed Capacity Installed Capacity
36,000 MTPA 1,04,232 MTPA
Rolling Mill Piping Mill

1,24,000 MTPA 1,34,000 MTPA

11

Galvanising Unit Scaffolding
3,00,000 MTPA 5,000 MTPA
Value added products

Recycled
Steel
MS Billets Hot Rolled MS Pipes

Strips Scaffoldings
and Tubes
Sponge
Iron Ore* Iron
Galvanised Galvanised
Coil Pipe
HRPO (Hot
Hot Rolled Rolled Pickled Cold Rolled
Coils* and Oiled) Coils
Cold Rolld
Pipe
Our Product Portfolio
We have a diverse product
portfolio that encompasses
MS tubes and pipes, scaffolding
systems, and galvanised pipes.
Our products are used across
various sectors, underscoring
our commitment to craftsmanship
and customer satisfaction.
12
Sponge Iron MS Billets

Sponge Iron, or Direct Reduced Iron (DRI), is made MS (Mild Steel) Billets are semi-finished steel products
by reducing iron ore to iron using a reducing gas at with a square or rectangular cross-section. They are
temperatures below iron’s melting point. It has a porous, created by melting scrap or raw iron and casting it into a
spongy texture. mold to achieve the desired shape and size. MS billets
are an essential raw material in the steel industry, often
Key applications:
used as a precursor for producing various finished steel
Steel Manufacturing products.
Primary Application: Feedstock in electric arc furnaces Key applications:
(EAF) for steel production.
Construction
User Industries: Steel mills, foundries.
Used in the manufacturing of construction materials such
Ferroalloy Production as rebar, beams and structural sections.
User Industries: Ferroalloy manufacturers. Automotive
Iron-Based Chemicals Employed in the production of automotive parts and
components, providing structural integrity and strength.
User Industries: Chemical industry, catalysts
manufacturing. Manufacturing
Powder Metallurgy Utilized in creating machinery, equipment, and tools due
to their versatility and machinability.
User Industries: Automotive, aerospace industries.
Infrastructure
Integral in building infrastructure projects like bridges,
railways, and pipelines.
13

HR Strips MS Tubes & Pipes
Hot Rolled (HR) Strips are flat steel products that are MS Tubes, also known as Mild Steel Tubes, are cylindrical
produced through the hot rolling process. In this method, hollow structures made from mild steel, which is known
steel slabs are heated to high temperatures and passed for its low carbon content (typically less than 0.25%).
through rollers to achieve the desired thickness. HR Strips These tubes are characterized by their high tensile
are characterized by their rough surface finish and are strength, durability, and malleability, making them suitable
available in various grades, widths and thicknesses. for a variety of applications.
Key applications: Key applications:
Automotive Industry Construction and Infrastructure
Used for manufacturing chassis, frames, and other Structural frameworks, Scaffolding, Fencing and gates,
structural components. Roof trusses
Employed in the production of wheels and other Automotive Industry
automotive parts.
Exhaust systems, Chassis and frames, Roll cages,
Construction Industry Suspension components
Used in the fabrication of steel structures, such as beams, Furniture and Interior Design
columns, and girders.
Metal furniture, Handrails and guardrails, Shelving and
Employed in the construction of bridges, buildings, and racks, Decorative elements
other infrastructure projects.
Manufacturing and Fabrication
Manufacturing Industry
Machinery and equipment frames, Conveyor systems,
Used for producing pipes, tubes, and other machinery Storage tanks and silos, Industrial platforms and ladders
parts.
Employed in the production of industrial equipment and
machinery.
Scaffolding HRPO Coils
Our scaffolding system, designed for versatility and Hot Rolled Pickled and Oiled (HRPO) Coils are steel coils
safety, provides robust support for construction and that have been descaled using a pickling process and
maintenance projects of varying scales. Crafted from coated with oil to prevent rust. This process enhances the
durable materials, it ensures stability and ease of surface quality and extends the lifespan of the steel.
assembly, meeting stringent industry standards.
Key applications:
Key applications:
Automotive Industry
Construction
HRPO Coils are widely used in the automotive industry for
Ideal for building structures, both residential and manufacturing parts that require a high-quality finish and
commercial. durability. They are ideal for making frames, underbody
components, and structural parts.
Maintenance
Metal Fabrication
Facilitates safe access for repairs and renovations.
These coils are also used by sheet metal manufacturers
Events
14 and pipe and tube makers for various industrial
Supports stages, lighting, and seating structures. applications. Their clean and smooth surface is suitable
for further processing, such as cutting, bending, and

welding.
CRCA Coils CRFH Coils

Cold Rolled Closed Annealed (CRCA) Coils are produced Cold Rolled Full Hard (CRFH) Coils are steel coils with
by cold rolling hot rolled pickled and oiled coils and then high durability and performance characteristics, produced
annealing them in a closed atmosphere to improve their without annealing after cold rolling. They have high tensile
hardness, strength, and surface finish. strength and are suitable for a range of slit sizes.
Key applications: Key applications:
Construction Industry Industrial Applications
CRCA Coils are used in the construction industry for CRFH Coils are used in manufacturing industrial cable trays,
producing high-quality steel sheets and panels that offer Strapping which require a high degree of strength and
good aesthetic appearance and strength, making them durability. They are also used for structural components in
ideal for cladding, roofing, and structural components. pre-engineered buildings, bridges and fan blades.
Automotive Parts Manufacturing Automotive and Agricultural Machinery
In the automotive sector, CRCA Coils are used for making These coils are ideal for automotive components,
body panels, doors, and other parts that require excellent machinery parts that need to withstand high stress and
drawability and surface quality. demanding conditions.
GP Coils Galvanised Pipe (GP)

Pre Galvanized (GP) Coils are steel coils coated with Galvanized pipes are steel products that have been
a layer of zinc to enhance corrosion resistance. This coated with a layer of zinc to enhance their corrosion
coating protects the steel from rust and extends its resistance. This process involves immersing the steel
service life. in molten zinc, which forms a protective layer on the
surface, making it suitable for various applications in
Key applications:
different industries.
Construction and Roofing
Key applications:
GP Coils are widely used in the construction industry for
Transportation and Fabrication
roofing systems in pre-engineered buildings due to their
corrosion resistance and durability. They are also used in GP Pipes are widely used in bus body manufacturing,
manufacturing rolling shutters, which require a robust and fabrication of industrial sheds, and other construction
weather-resistant material. projects that require strong and corrosion-resistant
materials.
Industrial Equipment
General Construction
These coils are employed in producing packing strips 15
and other components that require a protective coating They are also used in general construction applications,

against corrosion. such as handrails, fencing, and structural supports.
GI Pipe
Our GI pipes epitomise durability and reliability. These
pipes are coated with a layer of zinc to prevent corrosion
and rusting. The zinc coatingacts as a shield for the
underlying steel from exposure to moisture and other
elements. It serves as indispensable assets, ensuring
longevity and performance in every endeavour.
Key applications:
Plumbing Systems
Premium square pipes and tubes used in plumbing
systems.
Irrigation
Used in agriculture to ensure uninterrupted water flow to
crops and fields over a vast farmland.
What Differentiates Us
Our investment proposition Robust financial profile

stems from strong Our capital allocation strategy is based on prudence
manufacturing capabilities, and sustainable growth principles. We maintain a
strong balance sheet supported by incremental
backward integration, a
cash flow generation. In FY24, we undertook
robust financial position, additional fund infusion (in equity and warrants) to
and a clear growth strategy. strengthen our position further. Over the past five
These synergies distinguish years, we have achieved a revenue CAGR of 48%,
us in the market and secure indicating market share expansion, an EBITDA
CAGR of 43%, underscoring operational efficiency
our position as a leading
and a PAT CAGR of 47%, showcasing the success
choice for stakeholders. of our strategies.
16
48%
5-year revenue CAGR
47%
5-year PAT CAGR
Ensuring Quality and Flexibility Strong focus on value-added

Through Vertical Integration products
The company’s integrated operations span the We produce value-added products that meet
entire production process, from iron ore utilization evolving market needs by focusing on innovation
to the manufacturing of MS pipes and scaffolding and maintaining high-quality standards. Our
products, and from HR coil processing to the ability to customise product thickness, length, and
production of galvanized coils and GI pipes. This quality allows us to command a premium over our
vertical integration ensures consistent quality, competitors.
reduces dependency on external suppliers, and
offers the flexibility to adapt our product mix in
response to market demands.
2,64,232 MT 92%
Capacity for backward integration Share of Value Added Products in FY24
compared to 80% in FY23
Pioneering Eco-Friendly
Manufacturing and Renewable
Energy in India
We utilize advanced technologies and eco-friendly
manufacturing processes to optimize resource
usage and reduce our environmental impact. For
example, our Hot charging production technique
greatly lowers coal and electricity consumption.
Additionally, we are proud to be the first company
in India to run our pipe manufacturing operations
entirely on renewable energy in Telangana State.
2 MW
Installed capacity of solar
17

energy at Mahabubnagar plant
Highly Focused Management

driven by passion towards value
creation
Led by promoters with more than five decade of
industry experience, our leadership team drives
strategic growth and operational efficiency.
The experienced senior management ensures
continuity and effective coordination, leveraging
industry knowledge to seize current and future
opportunities.
50+ years
Combined experience in the steel pipes
industry of key management
How We Create Value
Resources Inputs
Financial Capital
Enhanced shareholder value through
Equity Net debt
₹464 ₹338
strategic investments and a wide product
range of value-added products. crore crore
Total capacity
Manufactured Capital
Improved operational efficiency and 7,01,232
4 MTPA
production capabilities, leading to
Manufacturing
consistent product quality and market units
competitiveness.
Gross block of fixed assets: ₹451 crore
18
Human Capital
Increased productivity, innovation, and
Total Manpower
840+
high employee satisfaction, contributing to
business growth and stability.
Relationship Capital
A loyal customer base, expanded market Dealers Selling Point
800+ 1500+
reach, and a robust distribution network
enhance market penetration and sales.
Sustainable Capital
Reduced environmental impact, Recycled Water Usage
compliance with environmental regulations, Reduced power in Production
and strong governance supporting
sustainable growth. 32% 38%
Value Creation Process Value Created in FY24
Driving Success: Revenue growth EBITDA growth
A Year of Remarkable Growth:

This year has highlighted our dedication to
80% 74%
Operating Profit Growth EPS
excellence and strategic expansion. We’ve
achieved impressive financial growth,
with significant improvements in revenue,
50% ₹20.34
profitability, and earnings per share.
Our emphasis on innovation, customer
satisfaction, and market expansion Production Volume:
remains strong, setting us up for continued
success.
2,17,203 MT
Strong Production with Sales Volume:
1,99,015 MT
Healthy Sales Performance:
This year, our production remained
robust, complemented by strong sales
19
performance. We successfully aligned our

100%
output with market demand, reflecting our
Nil
ongoing commitment to efficiency and
complaints on
growth. employees covered Human Rights
under training
Average
0% 48
complains training hours
from
conducted
employees Hrs
per emplyoee
Share of Value Added Products
Value chain
• Raw material procurement
92%
• Semi-finished goods processing
(Backward integration)
• Manufacturing
Incremental Captive
• Sales and distribution Renewable Power
7.96 TJ
• Customers
• After-sales services
against the total consumption
2500+
Saplings Planted/Distributed
Letter from the Managing Director
20
Dear Stakeholders,
I hope that this Report finds you and your families safe and well.
In the ever-changing business landscape, where challenges are constant, unique opportunities await those
with the courage to seize them. At Hariom, we have always been optimistic about India’s growth story and
the endless possibilities it offers. This year’s performance reflects our sustained efforts capitalising on them.
As we conclude FY24, I am delighted to share the remarkable progress we have made in achieving our
strategic goals and strengthening our market position in the steel pipe industry.
The commissioning of our state-of-the-art CR Tandem mill at the

Mahabubnagar Plant has opened new avenues for expansion. This facility
enables us to meet the needs of industries such as packaging, furniture,
auto components, pre-engineering building products and many more.
A Year of Strong Performance our commitment to providing sustainable, long-

term value to our shareholders through a balanced
We reached several milestones in FY24,
approach that includes both capital appreciation and
culminating in our highest-ever sales volume by
dividend payments.
year-end. This achievement resulted in an 80%
revenue growth, bringing our total revenue to ₹1,158
crore. We also achieved our best-ever performance
in terms of EBITDA which soared to ₹144 crore, 1,70,000 KT
Additional capacity added in FY24
21
representing a 74% YoY increase.

82%
This performance was bolstered by higher
production from an enhanced capacity, a higher
share of Value-Added Products, and improved
efficiency. Our commitment to expanding our Increase in sales volume
Value-Added Products share resulted in a record

high of 92% for the year, compared to 80% in Poised for Growth
FY23. This led to a 23% YoY increase in PAT, India’s growth story remains fundamentally
reaching ₹57 crore. sound, with the Economic Survey projecting
an 8.2% increase in GDP for FY24. This, along
Strategic initiatives such as the Galvanized Pipe
with a predicted GDP growth of 7.2% in FY25,
Project in Mahbubnagar, efficient inventory
indicates that India is well poised to continue its
management, and proactive measures to reduce
phase of expansion.
debtor days, like channel finance and efficient
collection methods, led to an Operating Cash Flow Moreover, the Indian government is helping
of ₹5 crore in FY24, compared to a usage of ₹100 upgrade one of the biggest drivers of economic
crore in FY23. Our ROCE has surged significantly growth– infrastructure. The recent Budget
to 18.8%, up from 14.6% in the previous year, 2024-25, which announced a capex outlay of
reflecting optimal utilisation of fixed assets and ₹11+ trillion towards infrastructure, will give a
effective management of working capital. significant boost to India’s overall growth and
development, improving various sectors of the
Most importantly, we began our journey to
economy.
maximise shareholder value, with our Board of
Directors recommending a final dividend of ₹0.60 At Hariom, our competitive edge in our
per equity share with a face value of ₹10 (6%) each manufacturing capabilities, backward integration,
for FY24. Looking ahead, we remain steadfast in
Letter from the Our commitment to expanding
our Value-Added Products share
Managing Director resulted in a record high of 92%
for the year, compared to 80%
continued in FY23. This led to a 23% YoY
increase in PAT, reaching ₹57
crore.
strategic geographical presence and focus on high- Environmental sustainability is a core component
margin value-added products make us well-placed of our operational strategy. Our pipe unit in India is
to seize the opportunities that lie ahead and create one of the country’s first to be fully solar-powered,
value for our stakeholders. underscoring our dedication to promoting
sustainable practices. Further, we recycle 34K MT
Looking ahead, we have developed strategic plans of steel scrap, including scrap produced at our
to tap into the potential offered by multiple sectors, units, to promote green steel.
including construction, automotive, real estate,
22 power and infrastructure, among others. In FY24, we achieved significant sustainability
milestones by fully transitioning our Mahabubnagar
Investing in the Future
GP Plant to solar power, reducing our emission

Our growth strategy is underpinned by six strategic intensity to 89.16 CO2e/₹, and consuming 9.21 TJ
pillars that guide our operations and decision- of energy from renewable sources, underscoring
making processes. These pillars are designed to our commitment to a greener future.
drive profitability, enhance customer experience,
and ensure inclusive growth for all stakeholders.
In FY24, we continued to invest in our operations to
89.16
pave the way for future growth. The commissioning
of our state-of-the-art CR Tandem mill at the
Emission
Mahabubnagar Plant has opened new avenues
for expansion. This facility enables us to meet the
intensity
needs of industries such as packaging, furniture, (scope 3)
in FY24
CO2e/₹
auto components, pre-engineering building
products and many more. Additionally, the new GP
unit and the enhanced MS pipe unit in Telangana
increased our production capacity by 1,70,000 MT.
9.21
Accelerating Growth with
Sustainability
We believe in inclusive growth that addresses
the needs of employees, dealers, customers,
communities, investors, and the environment. Our TJ
employee training, community engagement, and Energy consumed through
environmental sustainability initiatives reflect our
renewable sources in FY24
holistic approach to business growth.
In FY24, we achieved significant

sustainability milestones by fully
transitioning our Mahabubnagar
GP Plant to solar power, reducing
our emission intensity to 89.16
CO2e/₹, and consuming 9.21 TJ of
energy from renewable sources,
underscoring our commitment to a
greener future.
Much Done, Much More to Do unwavering support and trust. We will continue to
build on our successes, drive sustainable growth
The financial year we have just closed has
and create lasting value for all stakeholders.
been strong in many ways. We have significant
tailwinds for growth and an expanded
production capacity, setting the stage for
sustained growth in the future. Warm regards,
As we look to the future, I am confident that RUPESH KUMAR GUPTA

23
we have the right strategy to deliver on our Managing Director
promise of growth. Our goal is to fully leverage

our installed capacity by 2026, ensuring
optimal performance while upholding our
dedication to profitability and sustainability.
Our focus on innovation, market expansion,
and value creation positions us well to achieve
this ambitious goal. We will continue to explore
new growth opportunities, enhance our
product offerings, and invest in cutting-edge
technologies to stay ahead of the curve.
75% of the new India is yet to be built. We

remain dedicated to enhancing our value-
added offerings to meet the evolving needs
of a rising and aspirational India. Hariom Pipes
will not only thrive but also embark on a new
era of growth.
I am confident that the alignment and

commitment of our shareholders, Board,
and management will help us navigate these
dynamic times and deal with the ever-evolving
business landscape.
In closing, I sincerely thank our shareholders,

employees, customers, and partners for their
Key Performance Indicators
REVENUE (₹ Cr) EBITDA (₹ Cr)
FY24 1,153 FY24 144
FY23 644 FY23 83
FY22 433 FY22 59
FY21 255 FY21 35
FY20 161 FY20 24
48% 5-year CAGR 80% YoY 43% 5-year CAGR 74% YoY
PAT (₹ Cr) NET PRODUCTION (MT)

24
FY24 57 FY24 2,17,203
FY23 46 FY23 1,18,027
FY22 32 FY22 68,170
FY21 15 FY21 62,070
FY20 8 FY20 48,616
NET SALES (MT) SHARE OF VALUE ADDED PRODUCTS (MT)
FY24 1,99,015 FY24 1,74,666
FY23 1,09,085 FY23 81,611
FY22 65,845 FY22 43,310
FY21 60,740 FY21 27,081
FY20 44,888 FY20 23,908
DEBT TO EQUITY RATIO (Times) RoCE (%)
FY24 0.80 FY24 18.9
FY23 0.79 FY23 14.7
FY22 0.87 FY22 38.2
FY21 1.13 FY21 27.7
FY20 1.41 FY20 28.0
25
Our strategic initiatives have driven us to achieve

our highest-ever sales volume, with annual revenue
surpassing the ₹1,150 crore mark. In FY24, our
performance was driven by a 114% YoY increase in Value-
Added Product sales volume as we successfully ramped
up production of GP/GI. The company demonstrated
positive Operating Cash Flow, driven by increased
profitability and efficient working capital management.
Our ROCE has surged significantly, reflecting effective
resource utilisation and enhanced profitability. As we
enter FY25, we are well-positioned to maintain our growth
trajectory with a continued focus on improving cash flow.
Sailesh Gupta
Whole Time Director
Ramping up to Drive Amidst a robust demand
landscape, we sustained and
Accelerated Growth improved our growth momentum,
strengthening our market position.
We continued to invest in our
operations, setting the stage for a
high growth trajectory.
Successful ramp-up of new units

The new GP unit (capacity of 1,20,000 MTPA) and the enhanced MS pipe unit (capacity of 1,32,000 MTPA)
in Telangana, along with the GP/GI plant in Tamil Nadu (capacity of 1,80,000 MTPA), were successfully
ramped up during the year. This was crucial to achieving our best-ever performance in terms of revenue,
volume, EBITDA, and PAT in FY24 ramp will continue over the next two years.
26
New Concept Pioneered A state-of-the-art Cold-Roll

Tandem mill and an annealing
furnace were commissioned
at the Mahabubnagar Plant in
Telangana in FY24. One of the key
advantages of the Tandem Rolling
Mill is its ability to perform multiple
rolling operations in a single pass.
CR Tandem Mill adds new avenues for growth

A state-of-the-art Cold-Roll Tandem mill and an annealing furnace were commissioned at the
Mahabubnagar Plant in Telangana in FY24. One of the key advantages of the Tandem Rolling Mill is its
ability to perform multiple rolling operations in a single pass. This significantly reduces the number of
require passes, thereby improving the overall production efficiency and reducing the manufacturing time.
As a result the company can deliver steel products to its customers in a more timely manner, meeting their
stringent deadlines and production schedules. This addition brings new customers from industries such as
fans, packaging strips, furniture, auto components, and pre-engineered building products to the company’s 27
portfolio.

Operating Context
As we look ahead, our growth
trajectory is shaped by several key
factors. We leverage these insights
to navigate the complex and
evolving terrain and deliver value
to our stakeholders
28 Growth in the Indian pipe and steel

industry
The Indian pipe and steel industry has witnessed

significant growth in recent years, driven by rising
demand from various sectors such as construction,
oil & gas, water supply, and agriculture. The Indian
pipe industry is estimated to have a capacity of
~12+ MTPA and is projected to grow at 6-7% CAGR
over the next five years.
THIS GROWTH WILL BE SUPPORTED BY:
• Infrastructure Development
Over FY19-24, the Indian government’s Capex
outlay has ramped up to touch a massive
₹11 lakh crore (22% of total government
spending) vs. ₹3.9 lakh crore (13% of total
government spending) in FY19. Additionally,
Ambitious infrastructure projects, such as the
National Infrastructure Pipeline (NIP) and Smart
Cities Mission, are expected to boost the demand
for steel pipes significantly.
• Growing appetite for structural steel pipes • Urbanisation 29

Indian structural steel consumption is ~4% of India’s residential market reached a 10-year high

total steel consumption, significantly lower than in annual sales, standing at 3,29,097 in 2023.
the global average of ~9%. Considering that Additionally, as per the UN’s Habitat’s World
the Indian construction industry is gradually Cities Report 2022, India’s urban population is
adapting to the use of these pipes instead of the expected to increase to 67.5 crore by 2035,
traditional use of long steel products, the scope which is set to drive an increase in urban
for rising per-capita consumption of steel pipes infrastructure development and residential real
remains high. estate.
Outlook
The steel pipe industry’s outlook in India is positive. Continuous growth is expected due to sustained
infrastructure investments, industrial demand, and supportive government policies. The industry’s ability to
innovate and adapt to market changes will be crucial in maintaining this growth trajectory. Overall, the steel
pipe industry in India is well-positioned for future expansion, driven by strong market demand, technological
advancements, and supportive policy frameworks.
Strategic Pillars of Our strategic pillars reinforce each
other to deliver optimal value
Value Creation for all stakeholders. Our next
wave of value creation will focus
on leveraging innovation and
customisation to meet evolving
customer demands. We aim to lead
in value-added products, capture
premium segments, and drive
revenue growth.
30
Lead in value-added products. Focused expansion

We emphasise the production of high-demand, We are strategically expanding our production
premium-quality products by continuously capacity and geographical reach to strengthen
enhancing our manufacturing capabilities and our market presence and enhance operational
expanding our product range. This strategy helps efficiency. This includes both backward and
us maintain a competitive edge and meet diverse forward integration to optimise the value chain.
customer needs.
PROGRESS MADE IN FY24:
• Increased production capacity to 701kt, including
• In FY24, we commissioned a state-of-the-art 300kt for GP/GC and 132kt for MS Pipes.
CR Tandem mill at the Mahabubnagar Plant,
• Strengthened the dealer network in South
producing high-quality pipes with minimal
India and expanded into key markets such as
thickness variation. This has enabled the
Maharashtra, Gujarat, and Rajasthan.
production of pipes with thicknesses as low as
0.4mm, which are in high demand and command • Enhanced backward and forward integration
premium prices. capabilities to include more value-added
products.
• Introduced new product lines such as fans,
packaging strips, furniture, auto components, and • Modernised facilities, including new pickling and
pre-engineered building products. slitting lines, a GP stockyard, and a Continuous
Galvanising Line (CGL), to drive sustainable
production.
Inclusive stakeholder management

We emphasise inclusive growth by addressing
the needs of employees, dealers, customers,
communities, investors, and the environment. This 31
comprehensive approach ensures sustainable

business practices and stakeholder satisfaction.

Superior customer experience
• Upskilled employees through training and
We aim to deliver a superior customer experience
development programs and build a professional
through a comprehensive product portfolio,
management team.
stringent quality standards, and strong dealer
relationships. This approach helps build customer • Provided distribution opportunities, cost-effective
loyalty and expand market reach. solutions, and channel financing for dealers.
• Expanded product offerings and widened the

dealer network
• Adopted a one-stop-shop product basket
• Engaged in CSR activities, promoting local
approach to meet various customer needs.
employment, and supporting community
• Ensured products met stringent quality standards development.
across industries such as auto, construction,
• Maintained transparent communication with
manufacturing, engineering, consumer goods,
investors, focused on reliable reporting, and
water supply, agriculture, and furniture.
announced the Company’s first ever dividend
• Retained dealer through quantity and payment after listing.
terms, technical support, and channel financing.
• Environmental initiatives include recycling 34K MT
• Utilised ERP systems for real-time order of steel, reducing carbon emissions through hot
intimation and billing and invested in process R&D charging, achieving zero liquid discharge (ZLD),
to ensure high-quality, premium products. and powering the first pipe unit in India entirely
with solar power.
Strategic Pillars of Value Creation Continued
32
Focus on Profitability Generating Free Cash Flow

We aim to enhance profitability through We aim to generate positive operating and free
integrated production processes, strategic cash flow by optimising production, rationalising
sourcing, and increasing sales of value- inventory, and improving EBITDA margins.
added products. We focus on operational Prudent capital allocation is essential to support
and sales excellence and continuous sustainable growth and financial stability.
process improvement.
PROGRESS MADE IN FY24: • Ramped up production in new units and
• Maintained fully integrated production of expansions.
MS Pipes to leverage cost efficiencies. • Established markets for GP/GI and new
• Strategic sourcing to manage costs and products.
ensure quality. • Rationalising raw material and finished goods
• Increased sales of value-added products inventories to improve cash flow.
to enhance margins. • Operating Cash Flow turned positive at
• Implemented operational excellence ₹5 Crore vs (₹100.6) Crore in FY23
initiatives, including 24-hour delivery, low • Focused on improving EBITDA margins
power, and fuel costs. through integrated production and cost
• Sales excellence with higher sales management.
volumes and lower channel inventory. • Prudent capital allocation to ensure positive
free cash flow, with plans to achieve higher
asset turnover and lower working capital
days in FY25.
33

Way Forward
• Optimise Operations:
GOAL
Optimise current operations to enhance efficiency.
• Maintain Profit Margins:
Implement cost-effective measures to counter
global price surges, ensuring stable profit margins.
• Utilise Current Capacity:
Increase capacity utilisation from 58% to 70-
75% by the end of the year, leveraging recent Our goal is to fully leverage
acquisitions in GP pipes and coils. our installed capacity by 2026,
ensuring optimal performance
• Diversification and Market Expansion:
while upholding our dedication
Actively diversify product offerings beyond
to profitability and sustainability.
existing products - exploring opportunities in GP
coils, CR pipes and GP pipes.
• Value-Added Products Growth:
Focus on growing the revenue share from value-
added products.
• Integration Opportunities:
Keep an open stance towards integration
opportunities, both backward and forward, to
strengthen the company’s market position and
enhance profitability.
Our Manufacturing Integrated Steel Plant at
Mahabubnagar
Capabilities The manufacturing process at
Hariom Pipe’s Integrated Steel
Plant offers several advantages,
including an integrated production
process, efficient use of raw
materials, advanced manufacturing
techniques, and strategic material
handling. These factors contribute
to high-quality, flexible production
and efficient distribution, positioning
Hariom Pipe as a competitive steel
INTEGRATED PRODUCTION PROCESS:
pipe manufacturing player.
Hariom Pipe has a comprehensive and integrated
production process, starting from raw materials
to finished products. This integration allows for
streamlined operations and better quality control
throughout manufacturing.
34
EFFICIENT USE OF RAW MATERIALS: FLEXIBILITY IN PRODUCT OUTPUT:

The process begins at the raw material yard and The process includes stages like the sharing
moves through induction and ladle refining furnaces division, coiling, and slitting lines, which allow for
to the continuous casting machine. This ensures flexibility in producing different types and sizes of
efficient use of raw materials, reducing waste and steel products. This adaptability helps the company
optimizing resource utilization. meet diverse market demands and customise
products as per customer requirements.
CONTINUOUS CASTING MACHINE: ADVANCED MANUFACTURING TECHNIQUES:

Using a continuous casting machine provides Continuous mills, pipe mills, and end-facing
several benefits, including improved metallurgical divisions indicate the use of advanced
quality, uniformity in product dimensions, and manufacturing techniques. These processes
increased production speed. This leads to higher- enhance the pipes’ precision, durability, and overall
quality end products and greater production quality.
efficiency.
EFFICIENT MATERIAL HANDLING:

Using conveyors and loading points throughout
the manufacturing process ensures efficient
material handling. This minimises manual handling,
reduces the risk of damage, and improves workflow
efficiency.
35

STRATEGIC STOCKYARD LOCATIONS: QUALITY CONTROL AND CONSISTENCY:
The strategic placement of stockyards (M.S. billets Each process stage allows rigorous quality control
stockyard, coil stockyard, and pipe stockyard) at measures, from refining to finishing. This ensures
various stages allows for organised storage and consistent product quality and meets industry
quick access to materials and finished products. standards and customer expectations.
This enhances the overall production efficiency and
ensures timely delivery.
SPECIALISED DIVISIONS: LOADING AND DISTRIBUTION EFFICIENCY:

Including specialised divisions like scaffolding Multiple loading points throughout the process
and customer end-facing indicates a focus on streamline the final distribution of products. This
producing specialised products. This specialisation reduces bottlenecks and ensures that products are
can cater to niche markets and provide additional dispatched efficiently, improving delivery times and
revenue streams. customer satisfaction.
GP Plant at By leveraging Unit IV’s advanced
capabilities, Hariom Pipe Industries
Mahabubnagar: Limited continues to strengthen its
Advanced Manufacturing market presence and expand its
reach, setting new benchmarks in
Capabilities the galvanized steel industry.
36
Unit IV, located in Mahabubnagar, Telangana, represents a significant milestone for Hariom Pipe Industries
Limited. This facility is specifically designed to enhance the company’s production of high-quality
galvanised pipes and coils, addressing the growing needs of both domestic and global markets. The unit is
equipped to deliver durable, corrosion-resistant products that are crucial in various applications, ensuring
Hariom Pipe Industries’ position as a leader in the galvanised steel industry
Commissioned State-of-the-Art CR Galvanizing Process and Its

Tandem Mill Importance
In the financial year 2024 (FY24), Hariom Pipe At Unit IV, the galvanising process has been refined
Industries commissioned a state-of-the-art Cold to ensure a uniform zinc coating, which is critical
Rolling (CR) Tandem Mill at Unit IV. This advanced for providing robust protection against rust and
mill is a significant technological upgrade, enabling corrosion. This process is vital for enhancing the
the production of ultra-thin pipes with thicknesses durability and longevity of the pipes and coils,
as low as 0.4mm. This development has opened especially in harsh environmental conditions with
new avenues for the company, allowing it to cater high exposure to moisture and other corrosive
to premium market segments such as automotive elements. The advanced galvanising capabilities at
components and pre-engineered building products. Unit IV not only extend the lifespan of the products
The CR Tandem Mill’s capability to produce such but also ensure they meet the stringent quality
precise and high-quality materials positions Hariom standards required by various industries.
Pipe Industries as a competitive player in these
specialised markets.
37
Production of Cold-Rolled Pipes Strategic Location and Market HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24
and Coils Reach

In addition to its galvanising capabilities, Unit IV is The strategic location of Unit IV in Mahabubnagar,
also equipped to produce cold-rolled pipes and Telangana, offers significant logistical advantages.
coils. These products are distinguished by their Situated in a region with excellent access to raw
superior surface finish and strength, achieved materials and transportation networks, Unit IV is
through a meticulous cold-rolling process. This well-positioned to efficiently serve domestic and
process involves compressing and shaping the international markets. This location allows Hariom
metal at room temperature, which refines the Pipe Industries to optimise its supply chain and
material’s grain structure, resulting in enhanced reduce delivery times, thereby enhancing its ability
mechanical properties. The cold-rolled pipes to provide high-quality galvanized products to a
and coils produced at Unit IV are thus ideal for diverse customer base around the globe.
applications that demand high performance and
aesthetic quality.
Manufacturing Capabilities Continued
38
Sponge Iron Unit MAGNETIC SEPARATION FOR PURITY:
INTEGRATED RAW MATERIAL HANDLING: The process includes several magnetic separation
stages (MS-1 to MS-4) to separate magnetic
The process starts with handling various raw
(sponge iron) and non-magnetic materials. This
materials, including Iron Ore, Coal and Dolomite.
ensures the high purity of the sponge iron, which is
This integration ensures a continuous and efficient
essential for high-quality steel production.
feed into the production process, optimising the use
of raw materials. SCREENING FOR SIZE CLASSIFICATION:
EFFICIENT KILN OPERATION: Screens are used to classify materials into different
size fractions (+10mm, 3-10mm), ensuring that only
Using a kiln with primary and secondary air and
the desired size of sponge iron lumps and fines are
submerged air injection enhances combustion. This
obtained. This classification helps meet specific
ensures a thorough mixing of raw materials and
customer requirements and improves the product’s
efficient reduction reactions, producing high-quality
usability.
sponge iron.
ROTARY COOLER FOR PRODUCT QUALITY:
The incorporation of a rotary cooler after the kiln

helps to efficiently cool the sponge iron and char.
This step is crucial for maintaining the quality and
structural integrity of the final product, preventing
thermal shock, and enhancing durability.
39

WASTE MANAGEMENT AND BY-PRODUCT PRODUCT DIVERSIFICATION:
UTILISATION:
The unit is capable of producing various forms of
The process effectively segregates waste materials sponge iron, including lumps and fines and char,
and by-products such as char and fines. By which can be used for different applications. This
utilising magnetic pulleys and other separation diversification allows the company to cater to a
techniques, the plant efficiently manages waste and broader market and optimise resource utilisation.
maximises the use of by-products, contributing to
sustainability. ADVANCED AIR INJECTION TECHNIQUES:
Using primary, secondary, and submerged air

END-TO-END MATERIAL FLOW:
injection techniques in the kiln improves the
The transparent material flow from raw material combustion process, leading to higher efficiency
feed to final product loading ensures an organised and better control over the reduction reactions. This
and efficient production process. This streamlined results in consistent product quality and reduced
flow reduces bottlenecks and enhances overall energy consumption.
production efficiency.
ENVIRONMENTAL CONTROL:
Including an electrostatic precipitator (ESP) and

stack ensures that emissions are controlled
and minimised and comply with environmental
regulations. This setup helps reduce the
manufacturing process’s environmental impact.
Manufacturing Capabilities
Perundurai GP/GI plant
40
ADVANCED GALVANIZING PROCESSES: PRECISION IN GALVANIZING:
The unit employs both hot dip and continuous galvanising lines. The galvanising process involves
The hot dip galvanising process involves a series of steps, including dipping the cleaned strip into
cleaning, pre-treatment, galvanising, blowing, chemical treatment, a coating tank under strict
threading, and pipe marking. This comprehensive process ensures bath control. High-pressure air
high-quality zinc coating, providing excellent corrosion resistance blowing ensures the removal
and pipe durability. of excess zinc, resulting in a
uniform and high-quality coating.
THOROUGH CLEANING AND ENHANCED CORROSION CONTINUOUS GALVANIZING

PRE-TREATMENT: RESISTANCE: LINE:
The cleaning process removes The chemical treatment process This line is designed to handle
impurities from the pipes’ provides additional protection both hot and cold-rolled coils.
surface, ensuring a smooth and to the zinc-coated strip. This The welding process joins
clean base for the galvanizing includes phosphate treatment for the coils into a continuous
process. Pre-treatment involves paintability and chromate-free strip, which then undergoes
heating the pipes to evaporate special treatments for enhanced straightening, cleaning,
water and activate the surface, corrosion resistance. These galvanizing, and further chemical
crucial for effective zinc coating treatments make the pipes more treatment. This process ensures
adhesion. durable and suitable for various consistent quality and efficiency
applications. in production.
41

EFFICIENT THREADING AND STRAIGHTENING AND PRODUCT DIVERSIFICATION:
MARKING: CLEANING FOR QUALITY:
The unit produces GI pipes
Threading is performed at the The straightening process and GI coils, catering to a wide
corners of the pipes, ensuring removes waviness and range of market needs. This
compatibility with fittings. Pipe imperfections from the coils, diversification allows Hariom
marking ensures traceability ensuring a smooth and attractive Pipe to serve various industries
and quality assurance, making finish. This step is essential for and applications, increasing its
it easier for customers to maintaining high standards of market reach and flexibility.
identify the pipes’ class and product quality.
specifications.
ADVANCED WELDING ENVIRONMENTALLY FRIENDLY HIGH EFFICIENCY AND

TECHNIQUES: TREATMENTS: PRODUCTIVITY:
Shears and advanced welding The chemical treatment process Integrating advanced machinery
processes ensure strong and includes chromate-free special and processes in Unit III ensures
reliable joints between the treatments, which align with high efficiency and productivity.
coils, forming a continuous and environmental regulations and The continuous production
seamless strip for galvanising. sustainability goals. This not only lines minimise downtime and
enhances product quality but maximise output, supporting
also reduces the environmental the company’s growth and
impact. competitiveness in the market
42
ESG
Performance
Review
At Hariom Pipes, Environmental, Social, and Governance
(ESG) principles form the cornerstone of our commitment to
sustainable business practices. We integrate ESG considerations
into every aspect of our operations, from reducing environmental
impact through efficient resource management and eco-friendly
manufacturing processes to fostering a positive social impact
by ensuring the well-being of our employees, communities,
and stakeholders. Our governance framework emphasizes
transparency, accountability, and ethical business conduct,
ensuring that we not only meet but exceed industry standards.
Environment As a responsible organisation,

we understand the significance
of nurturing a safe and pristine
environment and safeguarding the
invaluable ecosystems that support
us. Our efforts focus on reducing
emissions, efficiently managing
water resources, and minimising
waste generation.
Energy Management
Energy management is a key strategic area in
the pursuit of sustainability in our operations.
Energy consumption is not only the main
source of emissions but also has a direct
implication on the cost of operation. Our energy
management strategy involves the following:
• Increasing energy efficiency
• Increasing the share of renewable energy
Renewable Energy
43

We have made significant strides towards
renewable energy by enabling complete
reliance on solar power at their Mahabubnagar
GP Plant. This initiative highlights the
company’s commitment to renewable energy
sources and reducing its carbon footprint.
Emissions
GHG emissions
As part of the dedication to reducing carbon
emissions, we have begun to streamline
our processes to move towards the goal of
minimising our carbon footprint and mitigating
our climate change risks.
89.16
CO2e/₹ 9.21 TJ
Emission intensity Energy consumed through
(scope 3) in FY24 renewable sources in FY24
Environment Concurrently, through the recycling
of slag metal and incorporation of
recycled steel scrap, we contribute
to diminished CO2 emissions
Air Quality Management Recycling

Recognising the importance of air quality, we We actively contribute to the circular economy by
actively maintain clean air in and around its recycling scrap steel. This approach minimises
manufacturing facilities. We continuously strive our environmental footprint and reduces energy
to minimise emissions from our processes and usage across the entire value chain. As a result, the
has robust strategies for further reduction. These company produces finished steel products in an
efforts ensure a safe and healthy environment for eco-friendly manner, with recycled steel accounting
employees and surrounding communities. for 34k MT of their raw materials in FY24.
Concurrently, through the recycling of slag metal

and incorporation of recycled steel scrap, we
contribute to diminished CO2 emissions and the
44 advancement of circular economy principles. These
comprehensive waste management practices
collectively contribute to the establishment of a

sustainable environment for the community we
serve.
Green cover initiatives

We prioritise increasing green cover in and around
its manufacturing facilities. Through proactive
participation in tree-planting initiatives, we foster
a greener environment and enrich our factories’
surrounding areas. Over 2500+ saplings were
planted during FY24, demonstrating our dedication
to promoting a thriving ecosystem for a sustainable
future.
Water Conservation Waste Management

We use harvesting pits to save rainwater and In our waste management approach, we leverage
recharge borewells to preserve water resources. cutting-edge technologies such as ETP and
Our Zero Liquid Discharge system ensures pollution control devices. The integration of
circular water usage, significantly reducing water pollution control devices in chimneys captures
wastage. Our efforts extend to deploying an RO dust particles, which are then stored in filter bags
Plant, enabling the repurposing of Industrial waste for proper disposal, further enhancing eco-friendly
water for both domestic and industrial purposes, practices.
consequently curbing groundwater consumption.
30%
Share of steel
scrap as raw 45
materials

Social At Hariom, we have consistently
prioritised building long-lasting
relationships with our employees,
customers and the communities we
operate in. Adhering to this guiding
philosophy, we have effectively
generated transformative value for all
our stakeholders.
46
Employees
At Hariom, our employees are the heart of our organisation, and their well-
48
being is our top priority. We encourage talent development with the best
people practices, fostering a culture of learning, growth, and appreciation.
Our commitment to meritocracy has led to a dedicated workforce, evident
in their longstanding loyalty to Hariom Pipe. We create a supportive work Hrs
environment that nurtures skills and values, ensuring our team thrives, and Average training
driving our continued success. Safety and inclusivity are paramount, with no hours conducted
injuries recorded this year. Moreover, we invest significantly in learning and per emplyoee
development, empowering our workforce with future-ready leadership skills
and abilities.
Customers
73%
At the core of our values lies our dedication to enhancing customer satisfaction.
Over the years, we have gone to great lengths to enhance this experience. Our
efforts encompass not only a diverse product range but also go beyond, providing
extensive services. These include support teams for fabricator training, dedicated
customer service to understand unique needs and customer training. Additionally,
Revenue from
the Retained 47
we offer credit extensions, demonstrating our commitment to forging meaningful
Customers
relationships with our valued customers.
Communities
0.87
We have embraced a sustainable business model, aiming for superior
performance and positive social impact. Through our CSR policy, we focus
on providing education to the economically disadvantaged, enhancing health
and wellbeing, promoting social inclusivity, protecting flora and fauna, and Crore
preserving national heritage and cultural sites. As we face global challenges Amount Spent
like climate change and inequality, we are focused on making a significant towards CSR activities
difference in the communities we serve, promoting a better future for all.
Governance
Governance structure
Our governance structure plays a crucial role in shaping the decision-making process, ensuring that it is
aligned with our strategic objectives and the interests of all stakeholders.
Governance policies
Hariom Pipe Industries Limited
Shareholders has established a comprehensive
set of governance policies
to ensure ethical conduct,
Board of Directors regulatory compliance, and
The Company’s experienced and diverse Directors provide sustainable business practices.
astute oversight and rigorous counsel. The Board establishes
and steers strategic direction, oversees and monitors
performance, manages risk, and ensures accountability and
compliance with policies.
Corporate governance
48 philosophy
Our corporate governance
Board Committees
Our five Board Committees play a significant role in the philosophy emphasises
governance structure. These Committees oversee specialised transparency, accountability,
areas of operations and provide recommendations based on and ethical practices as its core
expertise. principles. This philosophy
is actualised through our
Nomination and Remuneration
Audit Committee (AC) governance processes and
Committee (NRC)
systems, which are continuously
Stakeholders’ Relationship Corporate Social Responsibility reviewed to ensure the highest
Committee (SRC) (CSR) Committee ethical and responsible standards
are being practiced by your
Company.
Risk Management Committee (RMC)
Management
• Responsible for the day-to-day management and
implementation of policies and procedures
• Appropriately empowered to execute the strategy
Employees
• Responsible for working to deliver on our mission and vision
Risk Management
Approach to risk management

Internal and external risks are inevitable in a dynamic to the Board on system effectiveness, updates on
operating environment. To navigate this and stay new risks, reviews the risk management structure,
ahead of the industry, we employ a comprehensive and ensures cyber security. The Risk Management
risk management process that allows us to adapt Policy is reviewed periodically, ensuring business
swiftly to unforeseen circumstances and seize the continuity and resilience for Hariom Pipe Industries
right opportunities. Limited.
The Risk Management Committee, composed of We have established a six-stage comprehensive

board members including an independent Director, risk management process to help us streamline our
meets biannually to review strategies and oversee risks and ensure proper implementation of our key
framework implementation. The Committee reports business goals.
49
Risk management process

Risk Identification Risk Assessment Risk Analysis
Determining uncertainties, Evaluating risks Evaluating risk in
which could potentially identified on the terms of risk velocity,
impact the achievement basis of their likelihood of risk events,
of business objectives nature and level and impact of risk
Risk Control and Risk Mitigation Risk Treatment

Monitoring Implementing Selecting one or
Monitor and report policies, procedures, more options for
risks and their processes and other managing risks,
treatment strategies actionable steps to and implementing
mitigate risk such action plans
Board of Directors
PRAMOD KUMAR KAPOOR RUPESH KUMAR GUPTA

Chairman and Independent Director Managing Director
Committees: Committees:
C C
NRC AC SRC CSR RMC CSR
50
SAILESH GUPTA SOUMEN BOSE

Whole-time Director Non-Executive Director
Committees: Committees:
C
CSR NRC AC SRC RMC
RAJENDER REDDY GANKIDI SUNITA GUPTA

Independent Director Non-Executive Director
Committees:
C C
NRC AC SRC RMC
51

SNEHA SANKLA
Independent Director
Committees:
NRC AC SRC
NRC Nomination and Remuneration Committee (NRC) AC Audit Committee (AC)
SRC Stakeholders’ Relationship Committee (SRC) CSR Corporate Social Responsibility (CSR) Committee
RMC Risk Management Committee (RMC) C Chairman

MANAGEMENT DISCUSSION AND ANALYSIS
Global Economy momentum, with the PMI for manufacturing hitting a 16-
year high. The construction sector continued to witness
In 2023, the global economy continued its expansion
increased momentum due to increased government
but at a slower pace, with the IMF estimating a average
capex and rising demand for office spaces and housing,
growth of 3.3%, down from 3.5% in 2022 and 3.8%
particularly in urban areas.
from 2000-2019. This deceleration was largely due
to geopolitical tensions, supply chain disruptions, On the demand side, private consumption grew at a
inflation, exchange rate volatility, and higher living costs, steady rate of 4% in real terms in FY24. Urban demand
prompting many countries to adopt restrictive monetary conditions remain strong, as reflected in various urban
policies. consumption indicators such as domestic passenger
vehicle sales and air passenger traffic. Additionally,
The US economy grew by 2.5%, driven by consumer
Gross Fixed Capital Formation (GFCF) continued to
spending, whereas Europe benefited from government
emerge as an important driver of growth, as indicated
support during the energy crisis. Advanced economies
in its rising share of nominal GDP. India is in the midst
saw slower growth at 1.7%, while emerging markets grew
of a private capex upcycle that has been aided by
at 4.4%, with India leading at 8.2%. China’s growth was
government capital expenditure. According to Axis Bank
5.2%, bolstered by government interventions despite
Research, private investment across a consistent set of
low demand and a downturn in the property market.
over 3,200 listed and unlisted non-financial firms has
According to the IMF’s latest projections, global GDP grown by 19.8% in FY24.
growth for 2024 and 2025 will be 3.2% and 3.3%
India’s economic outlook for FY25 remains robust,
respectively.
with a projected growth rate of 7% and a gradual
Global GDP Growth Trend (%) decline in inflation. The Reserve Bank of India’s inflation
expectation survey highlights that both near term and
52 World Output
longer-term median inflation could remain soft. Domestic
economic activity is expected to be healthy, supported
2025 (P) 3.3 by an improving investment cycle, higher capacity

2024 (P) 3.2 utilisation, resilient services sector, strong credit growth
and healthier corporate and bank balance sheets. The
2023 (E) 3.3
reforms instituted and implemented by the Government
over the past decade have laid a solid foundation for
sustained long-term economic expansion.
Advanced Economies
India’s GDP Growth Trend (%)
2025 (P) 1.8
India’s GDP growth
2024 (P) 1.7
2023 (E) 1.7 FY25 (P) 7
FY24 (E) 8.2
Emerging Market and Developing Economies FY23 7
Source: MOSPI
2025 (P) 4.2
Industry Overview
2024 (P) 4.2
Global Steel Industry
2023 (E) 4.3
According to the World Steel Association, Global steel
Source: World Economic Outlook, IMF
demand is estimated to have de-grown by -0.1% to
Indian Economy reach 1,763 million MT in 2023 due to higher interest
rates, slowdown in the global economy and weaknesses
In FY24, India remained the fastest growing major
in manufacturing activity. Additionally, steel demand
economy in the world, with real GDP accelerating to
in China, the world’s largest producer and consumer,
8.2%, compared to 7% in FY23, driven by robust private
remained weak owing to turmoil in the country’s
consumption and steadily improving investment demand.
property sector. Going forward, steel demand in China
Industrial and manufacturing activities maintained their
in 2024 is expected to remain around the level of 2023, Global Finished Steel Demand Trend (MMT)
as real estate investments continue to decline, but the
World
corresponding steel demand loss is expected to be offset
by growth in steel demand coming from infrastructure
investments and manufacturing sectors. 2025 (P) 1,815
Notably, India continued to remain an outlier in the 2024 (P) 1,793

global steel industry. India’s finished steel demand grew 2023 1,763
by 13.6% to reach 136.25 million MT in FY24 on the back
of strong economic growth. The growth is backed by a China
booming construction sector with private consumption
as well as robust government expenditure fuelling 2025 (P) 887
infrastructure and capital goods as well.
2024 (P) 896
On the production side, global crude steel production
in 2023 reached 1,892 million MT, maintaining a level 2023 867
similar to that of 2022, as per World steel data published
World ex. China
on January 25. China, the largest steel producer globally,
saw a slight increase of 0.1%, bringing its total to 1019
million MT. India, the second-largest steel producer 2025 (P) 928
globally, saw a significant rise in production, increasing 2024 (P) 897
by 12.3% to 140.2 million MT in 2023, owing to strong
domestic demand. 2023 896
Source: World Steel Association, SRO April 2024
Total Production of Crude Steel Worldwide (Thousand Tonnes)
Country 2019 2020 2021 2022 2023

53
Brazil 32,568 31,414 36,071 34,089 31,868
China 9,95,418 10,64,766 10,35,242 10,19,080 10,19,080

Germany 39,627 35,680 40,241 36,860 35,438
India 1,11,350 1,00,256 1,18,201 1,25,377 1,40,706
Iran 25,609 28,990 28,320 30,593 31,039
Japan 99,284 83,186 96,336 89,226 86,998
Russia 71,729 71,620 77,019 71,746 76,028
South Korea 71,411 67,078 70,418 65,846 66,683
Türkiye 33,743 35,810 40,360 35,133 33,713
United States 87,761 72,732 85,791 80,535 81,392
Remaining Countries 3,10,003 2,92,474 3,34,437 3,01,574 2,89,087
Total 18,78,507 18,84,011 19,62,439 18,90,063 18,92,035
Source: World Steel Association, World Steel in Figures 2024
Market Influences and Overall Observations

Starting from FY21, there was a notable increase in the indices for most raw materials and steel itself, likely driven by
supply chain disruptions and economic recovery post-pandemic. Peaks in prices were observed in 2021 and 2022,
followed by a downward trend in 2023, indicating general market volatility influenced by external factors such as the
pandemic, economic recovery, and geopolitical events.
Trends in Raw Material Prices
From 2016 to 2019, coking coal prices showed variability, peaking around 2018 before declining in 2020. A substantial
rise occurred in 2021 and 2022, followed by a drop in 2023. Crude oil prices remained stable from 2016 to 2019,
dipped in 2020 likely to the COVID-19 pandemic, then surged sharply in 2021 and 2022, and eventually declined in
2023. Iron ore prices displayed marked volatility, with a significant increase from 2016 to 2018, fluctuations thereafter,
and a sharp rise in 2021 and 2022 before decreasing in 2023.
Trends in Steel Prices Indian Steel Industry
Steel prices followed an upward trend with fluctuations, India’s steel consumption rose significantly by 13.6% in
showing a significant rise beginning in 2021, peaking 2023, with further growth of 8.2% expected in 2024 and
in 2022, and then declining in 2023. Steel scrap prices 2025. This remarkable rise can be attributed to several
remained relatively stable compared to other indices, key factors:
with a gradual increase from 2016 to 2021, peaking in 1. Infrastructure, Construction and Real Estate:
2022, and a subsequent decline in 2023. The booming real estate sector, government
infrastructure projects, and construction initiatives
are expected to significantly drive the growth in
steel consumption in India. The rapid urbanisation
and expansion of cities increases the demand
for residential and commercial buildings, which
requires vast amounts of steel. Government-led
infrastructure projects, including highways, bridges,
and metro systems, is expected to further boost
steel usage. Additionally, construction initiatives
aimed at improving urban and rural infrastructure,
such as affordable housing and smart cities, are also
Source : www.mintecglobal.com expected to play a crucial role in driving the surge in
Outlook steel consumption across the country.
Globally, the steel demand forecast for 2024 is projected 2. Manufacturing Sector: India is becoming a
to be 1,793.1 million tonnes, with a YoY growth rate of manufacturing hub, with significant investments
1.7%. For 2025, the forecasted global steel demand is in automotive, appliances, and other sectors
1,815.2 million tonnes, reflecting a YoY growth rate of that require steel. The growth in these industries
1.2%. is expected to directly translate to higher steel
54 consumption.
The table below provides a forecast for the steel
3. Government Initiatives: Various government
demand in the top 10 steel-using countries for the years
initiatives, such as the development of smart cities,

2024 and 2025. The figures, presented in million tonnes,
affordable housing schemes, and the expansion of
highlight the expected year-over-year growth rates.
railways and highways, have created a substantial
The projected numbers indicate a mix of growth trends
demand for steel. Policies aimed at boosting
across different countries, reflecting various economic
domestic steel production also support this growth.
and industrial dynamics.
4. Investment in Renewable Energy: India has set an
YoY YoY ambitious renewable energy target of achieving 500
Growth Growth GW of installed capacity from non-fossil fuel sources
2024 2025
Countries Rate Rate by FY30. This is expected to drive steel demand as
(P) (P)
2024 2025 solar panels and wind turbines require considerable
(%) (%) steel for their structures and components.
China 895.7 886.7 0.0 -1.0 Steel Prices
India 144.3 156.0 8.2 8.2 In FY24, Indian steel prices declined due to high imports,
United States 92.2 94.0 1.8 2.0 weak exports, and a 15% drop in coking coal prices.
Despite a 13-15% increase in domestic consumption
South Korea 54.3 54.4 -0.8 0.2 driven by government infrastructure spending, steel
Japan 53.3 53.9 -0.1 1.1 prices remained subdued. HRC prices fell by 7%, rebar
by 10-11%, and semi-finished steel by 12%. Factors
Russia 46.4 46.4 4.0 0.0
contributing to this include increased imports, limited
Türkiye 41.5 39.4 9.0 -5.0 export growth, and a decrease in coking coal and scrap
Mexico 28.8 29.3 1.2 1.6 prices.
Germany 28.9 31.8 3.2 10.0 Factors Impacting Steel Prices:
Brazil 24.1 24.5 1.0 1.6 High Imports and Weak Exports: Indian steel imports
increased to 7.2 million tonnes in April-February’24 from
Source: World Steel Association, SRO April 2024 5 million tonnes in the same period last year. Despite this,
steel product exports are set to reach 9 million tonnes in
FY24, up from 8.7 million tonnes in FY23. However, the
weak global market has limited export growth.
Coking Coal Prices: Premium hard Australian coking Company Overview

coal prices fell by around 14% y-o-y in FY24. Coking
Hariom Pipe Industries Limited is a prominent
coal accounts for about 45% of the hot metal production
manufacturer and supplier of iron and steel products in
costs for integrated steel producers. The decrease in
India. Established with a vision to provide high-quality
coking coal prices significantly impacted steel prices.
piping solutions, the company specialises in producing a
Scrap and Sponge Iron Prices: Global scrap prices diverse range of products, including premium steel items
declined due to the macroeconomic scenario in Turkiye, like Mild Steel (MS) Billets, HR Pipes, CR Pipes, GP Pipes,
which influenced imported scrap prices and, in turn, GI Pipes, Hot Rolled (HR) Coils, Cold Rolled (CR) Coils,
domestic scrap prices. Similarly, sponge iron prices, a Pre-Galvanized (GP) Coils, and Scaffolding systems.
key feedstock for secondary steel manufacturing, fell by With a strong emphasis on customer satisfaction, the
around 14-15% y-o-y. Company has built a reputation for excellence with a
nationwide presence and a significant market presence
Domestic Iron Ore Prices: Domestic iron ore prices
in entire south India and the west part of India. The
remained firm, supported by the removal of export duty
company’s state-of-the-art manufacturing facilities
in November 2022, which increased pellet and iron ore
and commitment to sustainable practices underscore
exports. High-grade ore availability is tight in Odisha,
its dedication to contributing to the growth of the steel
with logistics issues and inventory declines leading to
industry while adhering to stringent quality standards.
shortages.
Review of Operations in FY24
Outlook
Operational Highlights
India will continue to remain a bright spot in the global
steel industry and domestic steel demand is expected • Successful Ramp-Up of GP/GI Units: The new GP
to show healthy growth of 7-8%. This is expected to be unit (capacity of 1,20,000 MTPA) and the enhanced
driven by strong economic growth of 7.2% projected MS pipe unit (capacity of 1,32,000 MTPA) in
for FY25, a record government capex, buoyant demand Telangana, along with the GP/GI plant in Tamil Nadu
from major steel consuming sectors like infrastructure (capacity of 1,80,000 MTPA), were successfully
and construction, automotive, capital goods as well as ramped up during the year. 55
consumer durables.
• CR Tandem Mill Enhances Product Portfolio: A

India finished steel demand trend (MMT) state-of-the-art Cold-Roll Tandem mill and an
annealing furnace were commissioned at the
India finished steel demand Mahabubnagar Plant in Telangana during the
quarter. The tandem mill, with its three cold rolling
2025 (P) 156 processes to reduce thickness variation and achieve
2024 (P) 144.3 high quality, produces pipes as thin as 0.4mm, which
are in higher demand and command a premium.
2023 133.4 This addition brings new customers from industries
Source: World Steel Association, SRO April 2024 such as fans, packaging strips, furniture, auto
Indian Steel Pipes and Tubes Industry components, and pre-engineered building products
to the company’s portfolio.
The state of the Indian economy mirrors the growth
seen in the Indian tube and pipe sector. Rising demand Financial Highlights
for oil and gas, increased global need for steel pipes, HPIL achieved its best-ever performance in terms
a booming transport industry, expanding urbanisation, of revenue, volume, EBITDA, and PAT in FY24. Total
and government initiatives in sanitation and wastewater Income reached ₹1,15,838.47 lakhs, and EBITDA soared
management are key drivers. The sector is also benefiting to ₹14,379.14 lakhs, representing 80% and 74% YoY
from the escalating need for efficient water distribution increases, respectively. This performance was bolstered
and irrigation systems. These factors collectively propel by higher production from an enhanced capacity of
the Indian tube and pipe industry forward, reflecting 7,01,232 MTPA, up from 5,33,232 MTPA at the end of
the broader economic trends and infrastructural FY23, a higher share of Value-Added Products, and
developments within the country. improved efficiency. The Company’s commitment in
According to BlueWeave Consulting, the market size expanding its Value-Added Products share resulted in a
of the India steel pipes and steel tubes market was record high of 92% for the FY24, compared to 80% in
calculated at $32.88 billion in 2023, and it is anticipated FY23. This led to a 23% YoY increase in PAT, reaching
to expand at a CAGR of 6.43%. This growth is expected ₹5,679.95 lakhs.
to culminate in a total value of $37.69 billion by the year Positive Operating Cash Flow
2030. In terms of volume, the market is expected to
The company’s dedicated efforts to enhance cash flows
increase from 6.98 million MT in 2023 to 7.66 million MT
resulted in a positive Operating Cash Flow for the FY24.
by 2030.
Strategic initiatives such as the Galvanized Pipe Project Financial Ratios:
in Mahbubnagar, efficient inventory management, and
proactive measures to reduce debtor days, like channel Particulars FY24 FY23
finance and efficient collection methods, led to an Current Ratio 1.68 2.12
Operating Cash Flow of ₹495.54 lakhs in FY24, compared
to a usage of ₹10,056.84 lakhs in FY23. This highlights Interest Coverage Ratio 3.38 7.05
the company’s commitment to financial stability and Debt to Equity Ratio (D/E) 0.80 0.79
growth. Notably, debtor days were reduced by 10 days
TOL / Net Worth 0.90 -
from 49 days in FY23 to 39 days in FY24.
SWOT Analysis of the Company
RoCE Improved to 18.8%
STRENGTHS
The Return on Capital Employed (RoCE) saw a
significant increase during the fiscal year, rising from Established Presence in the steel pipes and tubes
14.63% to 18.83% due to effective resource utilisation. Industry
This improvement translated to an absolute figure of
• Experience and Expertise: The promoters of HPIL
₹3,671.86 lakhs, marking a 50% increase in earnings.
have combined experience of over 50 years of
Financial Performance: experience in the industry, which gives them a deep
understanding of market dynamics.
Particulars FY24 FY23
• Diverse Product Profile
Total Income (₹ Lakhs) 1,15,838.47 64,446.03
Our diverse product portfolio has enabled the
EBITDA (₹ Lakhs) 14,379.14 8,263.15 company to cater to a broader market and adapt
PAT (₹ Lakhs) 5,679.95 4,620.80 quickly to changing industry demands.
Revenue per MT (₹) 57,944 59,010 • Strong Relationships and Dealer Network
Cost per MT (₹) 50,719 51,435 The company has established strong relationships
56 with steel traders, dealers, and manufacturers across
EBITDA per MT (₹) 7,225 7,575
key regions, including Karnataka, Maharashtra,
EBITDA margin (%) 12.41% 12.82% Kerala, Andhra Pradesh, Telangana, and Tamil
PBT Margin (%) 6.68% 9.75% Nadu. A robust dealer network further strengthens
the company’s market presence and distribution
PAT Margin (%) 4.90% 7.17%
capabilities, ensuring efficient product availability
Profitability Ratios: and customer service.
Integrated Operations Leading to Healthy Operating
Particulars FY24 FY23
Efficiency
Return on Capital 18.8% 14.6%
• Manufacturing Evolution: We have now grown to
Employed (RoCE)
producing HR strips, MS tubes, galvanized coils,
Return on Equity (RoE) 12.2% 12.3% galvanized iron pipes, and scaffolding.
Cash Flow Analysis: • Backward Integration: We have now grown to

producing MS sponge iron in FY22, enhancing
Particulars FY24 FY23 control over raw materials and into MS billets and
Operating Cash Flow 495.54 (10,056.84) HR strips.
Investing Cash Flow (18,159.02) (22,151.88) • Profitability: Maintained superior profitability with
operating margins between 11.0-13.4% over the past
Financing Cash Flow 7,437.18 42,605.74
three years, outperforming many peers.
Balance Sheet Metrics: • Cost Savings: Utilising solar power and a new
Particulars FY24 FY23 furnace unit has resulted in significant power cost
savings, further boosting operating margins.
Net Working Capital 19,502.09 22,662.94
Comfortable Financial Risk Profile
Total Debt 37,088.54 29,601.80
• Capex Management: Avoiding large, debt-funded
Total Outside Liabilities 41,612.48 33,401.78
capex projects over the medium term, which helps
(TOL)
maintain financial stability.
Net Worth 46,411.75 37,516.66
• Fund Infusion: Received ₹ 135 crore from the issue
Cash and Equivalents 177.97 10,404.27 of warrants and shares on a preferential basis, with
an additional ₹ 55 crore anticipated in the first half of • Supply Chain Improvements: Strengthening the
FY25. supply chain through alliances can reduce input cost
volatility and improve profitability.
WEAKNESSES
THREATS
Exposure to Intense Competition and Cyclicality in the
Industry Regulatory Changes
• Fragmented Market: The Indian Steel Pipes and • Compliance Costs: Changes in environmental
Tubes sector consists of numerous small and regulations and industry standards can increase
medium-sized enterprises (SMEs) alongside larger, compliance costs and affect profitability.
well-established players. This fragmentation leads
• Trade Policies: Alterations in trade policies and tariffs
to intense competition, diverse product offerings,
can impact the cost of raw materials and finished
and varying scales of production and technological
goods, affecting overall business performance.
advancement across the industry.
Economic Downturns
• Cyclicality of Industry: The industry’s performance
is closely tied to the overall economic environment, • Demand Fluctuations: Economic slowdowns
making it susceptible to economic downturns. can lead to reduced demand for steel products,
impacting revenue and profitability.
• Exposure to Volatility in Steel Prices
• Credit Risks: Economic instability can increase
o Input Cost Fluctuations: Operating profitability
credit risks, affecting the company’s financial health.
is highly sensitive to changes in the prices of
inputs like sponge iron, steel scrap, and power. Technological Disruptions
o Market-Driven Prices: The company is a price • Innovation by Competitors: Rapid technological

taker in the market, with no price contracts with advancements by competitors can disrupt the
suppliers or customers. market and challenge HPIL’s market position.
o Margin Impact: Any significant fluctuation in • Operational Obsolescence: Failing to keep up

57
steel prices can adversely affect the operating with technological changes can lead to operational
margin. inefficiencies and reduced competitiveness.

OPPORTUNITIES Risk Management
Expansion & Increasing Efficiencies. The risk management process at our organization
involves identifying both current and potential internal
The fragmented nature of the industry also presents
and external events that could influence strategy and
opportunities for consolidation and growth, as
objectives. The Risk Management Committee of the
companies seek to expand their market share and
Company reviews and oversees the comprehensive risk
improve operational efficiencies.
assessment to evaluate the level of risk, nature, likelihood,
• Value-Added Products: Continued addition of velocity and impact of these risks. The committee is
value-added steel products can drive higher margins also responsible for risk treatment, which includes
and revenue growth. selecting appropriate management options, evaluating
existing controls, and developing new treatment plans
• Geographic Expansion: Exploring new domestic and
to ensure their effectiveness. Internal controls ensure
international markets can enhance market presence
timely and accurate information, enabling proactive risk
and reduce regional dependency.
management. Risk mitigation includes implementing
• Technological Advancements policies, procedures, and processes to address
potential future events. Continuous risk control and
o Operational Efficiency: Investing in advanced
monitoring involve analyzing trends, tracking changes,
manufacturing technologies can further improve
and conducting quarterly reviews by the functional
operational efficiency and reduce costs.
department to update risk profiles and treatment plans.
o Sustainability: Implementing eco-friendly
Risk Mitigation
practices and sustainable operations can attract
environmentally conscious customers and At Hariom Pipes, mitigating business operational risks
investors. is achieved through a well-defined organisational
structure, ensuring role clarity, and maintaining proper
Strategic Partnerships and Alliances
systems for inventory management of raw materials
• Collaborations: Forming strategic partnerships with and key spares. We emphasise technology selection,
other companies can enhance market reach and process standardisation, and clear SOPs, complemented
operational capabilities. by training and asset upkeep. Our strategic initiatives
include tracking micro and macroeconomic data, Human Resources
market trends, and forecasts by expert agencies, as
With strong leadership and a people-focused approach,
well as developing alternative sources for uninterrupted
we ensured business continuity while prioritizing our
raw material supply. We closely monitor competitor
workforce’s health, safety, and engagement. We foster
dynamics and implement cost-control initiatives to
an inclusive environment that promotes growth and
enhance operational efficiency. Additionally, the
innovation, attract top talent through comprehensive
company has established a dedicated transport group to
recruitment, and empower employees with ongoing
manage logistics, continuously evaluates technological
training. Committed to meritocracy and employee
obsolescence, and maintains a robust disaster risk
welfare, we build a motivated workforce that drives our
management plan, including insurance coverage and
organization’s sustainable growth and success. As on
safety training.
March 31, 2024, the company has 848 employees.
Financial risks are managed by maintaining a low credit
Internal Control Systems
risk profile, with timely realisation of trade receivables
and a strong assessment system for customer The Company has established robust internal control
creditworthiness. Liquidity risk is mitigated through systems to ensure operational efficiency, reliability of
prudent financial planning, maintaining sufficient cash, financial reporting, and compliance with applicable
and securing funding via sanctioned credit facilities. laws and regulations. These systems include well-
Detailed annual and quarterly budgets are discussed defined policies and procedures that facilitate the timely
at senior levels, with regular monitoring of cash flows. availability of accurate information, thereby enabling
Market risks are addressed by reviewing interest rate proactive risk management. Regular internal audits and
movements, ensuring adequate liquidity, and avoiding reviews are conducted to assess the effectiveness
foreign currency exposure. The company remains of these controls, ensuring that any deviations are
committed to high standards of corporate governance, promptly addressed. The Audit Committee and Board of
compliance with evolving laws, and preventing corporate Directors of the Company oversees the internal control
accounting fraud through rigorous internal controls and framework, ensuring its adequacy and alignment with
a whistleblower mechanism. Human resource risks are the organisation’s strategic objectives, thereby fostering
58 managed by assigning the right jobs, maintaining a proper a disciplined and constructive control environment
recruitment policy, and fostering employee welfare and across all levels of the organisation.
development. Environmental risks are mitigated through

CAUTIONARY STATEMENT:
efficient operation of environment protection systems,
and legal risks are managed by relying on professional Statements in this report describing the Company’s
guidance to ensure total compliance with laws and objectives, projections, estimates, exceptions or
regulations. predictions may be forward looking statements and are
based on certain assumptions and exception of future
For more details of our risk management policy https://
events. Actual result could however differ materially
www.hariompipes.com/investor-relations-policies.php
from those expressed or implied based on reasonable
assumptions. The Company assumes no responsibility in
respect of forward looking statement herein which may
undergo changes in future on the basis of subsequent
developments, information and events.
Board’s Report
Dear Members,
The Board of Directors is delighted to present the 17th Annual Report on the business and operations of the Company
(‘‘the Company’’ or ‘‘HPIL’’), together with the Audited Financial Statements for the financial year ended March 31,
2024 (FY 2023-24).
1. FINANCIAL PERFORMANCE AND OPERATIONS:
(i) Financial Results:
The Audited Financial Statements of your Company as on March 31, 2024, are prepared in accordance with
the relevant applicable Indian Accounting Standards (“IND AS”) and Regulation 33 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing
Regulations”) and the provisions of the Companies Act, 2013 (“Act”).
The key highlights of standalone financial performance for the year ended March 31, 2024, as compared with
the previous year is summarized below:
Amount in ₹ Lakhs
Particulars FY 2023-24 FY 2022-23

Revenue from Operations 1,15,318.77 64,371.21
Other Income 519.71 74.82
Total Revenue 1,15,838.47 64,446.03
Profit before Depreciation, Finance Cost and Tax Expense 14,379.14 8,263.15 59
Less: Depreciation 3,386.58 942.45

Less: Finance Cost 3,256.32 1,038.04
Profit/(Loss) before Tax (PBT) 7,736.25 6,282.66
Total Tax Expenses 2,056.30 1,661.86
Profit/(Loss) after Tax (PAT) 5,679.95 4,620.80
(ii) Operational Review: 2. DIVIDEND:

During the year under review, your Company has The Board of Directors of your Company is pleased
registered a total income of ₹1,15,838.47 Lakhs to recommend a dividend @6%, i.e., ₹0.60/-(Sixty
as against ₹64,446.03 Lakhs in the previous Paisa only) per equity share of face value of Rs. 10/-
financial year, showing a significant year- each, as final dividend for the FY 2023-24, subject
on-year growth of 80%. The Net Profit of the to the approval by the members at the ensuing
Company has increased to ₹5,679.95 Lakhs as Annual General Meeting. The payment of dividends
against the Net Profit of ₹4,620.80 Lakhs in the will be subject to deduction of applicable taxes and
previous financial year showing a rise of 23%. shall be payable to those shareholders whose name
Earnings per share for the year was ₹20.34/-. appears in the Register of Members as on the record
date i.e., September 16, 2024. The final dividend
Your Company is actively engaging with
for the FY 2023-24 would involve a cash outflow
customers to nurture long-term partnerships
of ₹1,73,19,075.00/- (Rupees One Crore Seventy-
while also seeking to establish new relationships.
Three Lakhs Nineteen Thousand and Seventy-Five
The Directors remain optimistic about the
only).
business’s prospects and are hopeful for
improved performance and increased revenue The Dividend Distribution Policy, pursuant to
in the coming year. They are confident that Regulation 43A of SEBI Listing Regulations (as
these efforts will lead to greater success and amended) is available on the Company’s website and
sustained growth for the Company. can be accessed at URL https://www.hariompipes.
com/pdf/policies/Dividend-Distribution-Policy.pdf.
3. TRANSFER TO RESERVES: June 5, 2023, from both stock exchanges.
The Company has not transferred any amount to the The funds raised through this preferential issue will
general reserves during the financial year ending be used by the Company to meet the Company’s
March 31, 2024. working capital requirements. There has been
no deviation or variation in the utilization of the
4. SHARE CAPITAL:
proceeds of the preferential issue during the year
(i) Authorised Capital: under review.
During the year under review, there was no 6. CHANGE IN THE NATURE OF THE BUSINESS, IF
change in the Authorized Share Capital of ANY:
the Company. The Authorised Share Capital
During the year under review, there was no change
of the Company is ₹40,00,00,000/- (Rupees
in the nature of the business of the Company.
Forty Crores only) divided into 3,66,83,800
(Three Crore Sixty-Six Lakhs Eighty-Three 7. DEPOSITS FROM PUBLIC:
Thousand and Eight Hundred) equity shares of
During the year under review, the Company
₹10/- (Rupees Ten only) each and 33,16,200
has neither accepted nor renewed any deposits
(Thirty-Three Lakhs Sixteen Thousand and
pursuant to the provisions of Section 73 and 76 of
Two Hundred) 0% Series A redeemable Non-
the Companies Act, 2013 read with the Companies
Cumulative Preference Shares of ₹10/- (Rupees
(Acceptance of Deposits) Rules, 2014 including any
Ten only) each.
modification, amendment and re-enactment thereto
(ii) Paid-up Capital: for the time being in force from the public.
During the year under review, the Paid-up 8. SUBSIDIARY / JOINT VENTURE / ASSOCIATE
Share Capital of the Company was increased COMPANIES:
from ₹30,56,56,290/- to ₹31,81,51,260/-. The
The Company does not have any subsidiary / joint
total Paid-up Share Capital of the Company is
venture / associate companies during the year under
₹31,81,51,260/- (Thirty One Crore Eighty One
60 review.
Lakhs Fifty One Thousand Two Hundred and
Sixty only) divided into 2,88,65,126 Equity 9. MANAGEMENT DISCUSSION AND ANALYSIS
Shares of ₹10/- each and 29,50,000 Preference REPORT:

Shares of ₹10/- each as on 31st March, 2024.
The detailed report on the Management Discussion
a) The Board of Directors vide resolution and Analysis for the year under review as stipulated
passed by circulation on April 06, 2023 has under Regulation 34(2)(e) read with Schedule V
allotted 2,750 Equity Shares of ₹10/- each (B) of the Securities and Exchange Board of India
as Preferential Issue. (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is presented in a separate
b) The Board of Directors vide resolution
section and forms part of this Annual Report. The
passed by circulation on January 03, 2024
Audit Committee of the Company has reviewed
has allotted 12,46,747 Equity Shares at an
the Management Discussion and Analysis Report in
issue price of ₹345/- each (i.e., of the face
accordance with the provision of Listing Regulations
value of ₹10/- each and at a premium of
for the year ended March 31, 2024.
₹335/- each), consequent to the exercise of
12,46,747 convertible warrants allotted on 10. CONSERVATION OF ENERGY, TECHNOLOGY
preferential basis. ABSORPTION AND FOREIGN EXCHANGE
EARNINGS / OUTGO:
5. PREFERENTIAL ISSUE:
Particulars pertaining to conservation of energy,
The Company’s Members at their meeting held
technology absorption and foreign exchange
on February 20, 2023, approved the issuance of
earnings and outgo, pursuant to the provisions of
21,44,000 equity shares and 33,71,000 convertible
Section 134(3)(m) of the Companies Act, 2013 read
warrants at ₹345 each. The Company received in-
with Rule 8 of the Companies (Accounts) Rules,
principal approval for these from BSE Limited and
2014, as amended from time to time are annexed as
National Stock Exchange of India Limited on March
“BR_Annexure – I” to this Annual Report.
24, 2023 and March 27, 2023, respectively, for the
issue and allotment of 21,43,500 equity shares and 11. BOARD OF DIRECTORS AND KEY MANAGERIAL
33,69,500 convertible warrants. PERSONNEL:
On April 6, 2023, the Company allotted 2,750 The Board of Directors of the Company comprises
equity shares and 7,500 convertible warrants, with of Seven (7) Directors with an optimum combination
trading approval for the equity shares granted on of Executive, Non-Executive and Independent
Directors including two Women Directors and three contributions and dedicated service during
Independent Directors. The details of Board and his tenure.
Committee composition, tenure of directors, number
(ii) Mrs. Rekha Singh was appointed as the
of meetings and other details are provided in the
Company Secretary and Compliance Officer
Corporate Governance Report which forms a part of
of the Company effective from October 10,
this Annual Report.
2023.
a) Directors Retiring by Rotation:
Except as mentioned above, there have been no
In compliance with the provisions of Section other changes in the Key Managerial Personnel
152 of the Companies Act, 2013 and Article of of the Company. As on March 31, 2024,
Association of the Company, Mrs. Sunita Gupta, the Company has following Key Managerial
Non-Executive Director, retires by rotation at Personnel:
the ensuing Annual General Meeting and being
eligible, offers herself for re-appointment. S.
NAME OF KMP’s DESIGNATION
Your Board of Directors recommend her NO.
re-appointment. 1 Mr. Rupesh Managing Director
Brief profile of Mrs. Sunita Gupta has been Kumar Gupta
provided in the notice and forms a part of this 2 Mr. Amitabha Chief Financial Officer
Annual Report. Bhattacharya
b) Appointment/Re-appointment/Change in 3 Mrs. Rekha Company Secretary &
Designation of Director: Singh Compliance Officer
During the year under review, the Members Remuneration and other matters provided in
approved the following appointment, Section 178(3) of the Act have been disclosed in
re-appointment and change in designation of the Corporate Governance Report, which forms
Directors: a part of this Annual report.
61
(i) Re-appointment of Mr. Rupesh Kumar Gupta, d) Meetings of the Board:
(DIN: 00540787) as a Managing Director of

During the year under review, five (5) meetings
the Company for a period of 3 (three) years
of the Board of Directors were convened and
effective from January 08, 2024.
held. The intervening gap between the meetings
(ii) Re-appointment of Mr. Sailesh Gupta (DIN: was within the period prescribed under the Act
00540862) as a Whole Time Director of the and the SEBI Listing Regulations. The details of
Company for a period of 3 (three) years Board meetings and other details are provided
effective from January 08, 2024. in the Corporate Governance Report which
(iii) Change in designation of Mr. Soumen forms a part of this Annual Report.
Bose (DIN: 09608922) from Non-Executive e) Independent Directors:
Independent Director to Non-Executive
(i) Statement of Declaration given by Independent
Director of the Company effective from
Directors:
January 03, 2024.
In compliance with the provisions of Section
Except as stated above, there were no changes
149(7) of the Companies Act, 2013 and
in the Board of Directors of the Company.
Regulation 25(8) of the Listing Regulations,
c) Key Managerial Personnel: all the Independent Directors have submitted
In compliance with the provisions of Section the Declaration of Independence, stating
203 of the Companies Act, 2013 read with the that they meet the criteria of Independence
Companies (Appointment and Remuneration as laid down in Section 149(6) of the Act
of Managerial Personnel) Rules, 2014, there and Regulation 16(1)(b) of SEBI Listing
were following changes in the Key Managerial Regulations and there has been no change
Personnel of the Company during the year under in the circumstances which may affect their
review: status as an Independent Director.
(i) Mr. Chirag Partani resigned from his position The Independent Directors have also given
as Company Secretary and Compliance declaration of compliance with Rule 6(1)
Officer effective from the close of business and 6(2) of the Companies (Appointment
hours on October 10, 2023. The Board and Qualification of Directors) Rules, 2014,
sincerely appreciates and acknowledges his as amended, with respect to their name
appearing in the data bank of Independent
Directors maintained with Indian Institute of Committee, one (1) meeting of Corporate Social
Corporate Affairs. Responsibility (CSR) Committee and two (2)
meetings of Risk Management Committee were
(ii) Meeting of Independent Directors:
convened and held.
Meeting of the Independent Directors,
Brief details pertaining to composition, terms
held without the presence of Non-
of reference, meetings held and attendance
Independent Directors and members of
of these Committees during the year has been
Management took place on February 27,
enumerated in the Corporate Governance
2024. The Independent Directors inter-
Report, which forms a part of this Annual Report.
alia have reviewed and evaluated the
performance of Non-Independent Directors, (g) Appointment of Directors and Remuneration
the Committees, the Managing Director Policy:
and the Board as a whole along with the
The assessment and appointment of members
performance of the Chairperson of the
to the Board are based on a combination of
Board and assessed the quality, quantity
criterion that includes ethics, personal and
and timeliness of the flow of information
professional stature, domain expertise, gender
between the Management and the Board
diversity and specific qualification required
that is necessary for the Board to effectively
for the position. Potential independent Board
and reasonably perform their duties.
members are also assessed on the basis of
(iii) Familiarization Programmes for Independent independence criteria defined in Section 149(6)
Directors: of the Companies Act, 2013 and Regulation
16(1)(b) of the Listing Regulations.
In accordance with the requirements of
Listing Regulations, all the Independent In accordance with Section 178(3) of the
Directors are familiarized with their roles, Companies Act, 2013, and on recommendations
rights and responsibilities in the Company of Nomination and Remuneration Committee,
62 at the time of appointment and also on the Board has formulated and adopted
a recurrent basis. The details of the a remuneration policy for Directors, Key
familiarization programme imparted to Management Personnel (KMPs) and Senior
Independent Directors of the Company Management that outlines the guidelines

during FY 2023-24 is available on the related to performance evaluation of Directors,
Company’s website, which can be accessed remuneration principles and Board diversity, the
at https://www.hariompipes.com/investor- policy is available on the Company’s website,
relations-details-of-familiarization- which can be accessed at https://www.
programmes.php hariompipes.com/pdf/policies/nomination-and-
remuneration-policy.pdf
(f) Committee of the Board and details of
meetings: 12. BOARD EVALUATION:
The various Committees constituted by the In compliance with the provisions of Section
Board, as stipulated under the Companies Act 134(3)(p) of the Companies Act, 2013 read with
and Listing Regulations are as follows: Rule 8(4) of the Companies (Accounts) Rules, 2014
(i) Audit Committee; and Regulation 17(10) of the Listing Regulations,
an evaluation of the annual performance of the
(ii) Nomination and Remuneration Committee; Board, its Committees and Individual Directors
(iii) Stakeholders Relationship Committee; were undertaken by the Board. To ensure an
effective evaluation process, the Nomination and
(iv) Corporate Social Responsibility (CSR) Committee;
Remuneration Committee of the Board of Directors
and
(“NRC”) has put in place an evaluation framework for
(v) Risk Management Committee. conducting the performance evaluation exercise.
All the recommendations made by the Based on the criteria set by NRC, the Board has
Committees of Board including the Audit carried out annual evaluation of its own performance,
Committee were accepted and approved by the its committees and individual Directors for the
Board. FY 2023-24.
During the year under review, four (4) meetings The performance evaluation of the Board was
of the Audit Committee, three (3) meetings of conducted based on key attributes such as
Nomination and Remuneration Committee, composition, administration, corporate governance,
one (1) meeting of Stakeholders Relationship independence from Management, safeguarding
the interest of the Company and its minority a. In the preparation of the annual accounts
shareholders etc. Parameters for evaluation of for financial year ended March 31, 2024, the
Directors included constructive participation in applicable accounting standards have been
meetings and engagement with colleagues on the followed along with proper explanation relating
Board. Similarly, the Committees were evaluated on to material departures, if any;
parameters such as adherence to their terms of the
b. They had selected such accounting policies and
mandate, deliberations on key issues, reporting to
applied them consistently and made judgments
Board etc. Evaluation of the Chairman was focused
and estimates that were reasonable and prudent
on the basis of his leadership, guidance to the Board
so as to give a true and fair view of the state
and overall effectiveness. The Directors expressed
of affairs of the Company as at the end of the
their satisfaction with the evaluation process.
financial year ended March 31, 2024 and of the
In a separate meeting of the Independent Directors, statement of profit and loss of the Company for
a comprehensive evaluation was conducted on the the financial year ended March 31, 2024;
performance of the Non-Independent Directors, the
c. They had taken proper and sufficient care
Board as a whole, and the Chairman of the Board.
for the maintenance of adequate accounting
13. RELATED PARTY TRANSACTIONS: records in accordance with the provisions of
the Companies Act, 2013 for safeguarding the
All the Related Party Transactions entered into by the
assets of the Company and for preventing and
Company during the year under review, were in the
detecting fraud and other irregularities;
Ordinary Course of Business and at an Arm’s Length
basis and were reviewed and approved by the d. They had prepared the annual accounts for the
Audit Committee and the Board. Omnibus approval financial year ended March, 31, 2024 on a ‘going
is obtained for transactions which are foreseeable concern basis’;
and repetitive in nature. A statement of all Related
e. They had laid down proper Internal Financial
Party Transactions are presented before the Audit
Controls to be followed by the Company and that
Committee on quarterly basis, specifying the nature,
such Internal Financial Controls are adequate 63
value and terms and conditions of the transactions.
and operating effectively; and
Complete details of Related Party Transactions are

given in the Notes to Financial Statements which f. They had devised proper systems to ensure
forms a part of this Annual Report. compliance with the provisions of all applicable
laws and that such systems were adequate and
In compliance with the requirements of the Listing
operating effectively.
Regulations, the Policy on Materiality of Related
Party Transactions and on dealing with Related 16. AUDITORS AND AUDIT REPORT:
Party Transaction as approved by the Board may
(i) Statutory Auditors and Statutory Auditor’s
be accessed on the Company’s website at https://
Report:
www.hariompipes.com/pdf/policy-on-related-
party-transaction.pdf Pursuant to the provisions of Section 139,
142 and other applicable provisions of the
Information on transactions with Related Parties
Companies Act, 2013 read with the Companies
pursuant to Section 134(3)(h) of the Companies
(Audit and Auditors) Rules, 2014 as amended,
Act, 2013 read with Rule 8(2) of the Companies
M/s. R Kabra & Co. LLP, Chartered Accountants
(Accounts) Rules, 2014, are given in Form AOC-2
(Firm Registration No. 104502W/W100721)
and is attached as “BR_Annexure - II” to this Annual
were appointed as the Statutory Auditors of the
Report.
Company for a term of five consecutive years
14. COMPLIANCE WITH SECRETARIAL STANDARDS: from the conclusion of the 14th Annual General
Meeting held on September 14, 2021 till the
During the year under review, the Company has
conclusion of 19th Annual General Meeting to be
complied with the various provisions of all Secretarial
held in the year 2026.
Standards, including amendments thereto, as issued
by the Institute of Company Secretaries of India The Independent Auditors’ Report issued by
(‘ICSI’). M/s. R Kabra & Co. LLP, Chartered Accountants,
Statutory Auditors of the Company on the
15. DIRECTORS’ RESPONSIBILITY STATEMENT:
Financial Statements for the FY 2023-24 is
In compliance with the provisions of Section unmodified and do not contain any qualification,
134(3)(c) read with Section 134(5) of the Companies reservation, or adverse remark or disclaimer.
Act, 2013, to the best of their knowledge and belief, The Statutory Auditor’s Report is enclosed with
your Directors state that: the Financial Statements and forms a part of this
Annual Report.
Reporting of Frauds by Auditors: (iii) Secretarial Auditors and Secretarial Audit
Report:
During the year under review, there is no
instance of frauds reported by the Auditors Pursuant to the provisions of Section 204 of the
under Section 143(12) of the Companies Act, Companies Act, 2013 read with the Companies
2013 and the rules made thereunder. (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Board of Directors
(ii) Cost Auditors and Cost Audit Report:
at their meeting held on May 17, 2024 have
Pursuant to the provisions of Section 148 of re-appointed M/s. VSSK & Associates, Practicing
the Companies Act, 2013, the Company has Company Secretary as the Secretarial Auditors
to maintain the cost accounts and records, as of the Company to undertake the Secretarial
specified by the Central Government. These Audit for the year ending March 31, 2025.
cost accounts and records are subject to an
Annual Secretarial Audit Report:
audit by a Cost Accountant.
In terms of Section 204 of the Companies Act,
The Board of Directors based on the
2013 and SEBI (Listing Obligation and Disclosure
recommendation of Audit Committee has
Requirements) Regulations, 2015, a Secretarial
re-appointed M/s. Sheshadri & Associates, Cost
Audit Report given by the Secretarial Auditors
Accountants, (Firm Registration No. 101476)
in Form No. MR-3 is annexed as “BR_Annexure
as the Cost Auditors of the Company for
- III” to this Annual Report.The Secretarial Audit
conducting the cost audit for the FY 2024-25.
Report does not contain any qualification,
The necessary consent letter and certificate of
reservation or adverse remark or disclaimer.
eligibility was received from the cost auditors
confirming their eligibility to be reappointed Annual Secretarial Compliance Report:
as the Cost Auditors of the Company. Further,
In terms of Section 204 of the Companies Act, 2013
a resolution seeking Members’ approval for
and Regulation 24A of SEBI (Listing Obligation
ratifying the remuneration payable to the Cost
and Disclosure Requirements) Regulations, 2015,
Auditors for the FY 2024-25 has been included
64 an Annual Secretarial Compliance Report for the
in the the notice convening 17th Annual General
financial year ended March 31, 2024 on compliance
Meeting for their ratification.
of all applicable SEBI Regulations and circulars /

The Cost accounts and records as required to guidelines issued thereunder, was obtained from
be maintained under section 148(1) of the Act M/s. VSSK & Associates, Secretarial Auditors and
are duly made and maintained by your Company. submitted to the stock exchanges.
Cost Audit Report for the year ended March (iv) Internal Auditors and Internal Audit Report:
31, 2024:
Pursuant to the provisions of Section 138 and
The Cost Audit Report for the FY 2023-24 Shall other applicable provisions of the Companies
be filed with the Central Government within the Act, 2013, the Board of Directors based on the
stipulated timeline. recommendation of the Audit Committee has
re-appointed M/s. Ravi Ladia & Co., Chartered
Maintenance of Cost Records:
Accountants (Firm Registration No. 014255s),
The provisions of Cost Records are applicable as an Internal Auditors of the Company for
to the Company and the Company has made the FY 2024-25. M/s. Ravi Ladia & Co., have
and maintained the cost records as specified by confirmed their willingness to be re-appointed
the Central Government under sub-section (1) as an Internal Auditors of the Company and are
Section 148 of the Companies Act, 2013. submitting their reports on quarterly basis.
17. CREDIT RATINGS:
During the FY 2023-24, CRISIL Ratings Limited has assigned the following rating vide its letter dated April 01,
2024, to the Company:
Facility Tenure Previous Rating Current Ratings
Fund Based Long Term CRISIL A-/Stable (Reaffirmed) CRISIL A-/Stable

Non-Fund Based Short Term CRISIL A2+ (Reaffirmed) CRISIL A2+
18. CORPORATE SOCIAL RESPONSIBILITY (CSR): The Members of the Board and Senior Management
Personnel have affirmed compliance with the
In compliance with the provisions of Section 135
respective Code of Conduct, as applicable to them
and Schedule VII of the Companies Act, 2013 read
for the financial year ended March 31, 2024. A
with Companies (Corporate Social Responsibility
declaration to this effect, signed by the Managing
Policy) Rules, 2014, as amended, the Company
Director in terms of the Listing Regulations, is given
has constituted Corporate Social Responsibility
in the Corporate Governance Report which forms a
(CSR) Committee comprising of three Directors,
part of this Annual Report.
Mr. Rupesh Kumar Gupta, Mr. Sailesh Gupta and
Mr. Pramod Kumar Kapoor. The Chairman of the 22. ANNUAL RETURN:
committee is an Executive Director. During the year
Pursuant to the provisions of Sections 92(3) and
under review, the Company has spent a total sum of
134(3)(a) of the Companies Act, 2013 read with
₹87,20,504/- on the CSR activities as approved by
Rule 12 of the Companies (Management and
the CSR Committee.
Administration) Rule, 2014, the Annual Return of
Brief outline of the CSR policy of the Company and the Company for the financial year ended March 31,
the initiatives undertaken by the Company on CSR 2024, has been hosted on the Company’s website,
activities during the year as per Rule 8 of Companies which can be accessed at https://www.hariompipes.
(Corporate Social Responsibility Policy) Rules, 2014 com/investor-relations-annual-return.php.
is annexed herewith as “BR_Annexure - IV” and
23. CORPORATE GOVERNANCE REPORT:
forms a part of this Annual Report. The above said
Policy is available on the Company’s website, which Your Directors reaffirm their continued commitment
can be accessed at https://www.hariompipes.com/ to adhere to the highest standards of Corporate
pdf/policies/CSR-Policy.pdf. Governance. In compliance with the Regulation
34(3) read with Schedule V (C) of Securities and
19. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL
Exchange Board of India (Listing Obligations and
FINANCIAL CONTROLS WITH REFERENCE TO THE
Disclosure Requirements) Regulations, 2015 and
FINANCIAL STATEMENTS:
Companies Act, 2013, the Corporate Governance 65
The Company has in place proper and adequate Report as on March 31, 2024 as stipulated under
internal control systems that commensurate with the Listing Regulations forms a part of this Annual

the nature of its business, as well as the size and Report. The requisite certificate from the Practicing
complexity of its operations. Internal control systems Company Secretary confirming compliance with the
comprising of policies and procedures designed to conditions of Corporate Governance as stipulated
ensure the reliability of financial reporting, providing under the aforesaid Regulations forms a part of this
timely feedback on the achievement of operational Annual Report.
and strategic goals, ensure compliance with policies,
24. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
procedures, applicable laws and regulations and
REPORT (BRSR):
assure that all assets and resources acquired are
used economically. In accordance with Regulation 34(2)(f) of the Listing
Regulations read with SEBI Circular SEBI/HO/CFD/
20. QUALITY AND SYSTEMS:
CMD-2/P/CIR/2021/562 dated May 10, 2021, the
During the year under review, your Company BRSR for the FY 2023-24, describing the initiatives
continues to maintain its certification under the taken by your Company from an environment, social
Integrated Management Systems with certifications and governance (ESG) perspective, forms a part
under ISO 9001:2015. of this Annual Report. In addition to the BRSR, the
Annual Report of your Company provides an insight
21. CODE OF CONDUCT:
on various ESG initiatives adopted by the Company.
In compliance with Regulation 17(5) of Listing
25. COMPANY’S POLICIES:
Regulations, the Company has a comprehensive
Code of Conduct (‘the Code’) in place applicable to The details of the policies approved and adopted by
all the Senior Management Personnel and Directors the Board are provided in the Corporate Governance
including Independent Directors to such extent as Report which forms a part of this Annual Report.
may be applicable to them depending on their roles
26. PARTICULARS OF LOANS, GUARANTEES OR
and responsibilities. The Code provides guidance on
INVESTMENTS UNDER SECTION 186 OF THE
ethical conduct of business and compliance of law.
COMPANIES ACT 2013:
The Code is available on the Company’s website,
which can be accessed at https://www.hariompipes. The Company has not given any Loans, Guarantees
com/pdf/code-of-conduct/Code-of-Conduct-for- or made any Investments under section 186 of the
Board-and-Senior-Management.pdf. Companies Act 2013.
27. NOMINATION AND REMUNERATION POLICY: The Remuneration Policy, outlining the principles
and guidelines for the compensation of Directors,
Nomination and Remuneration Committee works
Key Managerial Personnel (KMP) and Senior
with the Board to determine the appropriate
Management can be accessed at the Company’s
characteristics, skills and experience for the Board as
website at https://www.hariompipes.com/pdf/
a whole and its individual members with an objective
policies/nomination-and-remuneration-policy.pdf
of having a Board with diverse backgrounds and
experience. Characteristics expected from all 28. VIGIL MECHANISM/ WHISTLE BLOWER POLICY:
Directors include independence, integrity, high
In compliance with the provisions of Section 177
personal and professional ethics, sound business
of the Companies Act, 2013 read with Regulation
judgment, ability to participate constructively in
22 of the Securities and Exchange Board of India
deliberations and willingness to exercise authority
(Listing Obligations and Disclosure Requirements)
in a collective manner. Policy on appointment
Regulations, 2015 and Securities and Exchange
and removal of Directors can be accessed at the
Board of India (Prohibition of Insider Trading)
Company’s website at https://www.hariompipes.
Regulations, 2015, the Company has formulated a
com/pdf/policies/nomination-and-remuneration-
comprehensive Whistle Blower Policy to deal with
policy.pdf
instance of fraud and mismanagement, if any.
Based on the recommendations of Nomination and
The Whistle Blower Policy aims to encourage
Remuneration Committee, the Board has framed a
directors, employees and other stakeholders to
Remuneration Policy for selection and appointment
report any instances of unethical or improper activity,
of Directors, Key Managerial Personnel (KMP),
actual or suspected fraud or violation of the Code of
Senior Management and their remuneration,
Conduct without fear of retaliation. The policy also
specifying criteria for evaluation of performance and
provides access to the Chairperson of the Audit
process. As part of the policy, Company strives to
Committee under certain circumstances. The policy
ensure that:
may be accessed on the Company’s website at
i. The level and composition of remuneration is https://www.hariompipes.com/pdf/policies/whistle-
66 reasonable and sufficient to attract, retain and blower-policy.pdf.
motivate Directors of the quality required to run
During the year under review, your Company has not
the Company successfully;

received any complaints under the vigil mechanism.
ii. Relationship between remuneration and
29. RISK MANAGEMENT POLICY:
performance is clear and meets appropriate
performance benchmarks; and The Company has instituted a proper mechanism for
appropriate identification and establishing controls
iii. Remuneration to Directors, Key Managerial
to effectively manage different kinds of risks. This
Personnel (KMP) and Senior Management
risk identification exercise is integrated with the
involves a balance between fixed and incentive
annual planning cycle, ensuring both regularity
pay reflecting short and long-term performance
and comprehensiveness. Risks are identified at the
objectives, appropriate to the working of
strategic, business, operational and process levels.
Company and its goals.
The Board has constituted a Risk Management
The salient features of this policy are:
Committee and formulated a policy on Risk
• This Policy sets out the guiding principles for Management in accordance with the Companies
the Human Resources and Nomination and Act, 2013 and Regulation 21 of Listing Regulations,
Remuneration Committee for recommending to 2015 to frame, implement and monitor the risk
the Board the remuneration of the Directors, management plan and ensure its effectiveness. The
Key Managerial Personnel (KMP) and Senior details of the Committee, its terms of reference
Management of the Company. and meeting details are set out in the Corporate
Governance Report which forms a part of this
• It lays down the parameters based on which
Annual Report. The Policy on Risk Management of
payment of remuneration (including sitting
the Company is posted on the Company’s website
fees and remuneration) should be made to
and can be accessed at https://www.hariompipes.
Non-Executive Directors.
com/pdf/policies/Risk-Management-Policy-new.
• It lays down the parameters based on which pdf.
remuneration (including fixed salary, benefits and
30. PARTICULARS OF EMPLOYEES:
perquisites, commission, retirement benefits)
should be given to Managing Director, Whole- Disclosure of ratio of the remuneration of each
time Directors, KMPs and Senior Management. Executive Director to the median remuneration
of the employees of the Company and other
requisite details pursuant to Section 197(12) of the During the financial year ended March 31, 2024, no
Companies Act, 2013 read with Rule 5(1) of the complaints pertaining to sexual harassment have
Companies (Appointment and Remuneration of been reported.
Managerial Personnel) Rules, 2014 as amended,
33. LISTING STATUS:
is annexed to this report as “BR_Annexure - V”.
Further, particulars of employees pursuant to Rule The Equity Shares of the Company are listed on the
5(2) & 5(3) of the above Rules forms a part of this National Stock Exchange of India Limited (NSE) and
Annual Report. The said information is available for BSE Limited (BSE). The annual listing fees for the
inspection at the registered office of the Company year 2024-25 have been paid to both the exchanges.
during working days of the Company up to the date The Company has also paid the Annual Custody Fee
of the ensuing Annual General Meeting. to the National Securities Depository Limited (NSDL)
and Central Depository Services (India) Limited
31. PREVENTION OF INSIDER TRADING AND CODE OF
(CDSL) for the financial year ended March 31, 2024.
FAIR DISCLOSURE:
34. REVISION MADE IN FINANCIAL STATEMENTS/
In compliance with the provisions of SEBI (PIT)
BOARD’S REPORT:
Regulations, 2015, the Board has formulated
a Code of Internal Procedures and Conduct to The Company has not made any revisions to the
regulate, monitor, and report trading by Insiders. Financial Statements or Board’s Report for any of
This code outlines the guidelines and procedures the three preceding financial years.
to be followed, and the disclosures required by
35. SIGNIFICANT AND MATERIAL ORDERS PASSED BY
insiders when dealing with Company shares,
THE REGULATORS OR COURTS:
while also warning them of the consequences of
non-compliance. The code of conduct has been During the year under review, no significant and/
hosted on the Company’s website, which can be or material orders, were passed by any Court or
accessed at https://www.hariompipes.com/pdf/ Regulator or Tribunal, which may impact the going
code-ofconduct/Code%20of%20Conduct%20 concern status of the Company and its future
under%20PIT%20Regulations,%202015.pdf. operations.
67
Further, the Board has formulated a Code of Practices 36. PROCEEDING PENDING UNDER THE INSOLVENCY

and Procedures for Fair Disclosure of Unpublished AND BANKRUPTCY CODE, 2016:
Price Sensitive Information (“Fair Disclosure Policy”). During the year under review, no application have
This code ensures the fair disclosure of events and been made under the Insolvency and Bankruptcy
occurrences that could affect price discovery in Code, 2016, therefore there are no details of
the market for the Company’s securities, promoting application or proceedings pending to disclose
uniformity, transparency, and fairness in dealings under the Insolvency and Bankruptcy Code, 2016
with all stakeholders, and ensuring adherence to (31 of 2016).
applicable laws and regulations. The Fair Disclosure
Code has been hosted on the Company’s website, 37. MATERIAL CHANGES AND COMMITMENTS:
which can be accessed at https://www.hariompipes. The material events that have occurred after the
com/pdf/policies/Fair-Disclosure-Policy.pdf. close of the financial year till the date of this report
32. POLICY ON SEXUAL HARASSMENT: are as follows:
The Company has always believed in proving a safe 1. A non-compete agreement dated September
and harassment free workplace for every individual 18, 2021 was executed between Hariom
working in its premises through various policies Pipe Industries Limited and M/s. Ultra Pipes
and practices. The Company always endeavours represented by their common promoter. This
to create and provide an environment that is free agreement prohibits the promoters from
from discrimination and harassment including sexual engaging in or expanding any business activities
harassment. that compete with Hariom’s business through
M/s. Ultra Pipes.
The Company has adopted a policy on Prevention
of Sexual Harassment at Workplace which aims at Based on the recommendation of Audit
prevention of harassment of employees and lays Committee, the Board of Directors at their
down the guidelines for identification, reporting meeting held on May 27, 2024, approved the
and prevention of undesired behaviour. An Internal acquisition of the Operating Assets (Building and
Complaints Committee (“ICC”) has been constituted Plant & Machinery) of M/s. Ultra Pipes, located
by the Senior Management. The ICC is responsible in Mahbubnagar District, at a pay consideration
for redressal of complaints related to sexual of ₹40.16 Crores under the terms and conditions
harassment and follows the guidelines provided in specified in the Asset Acquisition Agreement.
the Policy.
This action aligns with the commitment outlined (ii) Issue of shares (including sweat equity shares)
in the definitive agreement. Since the agreement to employees of your Company under any
restricts the promoter from expanding capacity scheme.
in Ultra Pipes and running it independently, this
(iii) The Company does not have any Employee
acquisition will ensure smooth operations and
Stock Option Scheme & Employee Stock
overall business prosperity for Hariom Pipe
Purchase Scheme for its Employees/Directors.
Industries Limited.
(iv) There was no one-time settlement with any
2. As approved by the members in their meeting
Banks or Financial Institutions during the year.
held on February 20, 2023, the Company
Hence, disclosure pertaining to difference
has allotted 33,48,125 and 7,500 Convertible
between amount of the valuation done at the
Warrants on March 31, 2023 and April 06, 2023
time of one-time settlement and the valuation
respectively. These warrants carry a right to
done while taking loan is not applicable.
subscribe 1 (one) Equity Share per warrant,
and shall be exercised in one or more tranches 39. HUMAN RESOURCE:
during the period commencing from the date
Your Company considers its Human Resources as
of allotment of warrants until the expiry of 18
the key to achieve its objectives. Keeping this in view,
(eighteen) months from the date of allotment of
your Company takes utmost care to attract and retain
warrants.
quality employees. The employees are sufficiently
Accordingly, the Board of Directors vide empowered and such work environment propels
resolution passed by circulation on June 24, them to achieve higher levels of performance. The
2024 has approved second tranche of allotment unflinching commitment of employees is the driving
of 20,93,825 Equity Shares, at an issue price of force behind the Company’s vision. Your Company
₹345/- each (i.e., face value of ₹10/- each and appreciates the spirit of its dedicated employees.
at a premium of ₹335/- each), consequent to
40. ACKNOWLEDGEMENT:
the exercise of 20,93,825 convertible warrants
68 allotted on preferential basis. The newly allotted Your Directors take this opportunity to express
shares will rank pari-passu with the existing their appreciation for the cooperation and
equity shares of the Company in all respects, continued support received from the customers,
including dividend entitlement and voting rights. vendors, bankers, stock exchanges, depositories,
auditors, legal advisors, consultants, stakeholders,
The Company has completed all necessary
business associates, Government of India, State
formalities and regulatory compliances associated
Governments, Regulators and local bodies. The
with this allotment. The shares will be credited
Directors also wish to place on record their sincere
to the respective demat accounts of the warrant
appreciation for the significant contribution made
holders, and necessary filings with the regulatory
by its employees through their dedication, hard
bodies will be completed in due course.
work and commitment at all levels. The Board look
Except as mentioned above, there are no other forward to your continued support in the future
material changes and commitments, affecting
the financial position of the Company that have
occurred between the close of the financial For and on behalf of the Board
year ended March 31, 2024 and the date of this Hariom Pipe Industries Limited
Board’s Report.
Sd/- Sd/-
38. GENERAL:
Rupesh Kumar Gupta Sailesh Gupta
During the year under review, your Directors notify Managing Director Whole-time Director
that no disclosure or reporting is required for the DIN: 00540787 DIN: 00540862
following items as there were no transactions
related to these items during the financial year Date: August 09, 2024
under review: Place: Hyderabad
(i) Issue of equity shares with differential rights as

to dividend, voting or otherwise.
BR_Annexure-I
DISCLOSURE PURSUANT TO SECTION 134(3)(M) OF THE COMPANIES ACT, 2013, READ WITH RULE 8 OF THE
COMPANIES (ACCOUNTS) RULES, 2014.
(A) CONSERVATION OF ENERGY: management of the Company has been

making continuous efforts to identify the
i) The Company being a manufacturing unit has
areas of further improvements
been using hot charge technique for round
rolling; the billets are delivered for hot rolling in ii) The Company has been procuring energy from
the wire rod or bar mill after they exit the casting Indian Energy Exchange (IEX) as an alternative
unit but before they lose all their heat. The for procuring energy as and when required.
main feature and advantages of hot charging
iii) The Company has not made any additional
technique are:
investments and has not proposed any amount
¾ Energy saving; for reduction of consumption of energy.
¾ Decreasing billet inventory / yard space; iv) The Company has Install Solar Roof tops of
2,000 Kwph in the last financial year to meet its
¾ Reducing production cycle time;
power consumption requirements in an efficient
¾ Billet surface quality defects prevention manner.
during the cooling process. Also, the
(B) TECHNOLOGY ABSORPTION:
i) Efforts made towards technology absorption : NIL

69
ii) Benefits derived like product improvement, cost reduction, product development or import : NIL
substitution

iii) In case of imported technology (imported during the last three years reckoned from the
beginning of the financial year):
(a) The details of technology imported; : NIL
(b) The year of import; : NIL
(c) Whether the technology has been fully absorbed; : NIL
(d) If not fully absorbed, areas where absorption has not taken place, and the reasons : NIL
thereof.
iv) The expenditure incurred on Research and Development : NIL
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO:
Activities relating to exports and initiatives taken to increase export products, services and export plans: NIL
Foreign Exchange earnings and outgo (On receipts and payments basis):
(Amount in ₹)
Particulars FY 2023-24 FY 2022-23

Foreign Exchange Earnings 1,29,34,142.00 9,954.00
Foreign Exchange Outgo - -
For and on behalf of the Board

Sd/- Sd/-
Date: August 09, 2024 Managing Director Whole-time Director
Place: Hyderabad DIN: 00540787 DIN: 00540862
BR_Annexure-II
FORM NO. AOC-2
DETAILS OF RELATED PARTY TRANSACTIONS
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8 (2) of the Companies (Accounts)
Rules, 2014)
Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred
to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms’ length transactions under
third proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis: NIL
2. Details of material contracts or arrangement or transactions at arm’s length basis: The following are the details
of the transactions:
Salient terms of
Duration
Name(s) of the Nature of the contracts or Amount
of the
related party contracts/ arrangements Date(s) of approval by paid as
contracts /
and nature of arrangements/ or transactions the Board, if any advance,
arrangements
relationship transactions including the if any
/ transactions
value, if any
Mr. Rupesh Rent paid NA Rent of Since these RPTs are in -
Kumar Gupta (Expenses) ₹1,30,000/- the ordinary course of
70
Per Month. business and are at arm’s
length basis, approval of
the Board is not applicable.

Further the necessary
approvals were granted by
Mr. Sailesh Rent paid NA Rent of -
the Audit Committee from
Gupta (Expenses) ₹50,000/-
time to time.
Per Month
Ultra Pipes Sale of Goods NA ₹31,93,82,248/- The transactions taken -
with ultra pipe were
approved by the Audit
Committee.
Further as the value of
Transactions exceeded
Ultra Pipes Purchase of NA ₹79,82,90,789/- -
10% of the Turnover, the
Goods
prior approval of members
was also taken in its 16th
Annual General Meeting
held on 22-09-2023.

Sd/- Sd/-
BR_Annexure-III
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2024
(Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014)
To, provisions of:

The Members,
(i) The Companies Act, 2013 (the Act) and the Rules
M/s. HARIOM PIPE INDUSTRIES LIMITED
made thereunder;
L27100TG2007PLC054564
3-4-174/12/2, 1st Floor, Samarpan, (ii) The Securities Contract (Regulations) Act, 1956
Lane Beside Spencer’s, Pillar No. 125, (‘SCRA’) and the Rules made thereunder;
Attapur, Hyderabad – 500048, Telangana. (iii) The Depositories Act, 1996 and the Regulations and
Byelaws framed thereunder;
We have conducted the secretarial audit of the
compliance of applicable statutory provisions and the (iv) Foreign Exchange Management Act, 1999 and the
adherence to good corporate practices by HARIOM PIPE rules and regulations made thereunder to the extent
INDUSTRIES LIMITED (CIN: L27100TG2007PLC054564) of Foreign Direct Investment, Overseas Direct
(hereinafter called “the Company”). Secretarial Audit Investment and External Commercial Borrowings
was conducted in accordance with the guidance note - (Not applicable to the Company during the audit
issued by the Institute of Company Secretaries of period);
India and in a manner that provided us a reasonable (v) The following Regulations and Guidelines prescribed
basis for evaluating the corporate conducts/statutory under the Securities and Exchange Board of India
compliances and expressing our opinion thereon. Act, 1992 (‘SEBI Act’):
71
Auditor’s Responsibility: (a) The Securities and Exchange Board of
India (Substantial Acquisition of Shares and

Our responsibility is to express an opinion on the Takeovers) Regulations, 2011;
compliance of the applicable laws and maintenance of
(b) The Securities and Exchange Board of India
records based on audit. We have conducted the audit
(Prohibition of Insider Trading) Regulations,
in accordance with the applicable Auditing Standards
2015;
issued by The Institute of Company Secretaries of
India. The Auditing Standards require that the Auditor (c) The Securities and Exchange Board of India
shall comply with statutory and regulatory requirements (Issue of Capital and Disclosure Requirements)
and plan and perform the audit to obtain reasonable Regulations, 2018;
assurance about compliance with applicable laws and (d) The Securities and Exchange Board of India
maintenance of records. (Share Based Employee Benefits) Regulations,
2021; (Not applicable to the Company during the
Based on our verification of the Company’s books,
audit period);
papers, minute books, forms and returns filed and
other records maintained by the Company and also (e) The Securities and Exchange Board of India
the information, confirmations, clarifications provided (Registrars to an Issue and Share Transfer
by the Company, its officers, agents and authorized Agents) Regulations, 1993 regarding the
representatives during the conduct of secretarial audit, Companies Act and dealing with client - (Not
the explanations and clarifications given to us and the applicable to the Company during the audit
representations made by the Management, we hereby period);
report that in our opinion, the Company has, during (f) The Securities and Exchange Board of India
the audit period covering the financial year ended on (Delisting of Equity Shares) Regulations, 2021;
March 31, 2024 generally complied with the statutory (Not applicable to the Company during the audit
provisions listed hereunder and also that the Company period);
has proper Board processes and compliance mechanism (g) The Securities and Exchange Board of India
in place to the extent, in the manner and subject to the (Buyback of Securities) Regulations, 2021 - (Not
reporting made hereinafter: applicable to the Company during the audit
We have examined the books, papers, minute books, period);
forms and returns filed and other records made (h) The Securities and Exchange Board of
available to us and maintained by the Company for the India (Listing Obligations and Disclosure
financial year ended on March 31, 2024 according to the Requirements) Regulations, 2015;
(i) The Securities and Exchange Board of India Majority decision is carried through while the dissenting
(Issue and Listing of Non-Convertible Securities) members’ views, if any, are captured and recorded as
Regulations, 2021 - (Not applicable to the part of the minutes.
Company during the audit period); and
We further report that there are adequate systems and
(j) The Securities and Exchange Board of India processes in the Company commensurate with the size
(Depositories and Participants) Regulations, and operations of the Company to monitor and ensure
2018; compliance with applicable laws, rules, regulations, and
(vi) We have relied on the representation made by guidelines.
the Company and its officers for the systems
We further report that during the audit period the
and mechanisms formed by the Company for
following events occurred which had bearing on the
compliances under applicable Acts, Rules, Laws and
Company’s affairs in pursuance of the above referred
Regulations to the Company. The lists of major head
laws, rules, regulations, guidelines etc.
or groups of Acts, Rules, Laws and Regulations as
applicable to the Company are given in Annexure B. Ordinary Resolutions passed during FY 2023-24:
We have also examined compliance with the 1. Approval of Audited Financial Statements : (AGM
applicable clauses of the following: dated 22/09/2023);
(i) Secretarial Standards issued by The Institute of 2. Rotation of Director. (Sunita Gupta) : (AGM dated
Company Secretaries of India and notifies under the 22/09/2023)
Companies Act, 2013; 3. Ratification of the remuneration of Cost Auditors
(ii) The Securities and Exchange Board of India for the financial year ending March 31, 2024: (AGM
(Listing Obligations and Disclosure Requirements) dated 22/09/2023);
Regulations, 2015 and amendments made 4. Approval of Material Related Party Transaction(s):
thereunder. (‘Listing Regulations’) (AGM dated 22/09/2023);
During the period under review, the Company has
Special Resolutions passed during FY 2023-24:
complied with the provisions of the Acts, Rules,
72 Regulations, Guidelines, standards etc. mentioned 1. Re-appointment and remuneration of Mr. Rupesh
above. Kumar Gupta, Managing Director of the Company:
(AGM dated 22/09/2023)

We further report that:
2. Re-appointment and remuneration of Mr. Sailesh
The Board of Directors of the Company is duly Gupta, Whole Time Director of the Company: (AGM
constituted with proper balance of Executive Directors, dated 22/09/2023)
Non-Executive Directors, and Independent Directors. 3. Considered and approved the change in designation
The changes in the composition of the Board of Directors of Mr. Soumen Bose (DIN: 09608922) from Non-
that took place during the period under review were Executive Independent Director to Non-Executive
carried out in compliance with the provisions of the Act. Non-Independent Director of the Company: (Postal
Adequate notice is given to all directors in advance to Ballot dated 05/02/2024)
schedule the Board Meetings, agenda and detailed notes Others
on agenda were sent at least seven days in advance,
1. The Company on 06.04.2023 has allotted 2,750
or at shorter notice duly consented by the Directors,
Equity Shares and 7,500 Convertible Warrants; and
and a system exists for seeking and obtaining further
information and clarifications on the agenda items 2. The Company on 03.01.2024 has allotted 12,46,747
before the meeting and for meaningful participation at Equity Shares pursuant to conversion of warrants
the meeting. issued on preferential basis.
This Report is to be read with our letter of even date
which is annexed as Annexure A and which forms an
integral part of this report.
For VSSK & Associates,

Company Secretaries
Unique Code: P2015TL044700
Sd/-
CS Vinod Sakaram,
Partner
ACS: 23285, CP No.: 8345
Place: Hyderabad UDIN: A023285F000913724
Date: 06-08-2024 PR No.: 1456/2021
Annexure A
To,
The Members
HARIOM PIPE INDUSTRIES LIMITED
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is
to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the process and practices, we followed provide
a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company.
4. Wherever required, we have obtained the Management Representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy
or effectiveness with which the management has conducted the affairs of the Company.
73

Company Secretaries
Sd/-
CS Vinod Sakaram,
Partner
ACS: 23285, CP No.: 8345
Date: 06-08-2024 PR No.: 1456/2021
Annexure B
(I) LABOUR AND WORKPLACE RELATED LAWS: 17. The Industrial Disputes Act, 1947.
1. Employees Provident Funds & Misc. Provisions (II) ECONOMIC & MISC. LAWS:
Act, 1952;
1. Negotiable Instrument Act, 1881;
2. Employees State Insurance Act, 1948;
2. The Depositories Act, 1996 and the Regulations
3. Payment of Gratuity Act, 1972; and Bye-laws framed thereunder.
4. Minimum Wages Act, 1948; (III) REVENUE LAWS:
5. Equal Remuneration Act, 1976; 1. Income Tax Act, 1961;
6. Payment of Wages Act, 1936; 2. Indian Stamps Act, 1899;
7. Workmen’s Compensation Act, 1923; 3. Indian Contract Act, 1872;
8. Maternity Benefit Act, 1961; 4. Good and Services Tax Act, 2017
9. Sexual Harassment of Women at Workplace (IV) ENVIRONMENTAL LAWS:
(Prevention, Prohibition & Redressal) Act, 2013;
1. Environment (Protection) Act, 1986 and the
10. Labour Welfare Fund Act, 1952; rules, notifications issued thereunder;
11. Contract Labour (Regulation & Abolition) Act, 2. The Water (Prevention & Control of Pollution)
1970; Act, 1974 and Water (Prevention and Control of
Pollution) Rules, 1975;
12. Telangana Tax on Professions, Trades, Callings
and Employments Act, 1987; 3. Air (Prevention & Control Pollution) Act, 1981 and
74 the rules and standards made thereunder;
13. Factories Act, 1948 and allied State Laws;
4. Hazardous Wastes (Management, Handling &
14. Industrial Employment (Standing Orders) Act,

Transboundary Movement) Amendment Rules,
1946;
2013;
15. Industries (Development & Regulation) Act, 1951;
5. Telangana Fire Service Act, 1999.
16. The Child Labour (Regulation and Abolition) Act,
1970;

Company Secretaries
Sd/-
CS Vinod Sakaram,
Partner
ACS: 23285, CP No.: 8345
Date: 06-08-2024 PR No.: 1456/2021
BR_Annexure-IV
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
(Pursuant to Section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility) Rules, 2014)
1) Brief outline on the Corporate Social Responsibility (CSR) Policy of the Company:
In accordance with Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility
Policy) Amendment Rules 2021, Hariom Pipe Industries Limited (“the Company or HPIL”) has formulated its CSR
Policy duly approved by the Board of Directors of the Company. CSR is essentially a way of conducting business
responsibly and HPIL shall endeavour to conduct its business operations and activities in a socially responsible
and sustainable manner at all times. HPIL will strive to contribute to inclusive growth and sustainable development
with emphasis on development of weaker sections of society.
The Company’s Social Responsibility policy focuses on using the capabilities of business to improve lives and
contribute to sustainable living, through contributions to local communities and society at large.
The Company undertook various activities during the year under review in line with its CSR Policy and as
prescribed in Schedule VII to the Companies Act, 2013.
2) Composition of CSR Committee:
The CSR Committee of the Board is responsible for overseeing the execution of the Company’s CSR Policy. The
CSR Committee comprises of one Non-Executive Independent Director and two Executive Directors as at the end
of fiscal year 2024:
Number of 75
Number of
meetings
meetings of

Sl. of CSR
Name of Members Designation / Nature of Directorship CSR Committee
No. Committee
attended during
held during
the year
the year
1 Rupesh Kumar Gupta Chairman, Executive Director 1 1
2 Sailesh Gupta Member, Executive Director 1 1
3 Pramod Kumar Kapoor Member, Non-Executive Independent Director 1 1
3) Provide the web-link(s) where Composition of CSR Committee, CSR Policy and CSR projects approved by the
board are disclosed on the website of the Company:
The web-links are as follows:
The composition of the CSR Committee: https://www.hariompipes.com/pdf/Composition-of-Various-Committees.pdf
CSR Policy: https://www.hariompipes.com/pdf/policies/CSR-Policy.pdf
CSR Projects: Not Applicable
4) Provide the executive summary along with web-link (s) of Impact Assessment of CSR Projects carried out in
pursuance of sub-rule (3) of rule 8, if applicable: Not Applicable
5) (a) Average Net Profit of the Company as per Section 135 (5) of the Act. : ₹42,18,86,353/-
(b) Two per cent of the Average Net Profit of the Company as per Section 135 (5) of the : ₹84,37,727/-
Act.
(c) Surplus arising out of the CSR projects or programmes or activities of the previous : NA
financial year
(d) Amount required to be set-off for the financial year, if any. : NA
(e) Total CSR obligation for the financial year [(b)+(c)-(d)] : ₹84,37,727/-
6) (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing : ₹87,20,504/-
Project)
(b) Amount spent in Administrative Overheads. : Not Applicable
(c) Amount spent on Impact Assessment, if applicable. : Not Applicable
(d) Total amount spent for the Financial Year [(a)+(b) +(c)] : ₹87,20,504/-
(e) CSR amount spent or unspent for the Financial Year :
Amount Unspent (in ₹)

Total Amount
Total Amount transferred to Amount transferred to any fund specified under
Spent for the
Unspent CSR Account as per Schedule VII as per second proviso to Section
Financial Year
Section 135(6) 135(5)
(in ₹)
Amount Date of transfer Name of the Fund Amount Date of transfer
₹87,20,504 NA
(f) Excess amount for set off, if any:
S. No Particular Amount (in ₹)

(i) Two percent of average net profit of the Company as per Section 135(5) 84,37,727/-
(ii) Total amount spent for the Financial Year 87,20,504/-
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 2,82,777/-
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous NIL
Financial Year, if any.
76
(v) Amount available for set off in succeeding Financial Year [(iii)-(iv)] 2,82,777/-
7) Details of Unspent CSR amount for the preceding three Financial Years: Not Applicable.
1 2 3 4 5 6 7 8
Amount Amount transferred

Balance Amount
transferred to a Fund as
Amount in Amount remaining
to Unspent specified under
Unspent Spent to be
Preceding CSR Schedule VII as per
Sl. CSR Account in the spent in Deficiency, if
Financial Account second proviso to
No. under sub- Financial sub-section (6) of succeeding any
Year(s) under sub- Financial
section (6) Year (in Section 135 (in ₹)
section (6) Years
of Section ₹)
of Section Amount Date of
135 (in ₹) (in ₹)
135 (in ₹) (in ₹) Transfer
NIL
8) Whether any capital assets have been created or acquired through CSR amount spent in the Financial Year: No
9) Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per Section
135(5): Not Applicable.
Responsibility Statement: The CSR Committee of the Company hereby confirms that the implementation and
monitoring of CSR policy is in compliance with CSR objective and policy of the Company.
For HARIOM PIPE INDUSTRIES LIMITED
Sd/- Sd/-
Rupesh Kumar Gupta Pramod Kumar Kapoor
Place: Hyderabad Chairman CSR Committee Director
Date: August 09, 2024 DIN: 00540787 DIN: 03557358
BR_Annexure-V
REPORT ON MANAGERIAL REMUNERATION
[Pursuant to Section 197 of the Companies Act, 2013, read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
1. The information required under Section 197 (12) of the Companies Act, 2013 read with Rule 5 (1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company
for the financial year 2023-24 and the percentage increase in remuneration of each Director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, during the financial year 2023-24;
Ratio of Percentage increase/

Remuneration of (decrease) in the
Sl. Name of Director(s)/
Designation each Director to remuneration
No. KMP(s)
median remuneration in the financial
of employees year 2023-24 (%)
I Executive Director(s)
1 Mr. Rupesh Kumar Gupta Managing Director 187.84 89.51
2 Mr. Sailesh Gupta Whole-time Director 168.01 111.88
II Non-Executive Director(s)
1 Mr. Pramod Kumar Kapoor Chairman & Independent 0.88 (33.33)
Director
2 Mr. G Rajender Reddy Independent Director 1.18 (28.93) 77
3 Mrs. Sneha Sankla Independent Director 0.72 116.67

4 Mr. Soumen Bose* Non-Executive & Non- 5.26 446.20
5 Mrs. Sunita Gupta Non-Executive & Non- 0.30 (38.89)
III Key Managerial Personnel (KMP)
1 Amitabha Bhattacharya Chief Financial Officer - 19.84
2 Rekha Singh Company Secretary & - -
Compliance Officer
* The designation of Mr. Soumen Bose has changed from Non-Executive Independent Director to Non-Executive Director of the
Company w.e.f., 03.01.2024.
(ii) The percentage increase in the median remuneration of employees in the financial year:
The Median remuneration of employees of the Company as at the end of the year under review was Rs. 1,81,597/-
and the percentage increased/(decrease) in the median remuneration of the employees in the financial year
ending March 31, 2024 was (0.42%).
(iii) The number of permanent employees on the rolls of Company:
There were 458 permanent employees as on March 31, 2024.
(iv) Average percentile increase 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:
The average percentile increase in the salaries of the employees other than KMP’s is 113% as compared to FY
2022-23. Whereas there is an aggregate Increase of 93% in the remuneration of KMPs in FY 2023-24 as compared
to previous year. The increase in remuneration of the KMPs was based on the Company’s performance, individual
performance, inflation, prevailing industry trends and benchmarks.
(v) Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms that the remuneration paid in the FY 2023-24 is as per the Nomination and Remuneration
Policy of the Company for Directors, Key Managerial Personnel and Senior Management.
(vi) Statement of particulars of employees pursuant to the provision of Section 197 (12) of the Companies Act,
2013 read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 as amended:
a) Particulars of top 10 employees in terms of remuneration drawn during the year;
Whether
the
employee
% of equity
Nature of Last is a
shares
Remuneration employment, Date of employment relative
S. Name of held by the
Age Designation received whether Qualification & Experience commencement held before of any
No. Employees employee
(Amount in ₹) contractual of employment joining the director
in the
of otherwise Company or
Company
manager
of the
Company
1 Rupesh 48 Managing 3,41,10,969 P Undergraduate with 21-06-2007 -- 14.53 Yes
Kumar Gupta years Director more than 2 decades (Incorporation)
of experience in Steel
Industry.
2 Sailesh Gupta 43 Whole-time 3,05,10,969 P B. Com Graduate with 09-01-2010 -- 10.17 Yes
years Director more than a decade of
experience in marketing.
3 Rakesh 70 Technology 48,00,000 P Undergraduate with -- 5.68 Yes
Kumar Gupta years Advisor more than 4 decades
of experience in Steel
Industry.
4 Amitabha 48 Chief 42,88,400 P B. Com, Msc and 01-07-2007 Hariom 0.18 No
78
Bhattacharya years Financial more than 20 years of Metal
Officer experience in Diverse Tubes
(CFO) Industries. Private

Limited
5 Ramesh K 49 General 40,43,546 P Diploma in Electrical 01-01-2023 R P Metal 0.01 No
years Manager with more than 23 years Solution
of experience Private
Limited
6 Deepak 44 Plant Head 39,42,500 P Graduate with more than 01-01-2023 R P Metal 0.02 No
Kumar years 24 years of experience. Solution
Private
Limited
7 Gangadharan 57 General 37,42,200 P Diploma in Electrical 20-03-2023 Minaksi -- No
Sathyan years Manager Engineering & MBA in Aluminium
Operation Management. Co. Ltd
8 Paul Gupta 45 Human 36,00,000 P Graduate with more than 01-10-2014 -- 3.14 Yes
years Resource 8 years of experience in
Officer Steel Industry.
9 Isha Gupta 40 Brand 36,00,000 P Undergraduate with 01-10-2014 -- 2.23 Yes
years Manager more than 8 years of
experience in Steel
Industry
10 Ansh Golas 24 Operations 23,78,400 P Graduated with a 01-07-2020 -- 0.51 Yes
years Head Bachelor of Business
Administration (BBA),
with over 3 years of
professional experience
at Hariom.
Note:
The Non-Executive Directors and Independent Directors of the Company are entitled for sitting fee as per the statutory provisions and the details of
the same are provided in the Corporate Governance Report.

Sd/- Sd/-
CORPORATE GOVERNANCE REPORT

The Corporate Governance Report of Hariom Pipe 2. BOARD OF DIRECTORS:
Industries Limited (“the Company”/“HPIL”) for the
(a) Composition of the Board:
Financial Year (“FY”) 2023-24, which forms part of
Boards’ Report, has been prepared in compliance with the The composition of the Board is in conformity
principles of Corporate Governance norms as prescribed with the provisions of Regulation 17 of SEBI
under Regulation 34 read with Chapter IV and Schedule Listing Regulations read with Section 149 of the
V of the Securities and Exchange Board of India (Listing Companies Act, 2013 (“the Act”), as amended
Obligations and Disclosure Requirements) Regulations, from time to time.
2015 (“SEBI Listing Regulations”). This report provides
The Company’s Board consists of Seven (7)
a comprehensive overview of the corporate governance
Directors as on March 31, 2024. Out of Seven
systems and processes at HPIL.
(7) Directors, two (2) Directors are Executive
1. COMPANY’S PHILOSOPHY ON CODE OF Directors, three (3) Directors are Non-
GOVERNANCE: Executive Independent Directors including
one (1) Women Director and two (2) Directors
Your Company firmly believes that effective
are Non-Executive Directors including one (1)
Corporate Governance practices constitute the
Women Director. The Chairman of the Board
strong foundation on which successful commercial
is a Non-Executive Independent Director. This
enterprises are built to last. The Company’s
composition represents an optimal balance of
philosophy on corporate governance oversees
professionalism, knowledge and experience
business strategies and ensures fiscal accountability,
and enables the Board to discharge its
ethical corporate behavior and fairness to all
responsibilities and provide effective leadership
stakeholders comprising employees, investors,
to the business.
customers, regulators, suppliers and the society 79
at large. The Board of Directors believes in ethical The names and categories of the Directors on
values and high moral standards in achieving the the Board, their attendance at Board Meetings

highest standards of corporate governance. Your held during the year and at the last Annual
Company is conscious of the fact that the success General Meeting and also the number of other
of a Company is a reflection of the professional directorships and committee memberships held
conduct and ethical values of its management & by them as required under Regulation 17 of the
employees. Your Company affirms its commitment Listing Regulations, as at March 31, 2024 are
to follow good corporate governance practices given hereunder:
proactively.
No. of Board Attendance
Directorship
Meetings held at the last No. of Director No. of Committee
in other Listed
during the Year AGM held ships held positions held
Name of Directors Category Entity and
2023-24 on 22nd in other
Category of
September, Companies**
Held Attended 2023 Chairman Member Directorship
Pramod Kumar Chairman, 5 4 Yes - 1 1 -

Kapoor Non-Executive
Independent
Director
Rupesh Kumar Promoter 5 5 Yes - - - -
Gupta Executive
Director
Sailesh Gupta Promoter 5 4 Yes - - - -
Executive
Director
Sunita Gupta Promoter Group 5 2 No - - - -
Non-Executive
Non-Independent
Director
Soumen Bose* Non-Executive 5 5 Yes - - 2 -
Non-Independent
Director
Rajender Non-Executive 5 5 Yes - 1 1 -
Reddy Gankidi Independent
Director
80 Sneha Sankla Non-Executive 5 5 Yes - - 2 -
Independent
Director
Notes: The Board as part of its succession planning

1. *Change in designation of Mr. Soumen exercise periodically reviews its composition to
Bose (DIN: 09608922) from Non-Executive ensure that the same is closely aligned with the
– Independent Director to Non-Executive strategy and long-term needs of the Company.
Director of the Company vide circular (b) Number of meetings of the Board of Directors
resolution dated 03.01.2024 passed by held and dates thereon:
Board of Directors.
The Board of Directors must meet at least four
2. **Number of Directorships held in other times a year, with a maximum time gap of 120
Companies includes only Public Companies. days between two Board meetings. The Board
However, it does not include Directorships of Directors met five times during the year under
in Foreign Companies, Private Limited review i.e., on May 30, 2023; August 10, 2023;
Companies and those Companies Registered October 10, 2023; November 10, 2023 and
under Section 8 of the Act. February 09, 2024. The requisite quorum was
3. **Memberships/Chairmanships of committee present for all the Meetings.
include Audit Committee and Stakeholders (c) Disclosure of relationships between Directors:
Relationship Committee of listed entities.
Mrs. Sunita Gupta, Non- Executive Director of
The number of Directorship(s) and Committee the Company is the mother of Mr. Rupesh Kumar
Membership(s) / Chairmanship(s) of all Directors Gupta, Managing Director and Mr. Sailesh Gupta,
is within the limits as prescribed under the Whole-time Director of the Company.
Act and the Listing Regulations. None of the
Directors on the Board is a member of more Mr. Rupesh Kumar Gupta, Managing Director
than 10 committees or Chairman of more than and Mr. Sailesh Gupta, Whole-time Director are
5 committees across all the Companies in which brothers.
he/she is a Director. Necessary disclosures Except as mentioned above, none of the
regarding committee positions in other Public Directors are related to each other.
Companies as at March 31, 2024 has been made
by the Directors.
(d) Number of shares and convertible instruments held by Non- Executive Directors as on March 31, 2024:
S. No. of Equity No. of Convertible

Name of the Director Category
No Shares held Warrants held
1. Pramod Kumar Kapoor Chairman and Non-Executive NIL NIL
2. Rajender Reddy Gankidi Non-Executive Independent NIL NIL
Director
3. Soumen Bose Non-Executive Director NIL NIL
4. Sneha Sankla Non-Executive Independent 5,000 NIL
Director
5. Sunita Gupta Non-Executive Director 10,75,720 NIL
(e) Web-link where details of Familiarisation Programmes imparted to Independent Directors is disclosed:
https://www.hariompipes.com/investor-relations-details-of-familiarization-programmes.php
(f) Core skills / Expertise / Competencies of the Board of Directors:
The Board comprises qualified and experienced members who possess required skills, expertise and
competencies that allow them to make effective contributions to the Board and its Committees. The following
skills / expertise / competencies have been identified for the effective functioning of the Company and are
currently available with the Board:
¾ Strategy and Transformation
¾ Sales/ Marketing
¾ Finance
81
¾ Corporate Governance
¾ Leadership

¾ Legal/ Regulatory and Risk Management
The table below summarizes the skills, expertise and competencies possessed by the Board of Directors of
the Company:
Skills/ Expertise/ Competencies

Name of the Strategy & Legal/ Regula-
Directors Sales/ Finance & Corporate Leader-
Transfor- tory and Risk
Marketing Accounting Governance ship
mation Management
Pramod Kumar  -    
Kapoor
Rupesh Kumar Gupta      
Sailesh Gupta   -   -
Sunita Gupta  - - - - 
Rajender Reddy  -    
Gankidi
Soumen Bose      
Sneha Sankla  - -  - 
(g) Confirmation on Independent Directors:
¾ In the opinion of the Board, all the Non-Executive Independent Directors of the Company fulfil the
conditions as specified under SEBI Listing Regulations, 2015 and the Companies Act, 2013 and they are
independent of the management.
¾ Independent Directors have submitted ii. changes, if any, in accounting policies
requisite declarations confirming that and practices and reasons for the same;
they continue to meet the criteria of
iii. major accounting entries involving
independence as provided in Section
estimates based on the exercise of
149(6) of the Act and Regulation 16(1)(b)
judgment by management;
of the SEBI Listing Regulations. Further,
they have confirmed their compliance iv. significant adjustments made in the
with Rule 6(1) and 6(2) of the Companies financial statements arising out of audit
(Appointment and Qualification of findings, if any;
Directors) Rules, 2014, as amended, by
v. compliance with listing and other legal
registering their names in the Independent
requirements relating to financial
Directors’ database maintained by the
statements;
Indian Institute of Corporate Affairs.
vi. disclosure of any related party
(h) Detailed reasons for the resignation of an
transactions and;
Independent Director:
No Independent Directors resigned during the vii. modified opinion(s) in draft audit report,
last FY 2023-24. if any.
3. AUDIT COMMITTEE: 5. Reviewing, with the management, the

quarterly financial statements before
The Audit Committee of the Company was constituted submission to the board for approval;
in line with the provisions as contemplated under
Regulation 18 of the SEBI Listing Regulations read 6. Reviewing, with the management, the
with Section 177 of the Companies Act, 2013. The statement of uses / application of funds
Audit Committee is entrusted with the responsibility raised through an issue (public issue,
of supervising internal controls, financial reporting rights issue, preferential issue, etc.), the
process and ensures adequate, accurate and timely statement of funds utilized for purposes
82
disclosures that maintain the transparency, integrity other than those stated in the offer
and quality of financial control and reporting. document / prospectus / notice and the
report submitted by the monitoring agency

(a) Brief description of terms of reference: monitoring the utilization of proceeds of a
The terms of reference and the powers and role public issue or rights issue or preferential
of the Audit Committee are set out in Section issue or qualified institutions placement and
177(4) of the Act and Regulation 18(3) of the making appropriate recommendations to
SEBI Listing Regulations. Matters deliberated the board to take up steps in this matter;
upon and reviewed by the Committee include: 7. Reviewing and monitoring the auditor’s
1. Oversight of the listed entity’s financial independence and performance, and
reporting process and the disclosure of effectiveness of audit process;
its financial information to ensure that the 8. Approval or any subsequent modification of
financial statement is correct, sufficient and transactions of the listed entity with related
credible; parties;
2. Recommendation for appointment,
9. Scrutiny of inter-corporate loans and
remuneration and terms of appointment of
investments;
statutory and internal auditors of the listed
entity; 10. Valuation of undertakings or assets of the
listed entity, wherever it is necessary;
3. Approval of payment to statutory auditors
for any other services rendered by the 11. Evaluation of internal financial controls and
statutory auditors; risk management systems;
4. Reviewing, with the management, the annual 12. Reviewing, with the management,
financial statements and auditor’s report performance of statutory and internal
thereon before submission to the board for auditors, adequacy of the internal control
approval, focusing primarily on: systems;
i. matters required to be included in the 13. Reviewing the adequacy of internal audit
Directors Responsibility Statement function, if any, including the structure
included in the Board’s Report in terms of the internal audit department, staffing
of clause (c) of sub-section 3 of Section and seniority of the official heading the
134 of the Companies Act, 2013;
department, reporting structure coverage existing as on the date of coming into force
and frequency of internal audit; of this provision;
14. Discussion with internal auditors of any 22. Consider and comment on rationale, cost-
significant findings and follow up there on; benefits and impact of schemes involving
merger, demerger, amalgamation etc., on
15. Reviewing the findings of any internal
the listed entity and its shareholders;
investigations by the internal auditors into
matters where there is suspected fraud or 23. Reviewing the management discussion and
irregularity or a failure of internal control analysis of financial condition and results of
systems of a material nature and reporting operations;
the matter to the board;
24. Reviewing the management letters / letters
16. Discussion with the statutory auditors of internal control weaknesses issued by the
before the audit commences, about the statutory auditors;
nature and scope of audit as well as post-
25. Reviewing the internal audit reports relating
audit discussion to ascertain any area of
to internal control weaknesses;
concern;
26. Reviewing the appointment, removal and
17. To look into the reasons for substantial
terms of remuneration of the chief internal
defaults in the payment to the depositors,
auditor shall be subject to review by the
debenture holders, shareholders (in case
audit committee;
of non-payment of declared dividends) and
creditors; 27. Reviewing the statement of deviations:
18. To review the functioning of the whistle (i) Quarterly statement of deviation(s)
blower mechanism; including report of monitoring agency,
if applicable, submitted to stock
19. Approval of appointment of chief financial
exchange(s) in terms of Regulation
officer after assessing the qualifications,
32(1). 83
experience and background, etc. of the
candidate; (ii) Annual statement of funds utilized for

purposes other than those stated in the
20. Carrying out any other function as is
offer document/prospectus/notice in
mentioned in the terms of reference of the
terms of Regulation 32(7).
audit committee;
In addition to the above, the Committee reviews
21. Reviewing the utilization of loans and/ or
the management discussion and analysis,
advances from/investment by the holding
statement of related party transactions,
company in the subsidiary exceeding
including granting omnibus approvals, internal
rupees 100 crore or 10% of the asset size of
audit reports relating to observations on internal
the subsidiary, whichever is lower including
control, etc.
existing loans / advances / investments
(b) Composition, name of members and Chairperson:

As on March 31, 2024 the Company’s Audit Committee comprises of three Non-Executive Independent
Directors and one Non-Executive Director. The Chairman of the Audit Committee is Non-Executive
Independent Director. The below table presents the composition, name of members and chairperson of the
Audit Committee:
S. No. Name of the Director Designation of the Director Position in the Committee
1. Mr. Rajender Reddy Gankidi Independent Director Chairman
2. Mr. Pramod Kumar Kapoor Independent Director Member

3. Mrs. Sneha Sankla* Independent Director Member
4. Mr. Soumen Bose Non-Executive Director Member
*Mrs. Sneha Sankla was appointed as a member of the Audit Committee w.e.f. 03.01.2024
In pursuance, to Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI Listing Regulations, the
members of the Audit Committee are financially literate and have related financial management expertise by
virtue of their experience and background.
(c) Meetings and attendance during the year:
During the year 2023-24, the Audit Committee met four (4) times on May 29, 2023; August 10, 2023;
November 09, 2023 and February 09, 2024. The necessary quorum was present for all the meetings. The
Audit Committee invites such of the executives, as it considers appropriate, such as Statutory Auditors,
Internal Auditors, and Chief Financial Officer to be present at its meetings. The Company Secretary acts as
the secretary to the Audit Committee.
The attendance of the committee members at the meetings of the Audit Committee held during the year is
given below:
S. Name and Designation of Meetings held during the Year 2023-24

No Committee Members 29-05-2023 10-08-2023 09-11-2023 09-02-2024
1 Mr. Rajender Reddy Gankidi –    
Chairman
2 Mr. Pramod Kumar Kapoor – LOA   
Member
3 Mrs. Sneha Sankla* – Member - - - 
4 Mr. Soumen Bose – Member    
 - Attended
LOA - Leave of Absence
*Mrs. Sneha Sankla was appointed as a member of the Audit Committee w.e.f. 03.01.2024
4. NOMINATION AND REMUNERATION COMMITTEE: performance of independent directors and

the board of directors.
84 The Nomination and Remuneration Committee of the
Company is constituted in line with the provisions as 3. Devising a policy on diversity of board of
contemplated under Regulation 19 of the SEBI Listing directors.
Regulations read with Section 178 of the Companies

4. Identifying persons who are qualified to
Act, 2013.
become directors and who may be appointed
(a) Brief description of terms of reference: in senior management in accordance with
the criteria laid down, and recommend to
The broad terms of reference and role of the
the board of directors their appointment and
Nomination and Remuneration Committee shall
removal.
inter-alia include the following:
5. Whether to extend or continue the term of
1. Formulation of the criteria for determining
appointment of the independent director,
qualifications, positive attributes and
on the basis of the report of performance
independence of a director and recommend
evaluation of independent directors.
to the board of directors a policy relating
to the remuneration of the directors, key 6. Recommend to the board, all remuneration,
managerial personnel and other employees. in whatever form, payable to senior
management.
2. Formulation of criteria for evaluation of

As on March 31, 2024 the Company’s Nomination and Remuneration Committee comprises of three Non-
Executive Independent Directors and one Non-Executive Director. The Chairman of the Nomination and
Remuneration Committee is Non-Executive Independent Director. The below table presents the composition,
name of members and chairperson of the Nomination and Remuneration Committee:
1. Mr. Rajender Reddy Gankidi Independent Director Chairman
*Mrs. Sneha Sankla was appointed as a member of the Nomination and Remuneration Committee w.e.f. 03.01.2024.
(c) Meeting and attendance during the year:

During the year 2023-24 the Nomination and Remuneration Committee met Three (3) times i.e., on May 29,
2023; August 10, 2023 and October 10, 2023. The necessary quorum was present for all the meetings. The
Company Secretary acts as the secretary to the Nomination and Remuneration Committee. The attendance
of the members of the Committee is given below:
S . Name and Designation of Committee Meetings held during the Year 2023-24
No Members 29-05-2023 10-08-2023 10-10-2023
1 Mr. Rajender Reddy Gankidi – Chairman   
2 Mr. Pramod Kumar Kapoor – Member LOA  
3 Mrs. Sneha Sankla* – Member - - -
4 Mr. Soumen Bose – Member   
 - Attended
*Mrs. Sneha Sankla was appointed as a member of the Nomination and Remuneration Committee w.e.f. 03.01.2024.
(d) Performance evaluation criteria for Independent Directors:

Pursuant to the provisions of the Companies Act and the SEBI Listing Regulations, the Company has put in
place the criteria for annual evaluation of performance of Chairperson, Individual Directors (Independent &
Non – Independent), Board Level Committees and the Board as a whole.
During the year under review, the Board evaluated the effectiveness of its functioning and that of Committees
and of Individual Directors (Independent and Non – Independent) by seeking their inputs on various aspects
of Board/Committee Governance. Performance evaluation was made on the basis of structured questionnaire 85
considering the indicative criteria as prescribed by the Evaluation Policy of the Company. The performance
evaluation of the Independent Directors was carried out by the entire Board excluding the director being

evaluated.
The Independent Directors of the Company are evaluated based on various criteria such as Qualifications,
Experience, Knowledge and Competency, Fulfillment of functions, Ability to function as a team, Initiative,
Availability and attendance, Commitment, Contribution, Integrity, Independence and Independent views and
judgement.
5. STAKEHOLDERS’ RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee of the Company is constituted in line with the provisions as contemplated
under Regulation 20 of the SEBI Listing Regulations read with Section 178 of the Companies Act, 2013.
(a) Name of the Non-Executive Director heading the committee:
As on March 31, 2024 the Company’s Stakeholders’ Relationship Committee comprises of three Non-
Executive Independent Directors and one Non-Executive Director. The Committee is headed by Mr. Pramod
Kumar Kapoor, Non-Executive Independent Director of the Company. The Committee looks into transfer and
transmission, issue of duplicate share certificates, consolidation and sub-division of shares and investors
grievances. The committee oversees the performance of the Registrars and Shares Transfer Agents and
recommends measures for overall improvement in the quality of investor services.
The below table presents the composition, name of members and chairperson of the Stakeholders’
Relationship Committee:
1. Mr. Pramod Kumar Kapoor Independent Director Chairman
2. Mr. Rajender Reddy Gankidi Independent Director Member
*Mrs. Sneha Sankla was appointed as a member of the Stakeholders’ Relationship Committee w.e.f. 03.01.2024.
Terms of reference: The broad terms of reference and role of the Stakeholders Relationship Committee shall
inter-alia include the following:
(1) Resolving the grievances of the security holders of the listed entity including complaints related to
transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of
new/duplicate certificates, general meetings etc.
(2) Review of measures taken for effective exercise of voting rights by shareholders.
(3) Review of adherence to the service standards adopted by the listed entity in respect of various services
being rendered by the Registrar & Share Transfer Agent.
(4) Review of the various measures and initiatives taken by the listed entity for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices
by the shareholders of the Company.
Meeting and attendance: During the year 2023-24 the Stakeholders Relationship Committee met One (1)
time i.e., on February 27, 2024. The necessary quorum was present for the meeting. The Company Secretary
acts as the secretary to the Stakeholders Relationship Committee. The attendance of the members of the
Committee is given below:
S. Meeting held during the Year 2023-24

Name and Designation of Committee Members
No 27-02-2024
1 Mr. Rajender Reddy Gankidi – Chairman 
2 Mr. Pramod Kumar Kapoor – Member 
3 Mrs. Sneha Sankla* – Member 
4 Mr. Soumen Bose – Member LOA
86
 - Attended

*Mrs. Sneha Sankla was appointed as a member of the Stakeholders’ Relationship Committee w.e.f. 03.01.2024.
(b) Name and designation of the Compliance Officer:

The Board has designated Mrs. Rekha Singh, Company Secretary as the Compliance Officer of the Company
w.e.f. October 10, 2023.
(c) Number of shareholders’ complaints received during the financial year:
The total number of complaints received and redressed during the FY 2023-24 is as follow:
Opening Balance Received during the year Resolved during the year Closing Balance
0 0 0 0
(d) Number of complaints not solved to the satisfaction of shareholders:
There was no pending complaint which was not solved to the satisfaction of shareholders as on March 31,
2024.
(e) Number of pending complaints:
There was no pending complaint as on March 31, 2024.
5A. RISK MANAGEMENT COMMITTEE:
The Risk Management Committee of the Company is constituted in line with the provisions as contemplated
under Regulation 21 of the SEBI Listing Regulations.
(a) Brief description of terms of reference:
The broad terms of reference and role of the Risk Management Committee shall inter-alia include the
following:
(1) To formulate a detailed risk management policy which shall include:
(a) A framework for identification of (4) To periodically review the risk management
internal and external risks specifically policy, at least once in two years, including
faced by the listed entity, in particular by considering the changing industry
including financial, operational, sectoral, dynamics and evolving complexity;
sustainability (particularly, ESG related
(5) To keep the board of directors informed
risks), information, cyber security risks
about the nature and content of its
or any other risk as may be determined
discussions, recommendations and actions
by the Committee;
to be taken;
(b) Measures for risk mitigation including
(6) The appointment, removal and terms of
systems and processes for internal
remuneration of the Chief Risk Officer (if
control of identified risks;
any) shall be subject to review by the Risk
(c) Business continuity plan. Management Committee.
(2) To ensure that appropriate methodology, The Risk Management Committee shall
processes and systems are in place to coordinate its activities with other
monitor and evaluate risks associated with committees, in instances where there is any
the business of the Company; overlap with activities of such committees,
as per the framework laid down by the
(3) To monitor and oversee implementation
board of directors.
of the risk management policy, including
evaluating the adequacy of risk management
systems;

In compliance with the provisions of the Act, the Board of Directors constituted the Risk Management
Committee at their meeting held on May 30, 2023. The Risk Management Committee comprises of three
members consisting of one Non-Executive Independent Directors; one Non-Executive Director and one 87
Executive Director. The Chairman of the Risk Management Committee is Non-Executive Director. The below

table presents the composition, name of members and chairperson of the Risk Management Committee:
1. Mr. Soumen Bose Non-Executive Director Chairman
2. Mr. Rajender Reddy Gankidi Independent Director Member
3. Mr. Rupesh Kumar Gupta Managing Director Member
During the year 2023-24 the Risk Management Committee met Two (2) times i.e., on November 25, 2023
and March 26, 2024. The necessary quorum was present for all the meetings. The Company Secretary acts
as the secretary to the Risk Management Committee. The attendance of the members of the Committee is
given below:
S. Meetings held during the Year 2023-24

Name and Designation of Committee Members
No. 25-11-2023 26-03-2024
1 Mr. Soumen Bose – Chairman  
2 Mr. Rajender Reddy Gankidi – Member  
3 Mr. Rupesh Kumar Gupta – Member  
 - Attended
5B. SENIOR MANAGEMENT:
Particulars of Senior Management including the changes therein since the close of the previous financial
year:
As on March 31, 2024 the following persons forms part of Senior Management of the Company:
S. No Name Designation
1. Rupesh Kumar Gupta Managing Director
2. Sailesh Gupta Whole-time Director
3. Amitabha Bhattacharya Chief Financial Officer
4. Rekha Singh Company Secretary & Compliance officer
5. Ashish Agarwal Marketing Head
There are following change in the Senior and discharges the roles as prescribed under
Management of the Company since the close of the Section 135 of the Act. The broad terms of
previous financial year: reference of the CSR Committee shall inter-alia
include the following:
(1) Mr. Chirag Partani, Company Secretary and
Compliance Officer of the Company resigned (1) Monitoring the Corporate Social
from his position effective from October 10, Responsibility Policy;
2023.
(2) Recommending and approving the amount
(2) Mrs. Rekha Singh was appointed as Company of expenditure incurred on CSR activities to
Secretary and Compliance Officer of the be undertaken by the Company as specified
Company with effect from October 10, 2023. in Schedule VII of the Act;
88 (3) Mr. Anand Kumar Joshi. D, GM-HR & Admin (3) Review the monitoring mechanism for
of the Company resigned from his position ensuring implementation of activities
effective from November 30, 2023. proposed to be undertaken by the Company;

and
5C. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
(4) Formulating and recommending to the
The Corporate Social Responsibility (“CSR”)
Board, an annual action plan in pursuance
Committee is constituted as per the requirement of
of its CSR policy, which includes list of
Section 135(1) of the Companies Act, 2013 which
CSR programmes that are approved to be
provides for the appointment of three or more
undertaken by the Company in conformity
Directors out of which at least one Director shall be
with Schedule VII of the Companies Act,
an Independent Director.
2013 and the Rules thereof, its manner
(a) Brief description of terms of reference: of execution, the modalities of utilization
of funds / implementation schedules
The Committee oversees, inter-alia, Corporate
for the same and details of need and
Social Responsibility and other related matters
impact assessment, if any, for the project
as may be referred by the Board of Directors
undertaken by the Company.

As on March 31, 2024, the Company’s CSR Committee comprises of one Non-Executive Independent Director
and two Executive Directors. The Chairman of the CSR Committee is Executive Director. The below table
presents the composition, name of members and chairperson of the CSR Committee:
1. Mr. Rupesh Kumar Gupta Managing Director Chairman
2. Mr. Sailesh Gupta Whole-time Director Member

During the year 2023-24 the CSR Committee met One (1) time i.e., on March 22, 2024. The necessary quorum
was present for the meeting. The Company Secretary acts as the secretary to the CSR Committee. The
attendance of the members of the Committee is given below:
Meeting held during the Year 2023-24

S. No Name and Designation of Committee Members
22-03-2024
1 Mr. Rupesh Kumar Gupta – Chairman 
2 Mr. Sailesh Gupta – Member 
3 Mr. Pramod Kumar Kapoor – Member 
 - Attended
6. REMUNERATION OF DIRECTORS:
(a) All pecuniary relationship or transactions of the non-executive directors vis-à-vis the listed entity:
Remuneration paid/payable to Non-Executive Directors:
The details of remuneration paid / payable to the Non-Executive Directors for the financial year ended March
31, 2024 are by way of sitting fees and travel expenses incurred by the Independent Directors for attending
the Board and/or Committee meetings, site visits, and other related activities. Sitting Fees and commission
paid/payable to Non-Executive Directors for the financial year ended March 31, 2024 are as follows:
(Amount in ₹)
Name Designation Sitting Fees (₹) Commission (₹) Total (₹) 89
Mr. Pramod Kumar Kapoor Independent Director 1,60,000 - 1,60,000

Mr. Rajender Reddy Gankidi Independent Director 2,15,000 - 2,15,000
Mrs. Sneha Sankla Independent Director 1,30,000 - 1,30,000
Mrs. Sunita Gupta Director 55,000 - 55,000
Mr. Soumen Bose* Director 1,60,000 7,95,850 9,55,850
*Change in designation of Mr. Soumen Bose (DIN: 09608922) from Non-Executive – Independent Director to Non-Executive
Director of the Company vide circular resolution dated 03.01.2024 passed by Board of Directors
The criteria of making payment to Non-Executive Directors are displayed on the website of the Company.
Remuneration paid/payable to Executive Directors:
The details of remuneration paid / payable to the Executive Directors for the financial year ended March 31,
2024 are in compliance with the Act and in line with the approvals of the Board and Members, subject to the
limits prescribed under the Act and Company’s Nomination and Remuneration Policy. The Executive Directors
of the Company are not entitled to sitting fees:
(Amount in ₹)
S. Other
Name Designation Salary Commission Bonus
No. benefits
1. Rupesh Kumar Gupta Managing Director 1,80,00,000 1,61,11,000 - -
2. Sailesh Gupta Whole-time Director 1,44,00,000 1,61,11,000 - -
Note:
• The Executive Directors are paid/payable commission of 2.5 percent of the net profit.
• The Company does not have performance linked incentive plan for directors.
• No severance fee is paid/payable to any of the directors.
• All the directors are entitled to reimbursement ₹15,00,000 per month with a commission of
of reasonable expenses incurred during the 2.5% of net profit vide shareholders resolution
performance of their duty as a director. dated September 22, 2023.
• The Company has not granted any stock Mr. Sailesh Gupta was appointed as a Whole
options to the Directors of the Company. time Director of the Company for a period of
Service Contract and Notice Period: Three years from January 08, 2018 to January
07, 2021 with an annual remuneration of
Mr. Rupesh Kumar Gupta was appointed as a ₹14,40,000/-. His remuneration was revised to
Managing Director of the Company for a period ₹60,00,000 Per Annum from April 01, 2018 for
of three years from January 08, 2018 to January remaining tenure as Whole time Director vide
07, 2021, with an annual remuneration of shareholders resolution dated March 31, 2018.
₹14,40,000/- vide Shareholders resolution dated
January 01, 2018. His remuneration was later Further he was reappointed for a period of three
revised to ₹60,00,000 Per Annum from April years from January 8, 2021, to January 7, 2024
01, 2018 for the remaining tenure as Managing with an annual remuneration of ₹1,44,00,000/-
Director vide shareholders resolution dated vide shareholders resolution dated December
March 31, 2018. 30, 2020. Post that his remuneration was
increased to ₹12,00,000 per month with a
Further he was reappointed for a period of three commission of 2.5% of net profit from October
years from January 8, 2021, to January 7, 2024 1, 2022 for his remaining tenure as Whole-time
with an annual remuneration of ₹1,80,00,000/- Director vide Shareholders resolution dated
vide shareholders resolution dated December September 9, 2022.
30, 2020. Post that his remuneration was
increased to ₹15,00,000 per month with a He was Further reappointed for a period of
commission of 2.5% of net profit from October 3 (Three) years, effective from January 8,
1, 2022 for his remaining tenure as Managing 2024, to January 7, 2027 at a remuneration of
Director vide shareholders resolution dated ₹12,00,000 per month with a commission of
90 2.5% of net profit vide shareholders resolution
September 9, 2022.
dated September 22, 2023.
He was further reappointed for a period of

3 (Three) years, effective from January 8, The notice period for both as per companies’
2024, to January 7, 2027 at a remuneration of policy is three months.
7. GENERAL BODY MEETINGS:

(a) Information of last three Annual General Meetings (AGM’s) Held:
Year Venue Day Date Time

16 AGM
th
Deemed to be at Registered Office located at 3-4- Friday September 11.30AM
2022-23 174/12/2, 1st Floor, Samarpan, lane beside Spencer’s, Pillar 22, 2023
No. 125, Attapur, Hyderabad – 500048, Telangana., held
through Video Conferencing (VC)/Other Audio-Visual
Means (OAVM)
15th AGM Hotel Inner circle situated At Namita Road, Saboo Heights, Friday September 10:30AM
2021-22 6-3-905, Raj Bhavan Rd, Matha Nagar, Somajiguda, 09, 2022
Hyderabad, 500082- Telangana
14th AGM Deemed to be at Registered Office located at 3-4- Tuesday September 11:00AM
2020-21 174/12/2, 1st Floor, Samarpan, lane beside Spencer’s, Pillar 14, 2021
No. 125, Attapur, Hyderabad – 500048, Telangana., held
through Video Conferencing (VC)/Other Audio-Visual
Means (OAVM)
(b) Details of the Special Resolutions passed in the Annual General Meetings held in the previous three years
are given below:
S. Details
Date & Time Description of Special Resolution
No. of AGM
1. 16th AGM Friday, September 1. Approval of appointment and remuneration of Mr. Rupesh
2022-23 22, 2023 at 11.30 Kumar Gupta, Managing Director of the Company.
AM (IST) 2. Approval of appointment and remuneration of Mr. Sailesh
Gupta, Whole Time Director of the Company.
2. 15th AGM Friday, September 1. Appointment of Mr. Soumen Bose (DIN: 09608922) as an
2021-22 09, 2022 at 10.30 Independent Director of the Company.
AM (IST) 2. Re-appointment of Mr. Pramod Kumar Kapoor (DIN: 03557358)
as Chairman & Independent Director of the Company.
3. Approval for increase in remuneration of Mr. Rupesh Kumar
Gupta, Managing Director of the Company.
4. Approval for increase in remuneration of Mr. Sailesh Gupta,
Whole-time Director of the Company.
3. 14th AGM Tuesday, September 1. Issuance and allotment of equity shares to the public (Initial
2020-21 14, 2021 at 11.00 AM Public Offer).
(IST)
(c) Details of the Special Resolutions passed last year through Postal Ballot – Details of Voting Pattern:
The Company has sought the approval of the shareholders by way of a Special Resolution through notice of
postal ballot dated February 05, 2024 for:
(1) Approval of change in designation of Mr. Soumen Bose (DIN: 09608922) from Non-Executive Independent 91
Director to Non-Executive Non- Independent Director of the Company.

The aforesaid resolutions as contained in the Notice of Postal Ballot dated 03.01.2024 was passed with
requisite majority. Details of voting pattern for the above-mentioned resolution are as follows:
Item No 1: Approval of Change in Designation of Mr. Soumen Bose (DIN: 09608922) from Non-
Executive Independent Director to Non-Executive Non-Independent Director of the Company:
Number of Valid
Particulars Percentage (%)
Voters (via e-voting) Votes (via e-voting)
Assent 121 12612151 99.9978%
Dissent 12 273 0.0022%
Invalid/Abstained 0 0 0.0000%
Total 133 12612424 100.0000%
(2) Person who conducted the Postal Ballot exercise:
Mr. Vinod Sakaram (Membership No. 23285), Partner of M/s. VSSK & Associates, Company Secretaries,
was appointed as the Scrutinizer to scrutinize the Postal ballot process by voting through electronic
means only (remote e-voting) in a fair and transparent manner and have issued their report for the same
on February 06, 2024.
(3) Whether any Special Resolution is proposed to be conducted through Postal Ballot:
There is no immediate proposal for passing any special resolution through postal ballot.
(4) Procedure for Postal Ballot: wherein relevant member information such as
Board Committee, Corporate Policy, Annual
The postal ballot was carried out as per the
Report, Financial Results, Shareholding details
provisions of Sections 108, 110 and other
etc. are accessible.
applicable provisions of the Companies Act,
2013, read with the Rules framed thereunder (d) Annual Report:
and read with the General Circular Nos.
The Annual Report of the Company is circulated
14/2020 dated April 8, 2020, 17/2020 dated
to the members and others entitled thereto.
April 13, 2020 and subsequent circulars
The Management Discussion and Analysis
issued in this regard, the latest being 9/2023
(MDA) Report, Corporate Governance Report
dated September 25, 2023, respectively
and Business Responsibility and Sustainability
as amended from time to time issued by
Report (BRSR) forms part of the Annual Report.
the Ministry of Corporate Affairs and SEBI
Listing Regulations in this regard. (e) Presentations made to institutional investors
or to the analysts:
8. MEANS OF COMMUNICATION:
The presentations made to the analysts
Your Company follows various channels of
and institutional investors, if any, were not
communication with shareholders and other
communicated individually to the members.
stakeholders for ensuring fair disclosure and
However, such presentations were hosted on
comprehensive and transparent reporting of the
the website of the Company at https://www.
Company’s performance and activities to safeguard
hariompipes.com/ and were also submitted
shareholders’ and other stakeholders interests.
to Stock Exchanges where the shares of the
(a) Financial Results and newspapers wherein the Company are listed for further dissemination.
results are published:
(f) SCORES (SEBI Complaints Redressal System):
The quarterly/half yearly/annual financial
SEBI has provided a centralized web-based
results, notices of General Meetings and
complaints redressal system named, SCORES,
92 all other material information are normally
enabling investors to lodge complaint(s) against
announced by the Company within the timeline
a Company for any grievance. The Company is
prescribed under the SEBI Listing Regulations

registered on SCORES Platform.
and are published by the Company in the leading
newspapers like Business Line (English) all India (g) Green Initiative – Service of Documents in
Edition and Surya (Telugu) Hyderabad – Local. Electronic Form:
The financial results and the other important
The Ministry of Corporate Affairs (“MCA”)
information to shareholders are placed at
has taken a “Green Initiative in Corporate
Company’s website https://www.hariompipes.
Governance” by allowing paperless compliance
com/investor-relations-results.php and are
by Companies through electronic mode.
disclosed to the stock exchanges where the
In accordance with circulars issued by the
shares of the Company are listed.
Ministry, Companies can now send various
(b) Media/Press Releases: notices and documents including annual report,
to its members through electronic mode to the
All the official press release pertaining to Results
registered email addresses of members. To
and other announcements are submitted to
support this green initiative of the Government
the stock exchanges where the shares of the
in full measure the Company has adopted the
Company are listed and are also being uploaded
practice of sending communications, including
on the website of the Company.
Annual Report, through email to those members
(c) Company’s Website: whose email addresses are available as per
registered records.
The Company has a dedicated “Investors” section
on its website viz., https://www.hariompipes.com/,
9. GENERAL SHAREHOLDER INFORMATION:
a. Annual General Meeting - Date, Time Date: September 23, 2024

and Venue Time: 11:30 am IST
Venue: Meeting shall be conducted through VC/OAVM. The
deemed venue shall be the Registered Office:
3-4-174/12/2, 1st Floor, Samarpan, Lane Beside Spencer’s Pillar
No. 125, Attapur, Hyderabad - 400048
b. Financial Year April 1 to March 31
c. Dividend Payment Date Dividend, if declared at the ensuing Annual General Meeting
(AGM) will be paid within 30 days from AGM.
d. Name and address of each stock 1. Name: BSE Limited (BSE)
exchange(s) at which the listed Address: Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai –
entity’s securities are listed and a 400 001
confirmation about payment of annual
2. Name: National Stock Exchange of India Limited
listing fee to each of such stock
exchange(s) (NSE)
Address: Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400 051.
The Company has paid its annual listing fees to the Stock
Exchanges where the shares of the Company are listed for the
FY 2023-24.
e. Stock Code NSE Symbol – HARIOMPIPE
BSE Scrip Code – 543517
93
f. Market price data – High/Low price during each month in last financial year:

BSE NSE
Month
High (₹) Low (₹) High (₹) Low (₹)
Apr-23 548.50 463.55 548.95 463.35
May-23 660.00 511.00 658.00 515.00
Jun-23 694.55 615.50 694.95 622.40
Jul-23 674.00 568.05 674.45 567.00
Aug-23 643.00 541.05 644.00 537.60
Sep-23 654.95 558.00 655.00 556.50
Oct-23 666.00 550.00 666.30 581.20
Nov-23 740.00 606.95 740.00 609.80
Dec-23 701.50 607.20 700.00 607.00
Jan-24 642.40 563.75 649.90 570.00
Feb-24 623.05 505.50 620.00 505.00
Mar-24 529.95 441.05 529.10 440.05
g. Performance in comparison to broad-based indices such as BSE Sensex and Nifty:
(1) Performance of share price of the Company in comparison to BSE Sensex:
Month BSE SENSEX Closing Price (₹) HPIL Closing Price at BSE (₹)
Apr-23 61,112.44 533.75
May-23 62,622.24 632.00
June-23 64,718.56 662.05
July-23 66,527.67 577.80
Aug-23 64,831.41 635.50
Sep-23 65,828.41 596.75
Oct-23 63,874.93 629.85
Nov-23 66,988.44 654.00
Dec-23 72,240.26 626.00
Jan-24 71,752.11 610.05
Feb-24 72,500.30 509.15
Mar-24 73,651.35 452.25
BSE SENSEX VS Hariom Pipe Industries Limited (HPIL)

Share Price during FY 2023-24
94
80,000 800.00
700.00
70,000
600.00
60,000
HPIL Share Price

500.00
BSE Sensex
50,000 400.00
300.00
40,000
200.00
30,000
100.00
20,000 0.00
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
23 23 23 23 23 23 23 23 23 24 24 24
BSE SENSEX Closing high Hariom pipe Industries limited Closing High
(2) Performance of share price of the Company in comparison to Nifty 50:
Month NIFTY Closing Price (₹) HPIL Closing Price at NSE (₹)
Apr-23 18,065.00 534.60
May-23 18,534.40 632.95
June-23 19,189.05 661.35
July-23 19,753.80 579.30
Aug-23 19,253.80 634.25
Sep-23 19,638.30 597.60
Oct-23 19,079.60 629.05
Nov-23 20,133.15 655.25
Dec-23 21,731.40 625.55
Jan-24 21,725.70 610.10
Feb-24 21,982.80 509.70
Mar-24 22,326.90 453.20
NSE NIFTY VS Hariom Pipe Industries Limited (HPIL)

Share Price during FY 2023-24
22,000 800
95
700
20,000

600
18,000
HPIL Share Price

500
NSE Niy
16,000 400
300
14,000
200
12,000
100
10,000 0
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
23 23 23 23 23 23 23 23 23 24 24 24
NIFTY Closing High Hariom pipe Industries limited Closing High
h. In case the securities are suspended The Securities of the Company have not been suspended from
from trading if any: trading at any time during the financial year ended March 31, 2024.
i. Registrar to an issue and share M/s. Bigshare Services Private Limited
transfer agents: Address: 306, Right Wing, 3rd Floor, Amrutha Ville, Opp. Yashoda
Hospital, Raj Bhavan Road, Somajiguda, Hyderabad - 500082,
Telangana, India.
Tel: 040-4014 4967
e-mail: bsshyd@bigshareonline.com,
Website: www.bigshareservices.com
j. Share Transfer System The share transfers are being dealt by the Company’s Registrars
and Transfer Agents (RTA), M/s. Bigshare Services Private Limited,
registered with SEBI as a Category 1 registrar.
In terms of the amended Regulation 40(1) of Listing Regulations
w.e.f. April 01, 2019, securities of the listed Companies shall
be processed only in those cases where the shares are held in
dematerialised form with the depository, in terms of guidelines
issued by SEBI. Pursuant to SEBI Circular No. SEBI/HO/MIRSD/
MIRSD_ TAMB/P/CIR/2022/8 dated January 25, 2022, SEBI has
mandated Listed Companies to issue securities in dematerialised
form only while processing investor service request viz
transmission, transposition, renewal, exchange, sub-division,
consolidation and issue of duplicate certificates etc. the securities
shall be issued in dematerialised form only. Accordingly, the
shares held in physical form will not be transferred unless they are
converted into dematerialised form.
k. (1) Distribution of shareholding as on March 31, 2024:
Share Holders Shares

Category
Number % to Total No. of Shares % to Total
(1) (2) (3) (4) (5)
1 - 5000 42,977 96.97 22,60,881 7.83
5001 - 10000 678 1.53 5,06,616 1.75
96 10001 - 20000 319 0.72 4,63,678 1.61
20001 - 30000 117 0.26 2,91,358 1.01
30001 - 40000 50 0.11 1,78,345 0.62

40001 - 50000 34 0.08 1,62,060 0.56
50001 - 100000 60 0.14 4,30,069 1.49
100001 - Above 85 0.19 2,45,72,119 85.13
TOTAL 44,320 100.00 2,88,65,126 100.00
(2) Shareholding Pattern of the Company as on March 31, 2024:
Sr. Number of Percent of total Number of Percentage

Shareholders Category
No. Shareholders Shareholders (%) Shares (%)
1 Clearing Member 7 0.02 11,685 0.04
2 Corporate Bodies 129 0.29 24,85,203 8.61

3 Corporate Bodies 2 0.00 20,01,109 6.93
(Promoter Co)
4 Directors Relatives 13 0.03 53,58,188 18.56
5 Foreign Portfolio Investor 8 0.02 18,79,624 6.51
(Corporate)- Category I
6 Non-Resident Indian 526 1.19 1,53,011 0.53
7 Promoters 5 0.01 94,63,407 32.78
8 Public 43,629 98.44 75,09,899 26.02

9 Trust 1 0.00 3,000 0.01
Total 44,320 100.00 2,88,65,126 100.00
l. Dematerialization of shares and 2,88,65,126 Equity Shares of ₹10/- each as on March 31, 2024
liquidity: were in dematerialized form. Company has connectivity with both
Depositories in India viz. National Securities Depository Limited
(NSDL) and Central Depository Services (India) Limited (CDSL).
The Company via preferential allotment allotted 2,750 Equity
Shares on April 06, 2023. Further allotment of 12,46,747 Equity
Shares on January 03, 2024 pursuant to conversion of warrants
into Equity Shares.
m. Outstanding GDRS/ADRS/Warrants or any Convertible Instruments, Conversion Date and likely impact
on equity:
During the FY 2022-23, the Board has allotted 33,48,125 and 7,500 Convertible Warrants at an issue price
of ₹345 each on March 31, 2023 and April 06, 2023 respectively to certain promoter and public. The right
to exercise warrant conversion was valid for a period of 18 months from the date of allotment of warrants.
During the year under review, the Company has proceeded with the exercise of conversion of 12,46,747
warrants into Equity Shares of ₹10/- each at an issue price of ₹345/- per share (including premium of
₹335/-) by the Board of Director via its Resolution passed by Circulation dated January 03, 2024.
The Shareholding Pattern at the end of the year and after conversion assuming full conversion of the
outstanding convertible warrants is given below:
Shareholding assuming full

Shareholding as on
conversion of outstanding
Sr. March 31, 2024
Shareholders Category warrants
No.
% of total % of total
Shares held Shares held
shares shares 97
1 Promoters & Promoter Group 1,68,22,704 58.28 1,76,97,704 57.13

2 Public 1,20,42,422 41.72 1,32,76,300 42.86
Total 2,88,65,126 100.00 3,09,74,004 100.00
n. Commodity price risk or foreign Not Applicable to the Company

exchange risk and hedging activities:
o. Plant locations: UNIT-I
Survey. No.58/62/63 situated at Sheriguda Village, Peddaiahpally,
Balanagar Mandal, Mahabubnagar District - 509202, Telangana,
India.
UNIT-II
Survey No. 98, D. Hirehal Village and Mandal, Anantapur District -
515872, Andhra Pradesh, India.
UNIT- III
Plot No. B-15 TO B-28, Sipcot Industrial Area, Sipcot Indl. Growth
Centre, Perunduurai, Perunduurai Taluk , Erode District - 638052,
Tamilnadu, India.
p. Address for correspondence:
S. No. Shareholders Correspondence for Address to

1. Transfer/Dematerialization/ consolidation/ M/s. Bigshare Services Private Limited
split of shares, issue of Duplicate share Registrar and Share Transfer Agent.
certificates, change of address of members Address: 306, Right Wing, 3rd Floor, Amrutha Ville,
and beneficial owners and any other query Opp. Yashoda Hospital, Somajiguda, Rajbhavan
relating to the shares of the Company. Road, Hyderabad – 500082, Telangana, India.
Tel: 040-40144582
Email: bsshyd@bigshareonline.com
2. Investor Correspondence/queries on COMPANY SECRETARY
Corporate Governance and other secretarial M/s. Hariom Pipe Industries Limited.
matters. Address: 3-4-174/12/2, 1st Floor, Samarpan,
Lane Beside Spencer’s Pillar No. 125, Attapur,
Hyderabad – 500 048 Telangana, India.
Tel: 040-24016101
Email: cs@hariompipes.com
q. Credit Rating:
During the financial year ended March 31, 2024, the Company obtained credit ratings from CRISIL Ratings
Limited for its bank loan facilities, details of which are given below:
S. No. Instrument Type Previous Rating Current Rating Rating Agencies

1. Long Term Borrowings CRISIL A-/Stable CRISIL A-/Stable CRISIL Ratings Limited
(Reaffirmed)
98
2. Short Term Borrowings CRISIL A2+ (Reaffirmed) CRISIL A2+ CRISIL Ratings Limited
10. OTHER DISCLOSURES: Your Company has formulated a Policy on

materiality of Related Party Transactions and
(a) Disclosures on materially significant Related
also dealing with Related Party Transaction.
Party Transactions that may have potential
The policy on the Related Party Transactions
conflict with the interests of listed entity at
is hosted on the Company’s website
large;
www.hariompipes.com. The details of the
During the FY 2023-24, all the Related Party Related Party Transactions are disclosed in the
Transactions entered into by the Company were financial section of this Annual Report.
in the ordinary course of business and at arm’s
(b) Details of non-compliance by the listed entity,
length basis and were approved by the members
penalties, strictures imposed on the listed
of Audit Committee, comprising majority of
entity by stock exchange(s) or the board or
Independent Directors.
any statutory authority, on any matter related
The Company does not have any materially to capital markets, during the last three years:
significant Related Party Transaction that may
During the last three years, the Company has not
have potential conflict with the interest of the
encountered any non-compliances, penalties, or
Company at large. The Company complies with
strictures from the Stock Exchanges, SEBI, or
the disclosure requirements as prescribed in
any statutory authority regarding capital market
Regulation 23 of Listing Regulations pertaining
matters.
to Related Party Transactions (“RPT”). Details of
RPT’s are informed to the Board on a quarterly (c) Whistle Blower Policy and affirmation that no
basis along with financial results. personnel have been denied access to the
Audit Committee:
Further, the Company at the Annual General
Meeting held on September 22, 2023, has In accordance with Regulation 22 of the Listing
obtained members approval to enter into Regulations and Section 177(10) of the Act, the
Material Related Party Transaction(s) with M/s. Company has established a Whistle Blower
Ultra Pipes, a Partnership Firm. This approval Policy. This policy provides a Vigil mechanism
pertains to the sale, purchase or supply of any for stakeholders, including Directors and
goods or material up to an amount of ₹150 employees, to report unethical behavior,
crores.
fraud, and violations of the Company’s Code members approval for the issuance of 21,44,000
of Conduct. The Whistle Blower Policy can be Equity Shares and 3,371,000 Convertible
accessed on the Company’s website at https:// Warrants of ₹10 each at an issued price of
www.hariompipes.com/pdf/policies/whistle- ₹345 per share. In-principle approval from
blower-policy.pdf. No personnel have been BSE and NSE was received on March 24 and
denied access to the Audit Committee. March 27, 2023, respectively, for the issuance
and allotment of 21,43,500 Equity Shares and
(d) Compliance with mandatory requirements and
33,69,500 Convertible Warrants. The Company
adoption of the non-mandatory requirements:
allotted 21,39,425 Equity Shares and 33,48,125
The Company has complied with all the Convertible Warrants on March 31, 2023 and
mandatory requirements prescribed under trading approval for the same was received
Listing Regulations for the financial year ending from both exchanges on May 22, 2023.
March 31, 2024. The status of compliance
During the year under review, the Company
with the discretionary requirements, as stated
has allotted 2,750 Equity Shares and 7,500
under Part E of Schedule II to the SEBI Listing
Convertible Warrants of ₹10 each at an issued
Regulations is given in point no. 12.
price of ₹345 per share on April 06, 2023.
(e) Web-link where policy for determining Trading Approval for the same was received
‘material’ subsidiaries is disclosed: from both exchanges on June 05, 2023.
Not applicable to the Company as the Company Further on January 03, 2024, the Company has
does not have any subsidiaries; therefore, there allotted 12,46,747 Equity Shares pursuant to
is no policy for determining Material Subsidiaries conversion of warrants issued on preferential
basis. Trading approval was received from both
(f) Web-link where policy for dealing with Related
exchanges on March 06, 2024. The funds raised
Party Transactions:
from the preferential issue will be used to meet
The Policy on Materiality of Related Party the Company’s working capital requirements.
Transactions and on dealing with Related Party During the period under review, there has been 99
Transaction as approved by the Board may be no deviation or variation in the utilization of the
accessed on the Company’s website at https:// proceeds of the preferential issue.

www.hariompipes.com/investor-relations-
(i) Where the board had not accepted any
policies-new.php.
recommendation of any committee of the
(g) Disclosure of Commodity Price Risks and board which is mandatorily required, in
Commodity Hedging Activities: the relevant financial year, the same to be
We are exposed to the price risk associated disclosed along with reasons thereof:
with purchasing our raw materials, which form During the FY 2023-24, the Board of Directors
the highest component of our expenses. We has accepted all the recommendations made by
typically do not enter into formal arrangements the committees of the Board.
with our vendors. Therefore, fluctuations in
(j) Total fees for all services paid by the Listed
the price and availability of raw materials may
Entity and its Subsidiaries, on a consolidated
affect our business, cash flows and results of
basis, to the Statutory Auditors and all entities
operations. We do not currently engage in any
in the Network Firm/Network Entity of which
hedging activities against commodity price risk.
the Statutory Auditors is a part.
(h) Details of utilization of funds raised through
The total fees for all the Services paid by the
preferential allotment or qualified institutions
Company to the Statutory Auditors for the FY
placement as specified under Regulation 32
2023-24 are ₹19.60 Lakhs (Rupees Nineteen
(7A).
Lakhs Sixty Thousand only) as set out in financial
The Company at their Extra-ordinary General Statements and forms part of this annual report.
meeting held on February 20, 2023 has got the
(k) Disclosures in relation to the Sexual Harassment of Women at workplace (Prevention, Prohibition and
Redressal) Act, 2013:
S. No. Particulars Number

1. Number of Complaints received during the year Nil
2. Number of Complaints disposed off during the year Nil
3. Number of Complaints pending as at the end of the Financial Year Nil
(l) Disclosure by Listed Entity and its Subsidiaries statutory authority as on March 31, 2024, is
of ‘Loans and Advances in the nature of Loans annexed as “CG_Annexure – C” which forms
to Firms/Companies in which Directors are part of this Corporate Governance Report.
interested by name and amount:
(o) Dispute Resolution Mechanism at Stock
During the FY 2023-24, the Company did Exchange (SMART ODR):
not provide any loans or advances to firms or
SEBI vide its Circular dated May 30, 2022
companies in which directors have an interest.
provided an option for arbitration as a Dispute
(m) Details of Material Subsidiaries of the Resolution Mechanism for investors. As per this
Listed Entity; including the date and place Circular, investors can opt for arbitration with
of incorporation and the name and date of Stock Exchanges in case of any dispute against
appointment of the Statutory Auditors of such the Company or its RTA on delay or default
subsidiaries: in processing any investor services related
request. Link for the same is assessable at the
This is not applicable to the Company as it does
website of the Company.
not have any subsidiary companies.
11. NON-COMPLIANCE OF ANY REQUIREMENT OF
(n) Statutory Certificates:
CORPORATE GOVERNANCE REPORT OF SUB-
(i) CEO/CFO Certificate: PARAS (2) to (10) ABOVE, WITH REASONS
THEREOF SHALL BE DISCLOSED:
In terms of Regulation 17(8) of the Listing
Regulations, the Certificate in the prescribed There has been no non-compliance with any
format duly signed by the Managing Director requirement of the Corporate Governance Report as
and CFO of the Company which has been stipulated from sub-paragraphs (2) to (10) of Part C
reviewed by the Audit Committees, was of Schedule V of the SEBI Listing Regulations.
placed before the Board of Directors along
12. CORPORATE GOVERNANCE REPORT SHALL
with the financial statements for the year
ALSO DISCLOSE THE EXTENT TO WHICH THE
ended March 31, 2024, at its meeting held
100 DISCRETIONARY REQUIREMENTS AS SPECIFIED IN
on May 17, 2024. The same is annexed as
PART E OF SCHEDULE II HAVE BEEN ADOPTED:
“CG_Annexure – A” which forms part of this
Corporate Governance Report. In addition to the compliance with mandatory

requirements, the Company has also adopted
(ii) Certificate from Secretarial Auditors on
and complied with the following non-mandatory
Corporate Governance:
requirements in terms of the SEBI Listing Regulations:
A Certificate from M/s. VSSK & Associates,
(a) The Board: The Board periodically reviewed the
Company Secretaries in practice,
compliance of all the applicable laws and steps
confirming compliances with the conditions
taken by your Company to rectify instances
of Corporate Governance as stipulated
of non-compliance, if any. Your Company is in
under the Listing Regulations during the
compliance with all mandatory requirements
FY 2023-24 and the same is annexed as
of the Listing Regulations. Your Company has
“CG_Annexure – B” which forms part of this
a Non-Executive Independent Chairman and
Corporate Governance Report.
hence, the need for implementing the non-
(iii) Certificate from Secretarial Auditors mandatory requirement i.e. maintaining a
that none of the Directors on the Board Chairperson’s office at the Company’s expenses
of the Company have been debarred and allowing reimbursements of the Company’s
or disqualified from being appointed or expenses incurred in performance of his duties,
continuing as Directors of Companies by does not arise.
the Board/Ministry of Corporate Affairs or
(b) Shareholders’ Rights: Your Company ensures
any such statutory authority:
that the disclosure of all the information is
A Certificate from M/s. VSSK & Associates, disseminated on a non-discretionary basis to all
Company Secretaries in practice, pursuant the Shareholders. The Financial performances
to Schedule V of the Listing Regulations, of the Company on quarterly basis including
confirming that none of the Directors on the summary of the significant events are published
Board of the Company has been debarred in English and Local Telugu Newspaper and
or disqualified from being appointed or the quarterly results along with press release
continuing as Director of the Companies by and investor presentations are posted on the
the Securities and Exchange Board of India/ website of the Company.
Ministry of Corporate Affairs or any such
(c) Modified opinion(s) in Audit Report: The Auditors have expressed an unmodified opinion in their report on the
financial statements of the Company.
(d) Separate posts of Chairperson and Managing Director: The Company has complied with the requirement of
having separate persons to the post of Chairman and Managing Director. The Chairman of the Company is
a non-executive director and not a relative to Managing Director as per the definition of the term “relative”
defined under the Companies Act, 2013.
(e) Reporting of Internal Auditors: The Internal Auditors of the Company submits their report to the Audit
Committee for review on quarter basis.
13. THE DISCLOSURES OF THE COMPLIANCE WITH CORPORATE GOVERNANCE REQUIREMENTS SPECIFIED IN
REGULATION 17 TO 27 AND CLAUSES (B) TO (I) OF SUB-REGULATION (2) OF REGULATION 46.
The Company is in compliance with the Corporate Governance requirements as specified under Regulation 17
to 27 read with clauses (b) to (i) of sub-regulation (2) of Regulation 46 of Listing Regulations, to the extent as
applicable, Details of the same is provided in the table given below:
Compliance
S.
Particulars Regulation Brief Description of Regulation Status
No.
(Yes / No/ NA)
1 Board of Directors 17 (1) Board Composition Yes
17 (2) Meeting of Board of Directors Yes
17 (3) Review of Compliance Reports Yes
17 (4) Plans for orderly succession or appointments Yes
17 (5) Code of Conduct Yes
17 (6) Fees / Compensation Yes 101
17 (7) Minimum Information to be placed before Board Yes

17 (8) Compliance Certificate Yes
17 (9) Risk Assessment & Management Yes
17 (10) Performance evaluation Yes
2 Audit Committee 18 (1) Composition of Audit Committee & Presence of Yes
the Chairman of the Committee at the Annual
General Meeting
18 (2) Meeting of Audit Committee Yes
18 (3) Role of Committee and Review of information by Yes
the Committee
3 Nomination and 19 (1) & (2) Composition of Nomination & Remuneration Yes
Remuneration Committee
Committee
19(3) Presence of the Chairman of the Committee at Yes
the Annual General Meeting
19(4) Role of the Committee Yes
4 Stakeholders 20 (1), (2) & Composition of Stakeholders Yes
Relationship (3)
Relationship Committee
Committee
20 (4) Role of Committee Yes
5 Risk Management 21 (1), (2) & Composition and role of Risk Management Yes
Committee (3) Committee
21(4) Role of the Committee Yes
6 Vigil Mechanism 22 Formulation of Vigil Mechanism for Directors Yes
and Employee
Compliance
S.
Particulars Regulation Brief Description of Regulation Status
No.
(Yes / No/ NA)
7 Related Party 23(1), (2), (3) Policy for Related Party Transactions Yes
Transaction (5), (6), (7),
(8) & (9)
23 (2) &(3) Approval including omnibus approval of Audit Yes
Committee for all Related Party Transaction and
review of Transaction by the Committee
23(4) Approval for material Related Party Transactions Yes
8 Subsidiaries of the 24(1) Composition of Board of Directors of unlisted NA
Company material subsidiary
24 (2), (3), Other corporate Governance requirements with NA
(4), (5) & (6), respect to subsidiary of listed entity
24(A)
9 Obligations 25 (1) & (2) Maximum Directorship & Tenure Yes
with respect to
25 (3) Meeting of Independent Directors Yes
Independent
Directors 25 (4) Review of Performance by the Independent Yes
Directors
25 (7) Familiarization of Independent Directors Yes
25 (8) Declaration of Independence Yes
10 Obligations with 26 (1) & (2) Memberships in committees Yes
102
respect to Directors
26 (3) Affirmations with compliance to Code of Yes
and Senior
Conduct from members Board of Directors and

Management
Senior Management personnel
26 (5) Policy with respect to Obligations of Directors Yes
and Senior Management
11 Other Corporate 27(1) Compliance of Discretionary Requirements Yes
Governance
27(2) Filing of Quarterly Compliance Report on Yes
Requirements
Corporate Governance
12 Disclosures on 46(2)(b) Terms and conditions of appointment of Yes
Website of the Independent Directors
Company
46(2)(c) Composition of various committees of Board of Yes
Directors
46(2)(d) Code of Conduct of Board of Directors and Yes
Senior Management Personnel
46(2)(e) Details of establishment of Vigil Mechanism/ Yes
Whistle Blower policy
46(2)(f) Criteria of making payments to Non-Executive Yes
Directors
46(2)(g) Policy on dealing with Related Party Transactions Yes
46(2)(h) Policy for determining Material Subsidiaries NA
46(2)(i) Details of familiarization programmes imparted Yes
to Independent Directors
CG_Annexure-A
COMPLIANCE CERTIFICATE BY MANAGING DIRECTOR (MD) AND CHIEF FINANCIAL OFFICER (CFO)
(Pursuant to Regulation 17(8) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Board of Directors,
We, Mr. Rupesh Kumar Gupta, Managing Director (MD) and Mr. Amitabha Bhattacharya, Chief Financial Officer (CFO)
of Hariom Pipe Industries Limited, hereby certify that:
A. We have reviewed the Audited Financial Statements and the Cash Flow Statement for the year ended March 31,
2024 and that to the best of our knowledge and belief:
1. These statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
2. These statements together present a true and fair view of the company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the company during the
financial year ended March 31, 2024 which are fraudulent, illegal or violative of the company’s code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we
have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting
and have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such
internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectifying these 103
deficiencies.

D. We have indicated to the Auditors and the Audit Committee:
1. Significant changes in internal control over financial reporting during the year;
2. Significant changes in accounting policies made during the year and that the same have been disclosed in
the notes to the financial statements; and
3. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the
management or an employee having a significant role in the company’s internal control system over financial
reporting.
Sd/- Sd/-
Rupesh Kumar Gupta Amitabha Bhattacharya
Place: Hyderabad Managing Director Chief Financial Officer
Date: May 17, 2024 DIN : 00540787
CG_Annexure-B
CERTIFICATE BY THE PRACTICING COMPANY SECRETARIES ON CORPORATE GOVERNANCE
To
The Members of
We have examined the compliance of conditions of Corporate Governance by Hariom Pipe Industries Limited for the
year ended on March 31, 2024, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub- regulation (2) of
Regulation 46 and para–C and D of Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was
limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance
with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In our opinion and to the best of our information and according to the explanations given to us and the representations
made by the Directors and the Management, we certify that the Company has complied with the conditions of
Corporate Governance as stipulated in the provisions as specified in Chapter IV of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
104

Company Secretaries
Sd/-
CS Vinod Sakaram
Partner
ACS: 23285, CP No. :8345
Date: 06-08-2024 PR No.: 1456/2021
CG_Annexure C
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To
The Members of
We, VSSK & Associates, Practicing Company Secretaries, have examined the relevant registers, records, books, forms,
returns and disclosure received from the Directors of Hariom Pipe Industries Limited (CIN: L27100TG2007PLC054564)
having its Registered Office at 3-4-174/12/2, 1st Floor, Samarpan, Lane beside Spencer’s Pillar No. 125, Attapur
Hyderabad - 500048 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose
of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C sub clause 10(i) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the examinations carried out by us and explanations
and representation furnished to us by the Company, its officers and agents, we certify that none of the following
Directors of the Company has been debarred or disqualified from being appointed or continuing as Directors of
Companies by the SEBI/ Ministry of Corporate Affairs or any such statutory authority as on March 31, 2024:
S. No Name of the Director Designation DIN

1. Pramod Kapoor Kumar Chairman & Independent Director 03557358
2. Rupesh Kumar Gupta Managing Director 00540787 105
3. Sailesh Gupta Whole Time Director 00540862

4. Sunita Gupta Non-Executive Director 02981707
5. Sneha Sankla Independent Director 02849733
6. Rajender Reddy Gankidi Independent Director 09165223
7. Soumen Bose Non-Executive Director 09608922

Company Secretaries
Sd/-
CS Vinod Sakaram
Partner
ACS: 23285, CP. No.: 8345
Date: 06-08-2024 PR No.: 1456/2021
DECLARATION ON CODE OF CONDUCT
This is to confirm that the Board has laid down a Code of Conduct for all Board Members and Senior Management
Personnel of the Company. The Code of Conduct has also been posted on the website of the Company. It is further
confirmed that the Members of the Board and Senior Management Personnel of the Company have affirmed
compliance with the Code of Conduct and Ethics, as applicable to them for the financial year ended on March 31,
2024 as envisaged in the Chapter IV of the Securities Exchange board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
Sd/-
Rupesh Kumar Gupta
Date: August 09, 2024 Managing Director
Place: Hyderabad DIN: 00540787
106
BUSINESS RESPONSIBILITY AND

SUSTAINABILITY REPORT (BRSR)
SECTION A GENERAL DISCLOSURES
I. Details of the company
1 Corporate Identity Number (CIN) of the Listed L27100TG2007PLC054564

Entity
2 Name of the Listed Entity HARIOM PIPE INDUSTRIES LIMITED
3 Year of incorporation 2007
4 Registered office address 3-4-174/12/2, 1st Floor, Samarpan, lane beside Spencer''s
Pillar No. 125, Attapur Hyderabad TG 500048 INDIA
5 Corporate address 3-4-174/12/2, 1st Floor, Samarpan, lane beside Spencer''s
Pillar No. 125, Attapur, Hyderabad TG 500048 INDIA
6 E-mail cs@hariompipes.com
7 Telephone +91 040 - 24016101
8 Website www.hariompipes.com
9 Financial year for which reporting is being done April 01, 2023 to March 31, 2024
10 Name of the Stock Exchange(s) where shares are a) BSE Limited
listed b) National Stock Exchange of India Limited
107
11 Paid-up Capital 28,86,51,260

12 Name and contact details (telephone, email Mrs. Rekha Singh
address) of the person who may be contacted in Company Secretary
case of any queries on the BRSR report Hyderabad
Tel.: +91 040 - 24016101
E-mail: cs@hariompipes.com
13 Reporting boundary - Are the disclosures under Disclosures made in this report are on a standalone
this report made on a standalone basis (i.e. only basis and pertain only to Hariom Pipe Industries Limited
for the entity) or on a consolidated basis (i.e. for
the entity and all the entities which form a part
of its consolidated financial statements, taken
together).
14 Name of assurance provider party NOT APPLICABLE
15 Type of assurance obtained NOT APPLICABLE
II. Products/services
16 Details of business activities (accounting for 90% of the turnover):
S No Description of Main Activity Description of Business Activity % of turnover of the entity

1 Manufacturing Iron/Metal and Steel products and by-products 100%
17. Products/Services sold by the entity (accounting for 90% of the entity’s turnover)
S No Product /Service NIC Code % of the total turnover contributed

Manufacture of basic iron and steel 2410 100%
III. Operations
18 Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of Plants Number of Offices Total

National 4 1 0
International 0 0 0
19 Markets served by the entity:

a. Number of Locations
Locations Number
National (No. of States) 18 States and 2 Union Territories
International (No. of Countries) 0
b. What is the contribution of exports as a percentage of the total turnover of the entity ? 0
c. A brief on types of customers
We are a well-known manufacturer of pipes (mostly in mild steel (MS) and galvanized pipes (GP)) and one of India’s
leading producers of pipes and tubes. We service industries such as infrastructure, construction, agriculture,
Commercial, engineering, fabrication, furniture and electrical.
IV. Employees
20. Details at the end of Financial Year
a. Employees and workers (including differently abled):
108
Total Male Female
Sl No. Particulars
(A) No.(B) %(B/A) No.(C) %(C/A)

Employees
1 Permanent (D) 458 444 96.94% 14 3.06%
2 Other than Permanent (E) 0 0 0 0 0.00%
3 Total employees (D + E) 458 444 96.94% 14 3.06%
Workers
4 Permanent(F) 0 0 0 0 0.00%
5 Other than permanent (G) 390 390 100.00% 0 0.00%
6 Total Employees (F+G) 390 390 100.00% 0 0.00%
20.b Differently Abled Employees & Workers
Total Male Female

Sl No. Particulars
(A) No.(B) %(B/A) No.(C) %(C/A)
Differently Abled Employees
1 Permanent(D) 0 0 0 0 0
2 Other than permanent(E) 0 0 0 0 0
3 Total Employees(D+E) 0 0 0 0 0
Differently Abled Workers
4 Permanent(F) 0 0 0 0 0
5 Other than permanent(G) 0 0 0 0 0
6 Total Employees(F+G) 0 0 0 0 0
21. Participation/Inclusion/Representation of Women
No. and percentage of Females

Particulars Total (A)
No. (B) % (B / A)
Board of Directors 7 2 28.57%
Key Management Personnel 4 1 25.00%
22. Turnover rate for permanent employees and workers.

(Disclose trends for the past 3 years)
Sl.No FY 2023-24 FY 2022-23 FY2021-22

Permanent Employees & Permanent Workers
Male 53% 24% 45%
Female 1% 0% 0%
Total 54% 24% 45%
b. What is the contribution of exports as a percentage of the total turnover of the entity? NA
c. A brief on types of customers Not Applicable
V. Holding, Subsidiary and Associate Companies (Including joint ventures)
23. (a) Names of holding/subsidiary/associate companies/joint ventures
a Name of the holding / subsidiary / associate companies / joint ventures (A) 0

b Indicate whether holding/ Subsidiary/ Associate/ Joint Venture 0 109
c % of shares held by listed entity 0

d Does the entity indicated at column A, participate in the Business Responsibility
initiatives of the listed entity?
VI. CSR Details
24.a Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) Yes
b Turnover (in Rs.) 1,15,838.47 Lakhs
c Net worth (in Rs.) 46,411.75 Lakhs
VII. Transparency and Disclosures Compliances
25 Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
FY 2023-24 FY 2022-23
Griev- (Current Financial Year) (Previous Financial Year)
Stakehold- ance Re- Number Number
er group dressal (If Yes, then provide Number Number
of com- of com-
from whom Mecha- web-link for grievance of com- of com-
plaints plaints
complaint is nism in redress policy plaints Re- plaints Re-
pending pending
received Place filed marks filed marks
resolution resolution
(Yes/No) during during
at close of at close of
the year the year
the year the year
Communities YES https://www. 0 0 NA 0 0 NA
hariompipes.com/
Investors YES 0 0 NA 7 0 NA
investor-relations.php
(other than
shareholders)
Shareholders YES 0 0 NA 0 0 NA
Employees YES 0 0 NA 0 0 NA
and workers
Customers YES 0 0 NA 0 0 NA
Value Chain YES 0 0 NA 0 0 NA
Partners
110 Other (Please YES 0 0 NA 0 0 NA
specify)
26 Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, the rationale for identifying the same, approach
to adapt or mitigate the risk along with its financial implications, as per the following format
Financial
implications
Indicate of the risk or
Material
Sl. whether risk Rationale for identifying In case of risk, approach to opportunity
issue
No. or opportunity the risk/ opportunity adapt or mitigate (Indicate
identified
(R/O) Positive or
negative
implication)
1 Supply Chain R Dependency on specific Hariom Pipe has implemented Positive
Resilience suppliers or disruptions in an integrated manufacturing
the supply chain can lead approach, commencing
to production delays and from iron ore extraction and
resource shortages. culminating in the production
of MS Pipes and Scaffolding.
This self-sustained process
not only strengthens supply
chain resilience by minimizing
external dependencies but
also ensures streamlined
efficiency in terms of cost and
time.
Financial
implications
Material
issue
identified
(R/O) Positive or
negative
implication)
2 Ethical O Ethical governance Positive
Governance reduces legal and
and Public reputational risks, builds
Transparency stakeholder trust, and
enhances operational
efficiency. Public
transparency fosters
investor confidence,
ensures regulatory
compliance, and
strengthens stakeholder
relationships, providing
a competitive edge.
Integrating these
aspects enables holistic
risk management and
strategic opportunities,
positioning companies for
111
long-term success and
resilience.

3 Employee O Maintaining skilled Positive
Retention workforce and nurturing
and Talent talent improves
Development operational efficiency,
innovation, and long-term
success.
4 Social O Fostering positive Positive
Responsibility relationships and
goodwill within local and
marginalized communities
through dedicated
community development
efforts.
5 Climate R Carbon emissions Adopting energy-efficient Positive
change contribute to climate technologies, embracing
change and may lead cleaner production methods,
to regulatory penalties, and investing in carbon
supply chain disruptions, capture and storage initiatives
and reputational damage are proactive steps towards
a more sustainable and
environmentally friendly
future.
Financial
implications
Material
issue
identified
(R/O) Positive or
negative
implication)
6 Economic O Economic performance Positive
Performance is a pivotal factor
in determining the
integrated steel plant's
ability to invest, expand,
and remain competitive
in a challenging business
landscape
7 Regulatory R Non-compliance with Implementing effective Positive
Compliance environmental, safety, compliance management
and labour regulations systems, conducting regular
can lead to legal penalties, audits, and actively engaging
reputational damage, and with regulatory authorities
operational disruptions. contribute to a robust and
proactive approach to
compliance.
112
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place
towards adopting the NGRBC Principles and Core Elements.
Sr.No Disclosure Questions P-1 P-2 P-3 P-4 P-5 P-6 P-7 P-8 P-9
Policy and management processes
1 a. Whether your entity’s policy/policies Yes Yes Yes Yes Yes Yes Yes Yes Yes
cover each principle and its core
elements of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Company policies are given approval by the Board,
Board? (Yes/No) depending on the type of policy and the related
regulatory needs
c. Web Link of the Policies, if available https://www.hariompipes.com/investor-relations-
policies.php
2 Whether the entity has translated the Yes Yes Yes Yes Yes Yes Yes Yes Yes
policy into procedures. (Yes / No)
3 Do the enlisted policies extend to your Yes Yes Yes Yes Yes Yes Yes Yes Yes
value chain partners? (Yes/No)
4 Name of the national and international ISO 9001: 2015.
codes/certifications/labels/ standards
(e.g. Forest Stewardship Council,
Fairtrade, Rainforest Alliance, Trustea)
standards (e.g. SA 8000, OHSAS, ISO,
BIS) adopted by your entity and mapped 113
to each principle.

5 Specific commitments, goals and targets Hariom Pipes is dedicated to environmentally-
set by the entity with defined timelines, friendly manufacturing, actively working to minimize
if any. energy consumption, control emissions, manage
waste efficiently, and boost production efficiency. We
continually assess our progress to ensure we’re making
a positive impact on the environment.
6 Performance of the entity against the NA
specific commitments, goals and targets
along-with reasons in case the same are
not met
Governance, leadership and oversight

7 Statement by director responsible Our business responsibility report highlights our
for the business responsibility report, integrated steel plant’s robust dedication to sustainability.
highlighting ESG related challenges, We have strategically designed our approach with
targets and achievements (listed entity clear short, medium, and long-term goals to effectively
has flexibility regarding the placement manage the environmental and social impacts of our
of this disclosure) operations.
In the short and medium term, our focus is on
optimizing resource use, reducing emissions, and
enhancing community engagement, in line with
evolving sustainability trends. We are proud of our
accomplishments during this reporting period, including
the successful implementation of advanced pollution
control technologies, which have significantly reduced
air and water pollutants. Our initiatives to optimize
resource use have also led to notable energy savings
and improved waste management practices.
While we celebrate these successes, we remain aware
of the challenges ahead, particularly in achieving
our ambitious emission reduction targets and further
improving employee well-being. Nonetheless, we
are unwavering in our commitment to innovation and
positive change through sustainable practices and
deeper community engagement.
Our integrated steel plant’s steadfast commitment to
sustainability demonstrates our dedication to balancing
business growth, environmental care, and social
responsibility, all while striving for a more sustainable
future.
8 Details of the highest authority Mr. Rupesh Kumar Gupta (DIN 00540787), Managing
responsible for implementation and Director, bears the responsibility for both implementing
oversight of the Business Responsibility and overseeing the Business Responsibility policies.
policy (ies).
9 Does the entity have a specified Our company’s management is actively and proactively
Committee of the Board/ Director overseeing a wide range of ESG initiatives. To strengthen
responsible for decision making on and enhance our commitment, we are moving forward
sustainability related issues? (Yes / No). with the creation of a dedicated Sustainability Committee.
If yes, provide details. This initiative highlights our dedication to advancing our
ESG efforts and reinforces our focus on sustainability
and ethical practices. Additionally, our Corporate Social
Responsibility Committee is focused on key social
factors, offering crucial insights and perspectives to our
Board of Directors.
114
10. Details of Review of NGRBCs by the Company:
Subject for Review Indicate whether review was
Frequency (Annually/ Half yearly/
undertaken by Director / Committee

Quarterly/ Any other – please specify)
of the Board/ Any other Committee
P-1 to 9 P-1 to 9
Performance against above policies
and follow up action
Compliance with statutory Review was undertaken by the Top Assessed when needed.
requirements of relevance to the Management as and when needed
principles, and, rectification of any
non-compliances
11. Company Indepndent assesement
Has the entity carried out independent assessment/ P-1 P-2 P-3 P-4 P-5 P-6 P-7 P-8 P-9
evaluation of the working of its policies by an external
agency? (Yes/No). If yes, provide name of the agency.
No
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P-1 P-2 P-3 P-4 P-5 P-6 P-7 P-8 P-9
The entity does not consider the Principles material to its
business (Yes/No)
The entity is not at a stage where it is in a position to
formulate and implement the policies on specified
principles (Yes/No)
All Principles are covered by the policies
The entity does not have the financial or/human and
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)
SECTION C PRINCIPLE WISE PERFORMANCE DISCLOSURES

PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable.
Essential Indiacator
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
%age of persons
Total number
in respective
of training and
category
Segment awareness Topics / principles covered under the training and its impact
covered by
programmes
the awareness
held
programmes
Board of 6 The Board of Directors undergoes periodic reviews and is kept 100%
Directors informed about industry-related issues, business matters,
regulatory changes, economic trends, ESG (Environmental,
Social, and Governance) factors, risk management, their roles
and responsibilities, among other topics. These discussions
provide insights into the relevant principles.
Key 8 Topics related to integrity and ethics, core values, code 100%
Managerial of conduct,Corporate governance, Companies Act 2013,
Personnel CSR,Sustainability practices and updates on regulatory mandates
are covered, enabling KMPs to drive the company's values,
purpose, and strategy in business.
Employees 12 Topics pertaining to adaptive leadership programmes, behavioral 100% 115
other than and ethical training, Trainings for emotional wellbeing and

BoD and educating on POSH, Code of Business Conduct & Ethics, Human
KMPs Rights Policy, Health & Well-being, Safety, Environmental
Policies, Data Protection, Whistleblower Policy, Enterprise Risk
Management Policy, and other Company Policies
Workers 12 Topics covering behavioral and ethical training, emotional well- 100%
being education, safety management, human rights, and skill
development.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by
the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial
year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in
Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the
entity’s website):
Monetary
Name of the regulatory/ Amount Brief of Has an appeal

NGRBC Principle
enforcement agencies (In INR) the Case been preferred
Penalty/ Fine
Settlement NIL
Compounding fee
Non-Monetary
Name of the regulatory/ Brief of the Has an appeal been

NGRBC Principle
enforcement agencies Case preferred
Imprisonment
NIL
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary
or non-monetary action has been appealed.
Case Details
NIL
Name of the regulatory/ enforcement agencies/ judicial institutions
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, https://www.hariompipes.com/investor-relations-policies.php
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
FY 2023-24 (Current Financial Year)
NIL
FY 2022-23 (Previous Financial Year)
6. Details of complaints with regard to conflict of interest:

Number of complaints received in relation to issues of Conflict of Interest of the Directors NIL
Number of complaints received in relation to issues of Conflict of Interest of the KMPs NIL
7. Provide details of any corrective action taken or underway on issues related to fines /penalties / action taken
by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest. NIL
8. Number of days of accounts payables: (₹ IN LAKHS)

116
PY (2023-24) PY (2022-23)
i) Accounts payable x 365 days 690143 595427

ii) Cost of goods/services procured 103857 56464
iii) Number of days of accounts payables 7 11
9. Open-ness of business - Provide details of concentration of purchases and sales with trading houses, dealers,
and related parties along-with loans and advances & investments, with related parties, in the following format
Parameter Metrics FY (2023-24) PY (2022-23)

Concentration of a. Purchases from trading houses as % of 0 0
Purchases total purchases
b. Number of trading houses where purchases 0 0
are made from
c. Purchases from top 10 trading houses as % 0 0
of total purchases from trading houses.
Concentration of Sales a. Sales to dealers /distributors as % of total 100% 100%
sales
b. Number of dealers/ distributors to whom 831 655
sales are made
c. Sales to top 10 dealers/distributors as % of 28.44% 35.22%
total sales to dealers/distributors
Parameter Metrics FY (2023-24) PY (2022-23)

Share of RPTS in a. Purchases (purchases with related parties/ 8.22% 6.05%
Total purchases)
b. Sales (Sales to related parties/Total Sales) 2.77% 6.11%
c. Loans and advances(Loans and advances 0 0
given to related parties/Total loans and
advances)
d. Investments (Investments in related 0 0
parties/Total investments made)
Leadership Indiacator
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
Yes, programme were conducted on the topic of enhancing awareness among our value chain partners on
sustainable procurement policy, ESG (Environmental, Social, and Governance),health and safety, education, and
adherence to the company’s ethical guidelines, Supplier Code of Conduct etc.
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?
(Yes/No) If Yes, provide details of the same.
We have established procedures to prevent and effectively handle situations where conflicts of interest may
arise among members of the Board. Our corporate Code of Conduct and policy concerning transactions involving
related parties dictate that the management must refrain from engaging in any transaction, whether direct or
indirect, that could potentially compromise the Company’s interests due to their personal or indirect interests.
Annually, the Company receives a declaration from its Board of Directors outlining any affiliations they may have
with entities that could potentially lead to a conflict of interest. This thorough process ensures that any necessary
117
approvals mandated by applicable laws are obtained before entering into any transactions with the respective
entities

PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the entity,
respectively
Current Previous
Details of improvements in environmental and social impacts
Financial Year Financial Year
R&D 0% 0% NIL
Capex 9.31% 11.47% The integration of solar panels to boost renewable energy production,
alongside the deployment of pollution abatement technologies like
Effluent Treatment Plants (ETP) to reduce air pollution, and the
establishment of ARO (Air, Water, and Odor) Treatment Plants for
water recycling, collectively help decrease the dependence on
groundwater for both manufacturing operations and the residential
needs of factory workers. Additionally, the implementation of tandem
mills further enhances efficiency and sustainability within the
manufacturing process.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes
b. If yes, what percentage of inputs were sourced sustainably?
118 100%
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of
life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Sl. No. Particulars Remarks

a Plastics (including packaging) Not Applicable
b E-waste Not Applicable
c Hazardous waste Through Authorised Vendors
d Other waste. End-of-life steel, commonly known as scrap steel, plays a crucial role in
the steel industry. Instead of being discarded as waste, it is a valuable
resource for the steelmaking process through remelting. Hariom Pipe
exemplifies this commitment by not only reusing scrap from its own
production processes but also actively sourcing additional scrap from
external sources to support this effort.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same. disposing at the end of life, for (a) Plastics
(including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Although Extended Producer Responsibility (EPR) is not currently applicable to our industry under existing regulations,
we have implemented a comprehensive waste management plan that reflects our commitment to environmental
responsibility. Our strategy encompasses effective recycling, responsible disposal, and minimizing environmental
impact. Despite the absence of an EPR mandate, we remain dedicated to sustainable waste management practices.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
Boundary for Whether Results

Name of % of total which the Life conducted by communicated in
NIC Code Product / Turnover Cycle Perspective independent public domain (Yes/
Service contributed / Assessment was external agency No) If yes, provide
conducted (Yes/No) the web-link.
NOT APPLICABLE
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same.
Name of Product / Service
Description of the risk / concern NOT APPLICABLE
Action taken
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
FY 2023-24 FY 2022-23
(Current Financial Year) (Previous Financial Year) 119
Recycled input materials 44.29% 38.49%

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format:
FY 2023-24 (Current Financial Year) FY 2022-23 (Previous Financial Year)

Safety Safety
Re-Used Recycles Re-Used Recycles
disposed disposed
Plastics (including packaging) 0 0 0 0 0 0
E-waste 0 0 0 0 0 0
Hazardous waste 0 0 0 0 0 0
Other 0 0 0 0 0 0
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Indicate product category

Reclaimed products and their packaging materials as % of total products sold in respective
Not Applicable
category
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those
in their value chains manner that is sustainable and safe
1. a. Details of measures for the well-being of employees:
% of employees covered by
Health Accident Maternity Paternity Day Care

TOTAL insurance insurance benefits Benefits facilities
(A)
No. (B) % (B/A) No. (C) % (C/A) No. (D) % (D/A) No. (E) % (E/A) No. (F) % (F/A)
Permanent employees
Male 444 0 0% 444 100% 0 0% 1 0% - 0%
Female 14 0 0% 14 100% 1 0% 0 0% - 0%
Total 458 0 0% 458 100% 1 0% 1 0% - 0%
Other than Permanent employees
Male 0 0 0% 0 0% 0 0% 0 0% - 0%
Female 0 0 0% 0 0% 0 0% 0 0% - 0%
Total 0 0 0% 0 0% 0 0% 0 0% - 0%
1. b. Details of measures for the well-being of Workers
Health Accident Maternity Paternity Day Care

TOTAL insurance insurance benefits Benefits facilities
(A)
120 No. (B) % (B/A) No. (C) % (C/A) No. (D) % (D/A) No. (E) %(E/A) No. (F) % (F/A)
Permanent workers
Male 0 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
Other than permanent workers
Male 390 0 0% 390 100% 0 0% 0 0% 0 0%
Female 0 0 0% 0 100% 0 0% 0 0% 0 0%
Total 390 0 0% 390 100% 0 0% 0 0% 0 0%
1. C. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format:
FY (2023-24) FY (2022-23)
iii) Cost incurred on wellbeing measures as a % of total revenue of the 0.06% 0.07%
company
2. Details of retirement benefits, for Current FY and Previous Financial Year

No. of No. of Deducted and No. of No. of
employees workers deposited Deducted and
Benefits employees workers
deposited with
covered as covered as with the covered as covered as
the authority
a % of total a % of total authority a % of total a % of total
(Y/N/N.A.)
employees workers (Y/N/N.A.) employees workers
PF 90% 0% Yes 85% 0% Yes

Gratuity 100% 0% Yes 100% 0% Yes
ESI 53% 0% Yes 25% 0% Yes
Others – 0% 0% N.A. 0% 0% N.A.
specify
Employees and workers are included in the coverage as required by relevant regulations
3. Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the
entity in this regard.
Yes
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes, The company is firmly committed to providing equal opportunities for everyone. We ensure that all job applicants
and employees are treated fairly and without bias, regardless of gender, marital status, disability, race, color, religion,
age, sexual orientation, nationality, or ethnic origins.
121
5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Return to work rate Retention rate
Permanent employees 100% 100%
Permanent worker 100% 100%
Total male employees 100% 100%
Total Female employees 100% 100%
Total male worker 100% 100%
Total female worker 100% 100%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)

Permanent worker The company promotes open communication by encouraging employees
to report operational and performance issues to their supervisors. For
Other than permanent worker
organizational or appraisal concerns, the Human Resources Department is the
Permanent Employees designated channel. The Whistle Blower Mechanism enhances transparency
Other than permanent employees and accountability, enabling employees to report unethical behavior or
violations without fear. This initiative underscores the company's commitment
to maintaining a responsible and ethical work culture.
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:

No. of No. of
Total employees employees
Total
employees / workers in / workers in
Particulars employees
/ workers in respective % respective %
/ workers in
respective category, who (B / A) category, who (B / A)
respective
category are part of are part of
category (A)
(A) association(s) association(s)
or Union (B) or Union (B)
Total Permanent
Employees and Workers
Male 444 - 0% 315 - 0%
Female 14 - 0% 13 - 0%
Total 458 - 0% 328 - 0%
8. Details of training given to employees and workers:

On Health and On Skill On Health and On Skill
Category Total Total
safety measures upgradation safety measures upgradation
(A) (D)
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Employees
122
Male 444 444 100% 444 100% 315 315 100% 313 99%
Female 14 14 100% 14 100% 13 13 100% 13 100%

Total 458 458 100% 458 100% 328 328 100% 328 100%
Workers
Male 390 390 100% 390 100% 312 312 100% 312 100%
Female 0 0 0% 0 0% 0 0 0% 0 0%
Total 390 390 100% 390 100% 312 312 100% 312 100%
9. Details of performance and career development reviews of employees and worker:

On Health and On Skill On Health and On Skill
Category Total Total
safety measures upgradation safety measures upgradation
(A) (D)
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Employees
Male 444 444 100% 444 100% 315 313 100% 313 100%
Female 14 14 100% 14 100% 13 13 100% 13 100%
Total 458 458 100% 458 100% 328 326 100% 326 100%
Workers
Male 390 390 100% 390 100% 312 312 100% 312 100%
Female 0 0 0% 0 0% 0 0 0% 0 0%
Total 390 390 100% 390 100% 312 312 100% 312 100%
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No).
If yes, the coverage such system?
Yes, the entity has implemented an occupational health and safety management system. This year, the system
continues to encompass a comprehensive range of measures and protocols aimed at ensuring the well-being and
safety of all employees and workers within the organization. The occupational health and safety management system
is consistently reviewed and updated to adapt to changing circumstances, upholding the highest standards of safety
across all operational areas.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis
by the entity?
The entity’s strategy for identifying work-related hazards and assessing risks involves the following procedures:
1. Identifying hazards associated with each process and phase.
2. Conducting workplace safety inspections to uncover potential hazards.
3. Compiling existing information about workplace hazards.
4. Acknowledging relevant legal obligations related to risk assessment and necessary control implementations.
5. Assessing the need for additional measures to eliminate hazards.
c. Whether you have processes for workers to report the work related hazards and to remove themselves from such
risks. (Y/N)
Yes, the entity has established processes that empower workers to report work-related hazards and take measures
to remove themselves from such risks. Workers are encouraged and educated on how to promptly report any hazards
they encounter during their tasks. This proactive approach ensures that potential hazards are swiftly addressed,
promoting a culture of safety and well-being within the organization. 123
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/

No)
Yes, Our plant provides employees with access to non-occupational medical and healthcare services, including
regular check-ups, preventive care, mental health services, and emergency care.
11. Details of safety related incidents, in the following format:
Safety Incident/Number Category FY (2023-24) PY (2022-23)

Lost Time Injury Frequency Rate (LTIFR) (per one Million Employees - -
person hours worked)
Workers - -
Total recordable work-related injuries Employees - -
Workers - -
No. of fatalities Employees - -
Workers - -
High consequence work-related injury or ill-health (excluding Employees - -
fatalities)
Workers - -
12. Describe the measures taken by the entity to ensure a safe and healthy work place
The entity ensures a safe and healthy workplace for its employees through the following measures:
1. Specialized Training: Employees undergo targeted training to address industry-specific hazards and safe
operational practices.
2. Adherence to Safety Protocols: Strict compliance with established safety procedures and guidelines to mitigate
risks.
3. Personal Protective Equipment: Provision of appropriate equipments such as helmets, gloves, goggles.
4. Routine Safety Inspections: Regular checks to identify and rectify potential hazards in the work environment.
5. Ergonomic Considerations: Designing workstations for optimal ergonomics to minimize physical strain.
6. Health Surveillance: Monitoring employees’ health and well-being through regular check-ups and assessments.
7. Effective Communication: Clear dissemination of safety guidelines and protocols to all employees.
8. Continuous Improvement: Encouraging employee feedback and incorporating enhancements to safety measures.
13. Number of Complaints on the following made by employees and workers:
Particulars Filed Pending Filed Pending

during the resolution at the Remarks during the resolution at Remarks
year end of year year the end of year
Working Conditions - - - -
Health and safety - - - -
14. Assessments for the year:
% of your plants and offices that were assessed (by entity or statutory
authorities orthird parties)
Health and safety practices 100%
Working Conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
The entity is actively addressing safety-related incidents through thorough incident analysis and implementing
124
corrective measures. The entity's continuous improvement culture ensures that safety concerns are promptly
addressed, fostering a secure environment for employees.
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N).
The Company's management places a high priority on the well-being of its employees. In the unfortunate event of
an employee or worker's passing, the Company is dedicated to assisting the family in claiming their rightful legally
available dues as per the company policies
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners.
1. Ensuring adherence to PF and ESIC regulations, we validate contractor and vendor payments by requesting proof
of compliance prior to disbursing payment to them.
2. Monthly reconciliations of GSTR-2B are conducted to verify vendors' GST payments and timely submission of
returns to the government.
3. Our prompt GST return submissions facilitate timely GST credit availability for our customers, and we diligently
address any GST credit-related matters.
4. We proactively liaise with both customers to acquire Form 16A certificates for TDS
3. Provide the number of employees / workers having suffered high consequence workrelated injury / ill-health /
fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:
Total no. of affected employees/ workers FY 2023-24 FY 2022-23

No. of employees/workers that are rehabilitated and placed in suitable employment Nil Nil
or whose family members have been placed in suitable employment
4. Does the entity provide transition assistance programs to facilitate continued employability and the management
of career endings resulting from retirement or termination of employment? (Yes/ No)
Yes
5. Details on assessment of value chain partners:
% of value chain partners (by value of business done with such partners) that
were assessed
Health and safety practices We are currently organizing both informal and formal awareness programs for our
value chain partners, we are concurrently in the process of gathering data and
Working Conditions
information in accordance with the prescribed format
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
Not Applicable
125

PRINCIPLE 4 Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
The Company holds all stakeholders in high esteem and prioritizes their significance, fostering lasting and
harmonious relationships. Stakeholders are identified based on the extent of their impact on the business. Key
stakeholders encompass employees and workers, suppliers, customers, business partners, regulatory agencies,
and shareholders and investors in proximity to the Company’s operational sites.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Whether
identified as Purpose and scope of engagement
Stakeholder Channels of Frequency of
Vulnerable & including key topics and concerns
Group communication engagement
Marginalised raised during such engagement
Group
Employees & No Email, Phone calls, SMS, Regular Effective communication about daily
Workers Meetings, Notice Board, operations and business activities
Training Programs, is crucial. Additionally, knowledge
Employee Celebration in areas such as leadership, policy,
safety measures, environmental
considerations, social engagement,
governance practices, occupational
health, mental well-being, soft
126
skills, risk management, specialized
technical aspects, and compliance
training is essential.
Shareholders & No Email, Website, Annually/ Transparent and effective
Investors Phone calls, SMS, Half yearly/ communication of business
Quarterly publication Quarterly/ performance, Compliance,
of results, Newspaper Event basis Governance Practices
advertisements, General
Meetings, Stock Exchange
intimations
Suppliers/ No Email, Phone calls, SMS, Regular Adhering to fair and ethical
Vendors Meetings, Website procurement and engagement
standards, offering transparent
pricing and favorable payment
terms, ensuring timely approvals
and efficient clearance procedures,
and carefully addressing suppliers'
concerns.
Customers and No Email, Phone calls, SMS, Regular Acknowledging and processing
Value Chain Meetings, Website, diverse orders while engaging
Partners Advertisement and in discussions regarding pricing
Business Promotion and product quality and benifits.
Grasping customer service needs
and addressing any concerns that
arise.
Government No Fillings and submissions, Annually/ To comply with applicable
and Regulatory Engagement during visits Half yearly/ Regulations as amended from time
Bodies to our facilities, Email and Quarterly/ to time.
website Event basis
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
At Hariom Pipe Industries Limited, we emphasize robust stakeholder engagement to drive our sustainable
development initiatives. Our communication channels include the annual report, website, and AGM, complemented
by new digital tools and interactive webinars for enhanced outreach.
Our Stakeholder Relationship Committee oversees the collection and management of stakeholder feedback. This
committee ensures that essential insights are effectively communicated to the Board.
We actively seek stakeholder input through surveys and focus groups on key economic, environmental, and social
topics. The feedback is systematically reviewed and presented to the Board to guide informed decision-making.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these
topics were incorporated into policies and activities of the entity
Yes, stakeholder consultation is used to support the identification and management of environmental and social
topics. Feedback from stakeholders has led us to refine our environmental policies, such as implementing stricter
emissions reduction targets, and enhance our social programs, including improved community and employee
initiatives. We transparently share these updates and how we have addressed stakeholder input in our Annual
Reports.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups
The company is dedicated to engaging with and addressing the concerns of vulnerable and marginalized stakeholder
groups through various Corporate Social Responsibility (CSR) initiatives. Our efforts focus on supporting education, 127
health, nutrition, sanitation, and overall well-being for underprivileged communities. These initiatives are designed

to meet the specific needs of these groups and contribute to their socio-economic improvement.
PRINCIPLE 5 Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity

Category Total No. of employees/ % Total No. of employees/ %
(A) workers covered (B) (B/ A) (A) workers covered (B) (B/ A)
Employees
Permanent 458 458 100% 328 328 100%
Other than permanent 0 0 0% 0 0 0%
Total 458 458 100% 328 328 100%
Workers
Permanent 0 0 0% 0 0 0%
Other than permanent 390 390 100% 312 312 100%
Total 390 390 100% 312 312 100%
2. Details of minimum wages paid to employees and workers

Equal to
Equal to More than More than
128 Minimum
Category Total Minimum Wage Minimum Wage Total Minimum Wage
Wage
(A) (A)
No. No. No. % No. %

% (B/A) % (C/A)
(B) (C) (B) (B/A) (C) (C/A)
Employees
Permanent 458 0 0% 458 100% 328 0 0% 328 100%
Other than permanent 0 0 0% 0 0% 0 0 0% 0 0%
Total 458 0 0% 458 100% 328 0 0% 328 100%
Workers
Permanent 0 0 0% 0 0% 0 0 0% 0 0%
Other than permanent 390 0 0% 390 100% 312 0 0% 312 100%
Total 390 0 0% 390 100% 312 0 0% 312 100%
3. Details of remuneration/salary/wages, in the following format:
Female Male
Median remuneration/ Median remuneration/
Number salary/ wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD) 0 2 26.93 Lakhs Per Month
Key Managerial Personnel 1 1.20 Lakhs Per Month 1 3.58 Lakhs Per Month
Employees other than BoD and KMP 13 0.18 Lakhs Per Month 441 0.11 Lakhs Per Month
Workers 0 390 0.10 Lakhs Per Month
4. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY (2023-24) FY (2022-23)
Gross wages paid to females (Gross wages paid to females as % of total 3% 5%
wages)
5. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes, the company have a strong Human Resources department that takes the responsibility of addressing human
rights impacts or issues arising from its business operations.
6. Describe the internal mechanisms in place to redress grievances related to human rights issues. 129
The company has put in place internal mechanisms to effectively address grievances concerning human rights

matters. The Human Resources department is entrusted with the task of thoroughly reviewing and investigating
these grievances, with a commitment to maintaining fairness and transparency throughout the process.
7. Disclosure of complaints made by employees and workers on sexual harassment, discrimination at workplace,
Child Labour, Forced Labour/Involuntary Labour, Wages or other human rights related issues.

Pending Pending
Category Filed Filed
resolution resolution
during Remarks during Remarks
at the end of at the end of
the year the year
year year
Sexual Harassment - - Nil - - Nil
Discrimination at workplace - - Nil - - Nil
Child Labour - - Nil - - Nil
Forced Labour/Involuntary Labour - - Nil - - Nil
Wages - - Nil - - Nil
Other human rights related issues - - Nil - - Nil
8. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, in the following format:
FY (2023-24) FY (2022-23)
i) Total Complaints reported under Sexual Harassment on of Women at 0 0
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
ii) Complaints on POSH as a % of female employees / workers 0% 0%
iii) Complaints on POSH upheld 0 0
9. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Company upholds the principle of natural justice and guarantees the complete confidentiality of complainants
throughout and after the grievance resolution process. Typically, such complaints are overseen by senior members
of the organization
10. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
No
11. Assessments for the year:
% of your plants and offices that were assessed (by entity or statutory
authorities orthird parties)
130 Child labour

Forced/involuntary labour
Sexual harassment 100%

Discrimination at workplace The Company is in compliance with the applicable laws.
Wages
Others, specify
the assessments at Question 10 above. - Not Applicable
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
Throughout the Financial Year, the Company has not received any complaints. As a result, no alterations or
introductions have been made to existing business processes for the purpose of addressing human rights grievances
or complaints.
2. Details of the scope and coverage of any Human rights due-diligence conducted.
The company has firm measures to prevent behaviors that violate its Ethics policy and Code of Conduct,
encompassing human rights and other forms of misconduct.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
Yes, Hariom ensures that all its locations, including offices and plants, are accessible to visitors with disabilities, in
accordance with the Rights of Persons with Disabilities Act, 2016
4. Details on assessment of value chain partners:
% of value chain partners (by value of business done with such

partners) that were assessed
Sexual Harassment
Discrimination at workplace
Child Labour
Nil
Forced Labour/Involuntary Labour
Wages
Others
the assessments at Question 4 above.
NIL
131

PRINCIPLE 6 Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity
Parameter Units FY (2023-24) PY (2022-23)

From renewable sources
Total electricity consumption (A) 9.21 terajoules (TJ) 1.25 terajoules (TJ)
Total fuel consumption (B)
Energy consumption through other sources (C)
Total energy consumed from renewable sources 9.21 terajoules (TJ) 1.25 terajoules (TJ)
(A+B+C)
From non-renewable sources
Total electricity consumption (D) 288.97 terajoules (TJ) 298.40 terajoules (TJ)
Total fuel consumption (E)
Energy consumption through other sources (F)
Total energy consumed from non-renewable sources 288.97 terajoules (TJ) 298.40 terajoules (TJ)
(D+E+F)
Total energy consumed (A+B+C+D+E+F) 298.18 terajoules (TJ) 299.65 terajoules (TJ)
Energy intensity per rupee of turnover (Total energy 0.00257 TJ/rupee 0.00046 TJ/rupee
consumed / Revenue from operations)
132
Energy intensity per rupee of turnover adjusted for - -
Purchasing Power Parity (PPP)
(Total energy consumed / Revenue from operations

adjusted for PPP)
Energy intensity in terms of physical Output - -
Energy intensity (optional) – the relevant metric may be - -
selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out No
by an external agency? (Y/N)
If yes, name of the external agency. NA
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the
PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Not Applicable
3. Provide details of the following disclosures related to water, in the following format:
FY 2023-24 FY 2022-23
Parameters (With Treatment) (Current (Previous
Financial Year) Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water - -
(ii) Groundwater - -
(iii) Third party water 73559 356
(iv) Seawater / desalinated water - -
(v) Others - Recycled Water 45995 535
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 119554 891
Total volume of water consumption (in kilolitres) 119554 891
Water intensity per rupee of turnover (Water consumed / turnover) 1.03673 0.01384
Water intensity in terms of physical output
Water intensity (optional) – the relevant metric may be selected by - -
the entity
4. Provide the following details related to water discharged:
FY (2023-24) FY (2022-23)
133
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water NIL NIL

No treatment NIL NIL
With treatment – please specify level of treatment NIL NIL
(ii) To Groundwater NIL NIL
(iii) To Seawater NIL NIL
(iv) Sent to third-parties NIL NIL
(v) Others NIL NIL
Total water discharged (in kilolitres) NIL NIL
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) No
If yes, name of the external agency. NA
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Yes, we have implemented Zero Liquid Discharge (ZLD) in our integrated steel plant. This means we reuse the
water within our operations, with no liquid effluent discharged into the environment. Our ZLD system reflects our
commitment to sustainability and responsible practices.
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameters Current FY Previous FY

NOx Within statutory limits Within statutory limits
SOx Within statutory limits Within statutory limits
Particulate matter (PM) <60 <60
Persistent organic pollutants (POP) Within statutory limits Within statutory limits
Volatile organic compounds (VOC) Within statutory limits Within statutory limits
Hazardous air pollutants (HAP) Within statutory limits Within statutory limits
Others, specify Within statutory limits Within statutory limits
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N) If yes, name of the external agency.
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:

Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, Within statutory limits Within statutory limits
N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, Within statutory limits Within statutory limits
N2O, HFCs, PFCs, SF6, NF3, if available)
134 Total Scope 1 and Scope 2 emissions per rupee of turnover Within statutory limits Within statutory limits
Total Scope 1 and Scope 2 emission intensity (optional) – the Within statutory limits Within statutory limits
relevant metric may be selected by the entity

(Total Scope 1 and Scope 2 GHG emissions / Revenue from
operations)
Total Scope 1 and Scope 2 emission intensity per rupee of turnover
adjusted for Purchasing Power Parity (PPP)
(Total Scope 1 and Scope 2 emissions / Revenue from operations
adjusted for PPP)
Total Scope 1 and Scope 2 emission intensity in terms of physical
output
Note: Indicate if any independent assessment/ evaluation/
assurance has been carried out by an external agency? (Y/N) If
yes, name of the external agency.
8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
Deployment of Pollution Abatement Technologies such as Effluent Treatment Plants (ETP) to curb air pollution
9. Provide details related to waste management by the entity, in the following format:

Total Waste generated (in metric tonnes)
Plastic waste (A) Not Applicable Not Applicable
E-waste (B) Not Applicable Not Applicable
Bio-medical waste (C) Not Applicable Not Applicable
Construction and demolition waste (D) Not Applicable Not Applicable

Battery waste (E) Not Applicable Not Applicable
Radioactive waste (F) Not Applicable Not Applicable
Other Hazardous waste. Please specify, if any. (G) Not Applicable Not Applicable
Other Non-hazardous waste generated (H). Please specify, if any.
(Break-up by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G + H)
For each category of waste generated, total waste recovered
through recycling, re-using or other recovery operations (in
metric tonnes)
Category of waste
(i) Recycled Not Applicable Not Applicable
(ii) Re-used Not Applicable Not Applicable
(iii) Other recovery operations Not Applicable Not Applicable
Total
For each category of waste generated, total waste disposed by
nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration Not Applicable Not Applicable
(ii) Landfilling Not Applicable Not Applicable
(iii) Other disposal operations Not Applicable Not Applicable
135
Total

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and
the practices adopted to manage such wastes.
In our waste management strategy, we utilize advanced technologies such as Effluent Treatment Plants (ETP) and
pollution control equipment to reduce carbon emissions and capture carbon particles using bag filters for reuse in
the printing cartridge industry. We implement a Reverse Osmosis (RO) plant to reuse industrial wastewater, reducing
groundwater consumption. Additionally, we recycle slag metal and incorporate recycled steel scrap, lowering CO2
emissions and promoting circular economy principles. We also employ wet scrubbers to control zinc and acid waste
and use multi-cyclone dust collectors in our galvanizing units to manage emissions. These efforts contribute to
creating a sustainable environment for our community.
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals / clearances are required, please specify details in the following format:
Location of operations/offices
Type of operations
Not Applicable
Whether the conditions of environmental approval / clearance are being complied with?
(Y/N) If no, the reasons thereof and corrective action taken, if any.
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:
Name and brief details of project
EIA Notification Number
Date
Not Applicable
Whether conducted by independent external agency (Yes / No)
Results communicated in public domain (Yes / No)
Weblink if any
13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act
and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:
Specify the law / regulation / guidelines which was not complied with
Provide details of the noncompliance
All the laws are
Any fines / penalties / action taken by regulatory agencies such as pollution control
complied
boards or by courts
Corrective action taken, if any
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources, in the following format:
136 Parameters Current FY Previous FY

From renewable sources
Total electricity consumption (A) 9.21 terajoules (TJ) 1.25 terajoules (TJ)
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) - -
Total energy consumed from renewable sources (A+B+C) 9.21 terajoules (TJ) 1.25 terajoules (TJ)
From non-renewable sources
Total electricity consumption (D) 288.97 terajoules (TJ) 298.40 terajoules (TJ)
Total fuel consumption (E) - -
Energy consumption through other sources (F) - -
Total energy consumed from non-renewable sources (D+E+F) 288.97 terajoules (TJ) 298.40 terajoules (TJ)
2. Provide the following details related to water discharged:

(i) To Surface water Nil Nil
No treatment Nil Nil
With treatment – please specify level of treatment Nil Nil
(ii) To Groundwater Nil Nil
(iii) To Seawater Nil Nil
(iv) Sent to third-parties Nil Nil
(v) Others Nil Nil
Total water discharged (in kilolitres) Nil Nil
137
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):

For each facility / plant located in areas of water stress, provide the
following information:
(i) Name of the area
(ii) Nature of operations
(iii) Water withdrawal, consumption and discharge in the following format:
Water withdrawal by source (in kilolitres)
(i) Surface water NIL NIL
(ii) Groundwater NIL NIL
(iii) Third party water NIL NIL
(iv) Seawater / desalinated water NIL NIL
(v) Others NIL NIL
Total volume of water withdrawal (in kilolitres) NIL NIL
Total volume of water consumption (in kilolitres) NIL NIL
Water intensity per rupee of turnover (Water consumed / turnover) NIL NIL
Water intensity (optional) – the relevant metric may be selected by the NIL NIL
entity
(i) Into Surface water Nil Nil
(ii) To Groundwater Nil Nil
(iii) To Seawater Nil Nil
(iv) Sent to third-parties Nil Nil
(v) Others Nil Nil
Total water discharged (in kilolitres) Nil Nil
4. Please provide details of total Scope 3 emissions & its intensity, in the following format:

138 Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, 10328272 154423
HFCs, PFCs, SF6, NF3, if available)
Total Scope 3 emissions per rupee of turnover 89.16 0.000024

Total Scope 3 emission intensity (optional) – the relevant metric may be
selected by the entity
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and
remediation activities.
Not Applicable
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the
same as well as outcome of such initiatives, as per the following format:
Details of the initiative (Web-

Sl.
Initiative undertaken link, if any, may be provided Outcome of the initiative
No.
along-with summary)
1 Installation of ETP and ETP and pollution control Reduced carbon emissions and captured
Pollution Equipment equipment installed across all carbon particles via bag filters for potential
units. reuse in the printing cartridge industry.
2 Installation of Water Water treatment plants installed Repurposed industrial wastewater for
Treatment Plants at the Mahabubnagar unit. domestic and industrial use, reducing
groundwater consumption.
3 Integration of IoT and IoT sensors and automated Enhanced process efficiency, reduced
Automation control systems implemented operational costs, improved product
to monitor and optimize the quality, and minimized resource waste.
galvanizing process in real-time.
4 Introduction of Energy Energy management systems Improved overall energy efficiency and
Management Practices implemented to monitor and reduced operational costs.
optimize energy use throughout
the plant.
5 Implementing the installation Crusher and bundling machines Decreased CO2 emissions and enhanced
of a crusher machine and installed at the Mahabubnagar circular economy practices, contributing
bundling machine. unit. to a sustainable environment for the 139
community.

7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
The Company has a robust Business Continuity and Disaster Management Plan designed to sustain critical operations
during various disruptions, such as natural disasters, equipment malfunctions, and supply chain issues. This plan
delineates key personnel roles, sets up communication protocols, and emphasizes safety measures for employees
and stakeholders. Regular training and drills are conducted to maintain preparedness. The plan encompasses asset
protection, data recovery, and adherence to safety regulations. By focusing on continuity, the plant aims to reduce
downtime, protect its workforce, and ensure the uninterrupted production and supply of steel products, even in
challenging situations.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard.
NIL
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
4%
PRINCIPLE 7 Businesses, when engaging in influencing public andregulatory policy, should do so in a
manner that is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/ associations.

1 (One)
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body)
the entity is a member of/ affiliated to.
S. Reach of trade and industry chambers/

Name of the trade and industry chambers/ associations
No. associations (State/National)
1 Federation of Telangana Chamber of Commerce and Industy (FTAPCI) State
2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the
entity, based on adverse orders from regulatory authorities.
Name of authority
No adverse orders received from
Case brief regulatory authorities for anti-
competitive conduct.
Corrective action taken
1. Details of public policy positions advocated by the entity:

140 Public policy advocated
Method resorted for such advocacy
Whether information available in public domain? (Yes/No) NO

Frequency of Review by Board (Annually/ Half yearly/ Quarterly / Others – please specify)
Web Link, if available
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year
Name and brief details of project
SIA Notification No.
Date of notification Not applicable, as there were
no projects that require SIA as
Whether conducted by independent external agency (Yes / No) per applicable laws
Results communicated in public domain (Yes / No)
Relevant Web link
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity, in the following format:
Name of Project for which R&R is ongoing
State
District
Not Applicable
No. of Project Affected Families (PAFs)
% of PAFs covered by R&R
Amounts paid to PAFs in the FY (In INR)
141
3. Describe the mechanisms to receive and redress grievances of the community.
We've established communication channels, including our online platform, mail, and written correspondence, for

community members to voice their concerns. When a grievance is raised, our stakeholder committee conducts a
comprehensive review. This is followed by an in-depth investigation and transparent discussions with the community
members affected. Through joint efforts, we collectively identify and put into action an equitable solution. We ensure
consistent updates on the progress and strive to resolve the concern to the satisfaction of all parties involved.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
Current FY Previous FY
Directly sourced from MSMEs/ small producers (Only For Purchase of Raw 8% 10%
Material and Consumables)
Sourced directly from within the district and neighbouring districts 33% 6%
5. Job creation in smaller towns - Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost:
Location FY (2023-24) FY (2022-23)

Rural 12.15% 6.33%
Semi-Urban 21.97% 18.39%
Urban 25.62% 30.72%
Metropolitan 40.25% 44.56%
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Not applicable, as there were no projects
Corrective action taken that require SIA as per applicable laws
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts
as identified by government bodies:
State
Aspirational district NIL
Amount spent (In INR)
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized /vulnerable groups? (Yes/No)
No
(b) From which marginalized /vulnerable groups do you procure?

Not Applicable
142 (c) What percentage of total procurement (by value) does it constitute?
Not Applicable
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in
the current financial year), based on traditional knowledge:
Intellectual Property based on traditional knowledge
Owned/ Acquired (Yes/No)
Not Available
Benefit shared (Yes / No)
Basis of calculating benefit share
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Name of the authority
Brief of the Case Not Applicable
Corrective action taken
6. Details of beneficiaries of CSR Projects:

Name of the project
No. of persons benefitted from CSR Projects Not Applicable

% of beneficiaries from vulnerable and marginalized groups
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible
manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The company has established effective mechanisms to receive and address consumer complaints and feedback.
This includes accessible channels such as helpline numbers, online platforms, and designated email addresses
where consumers can voice their concerns. Trained customer service teams promptly acknowledge and assess
complaints, working towards fair resolutions.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information
about:
The Company’s products confirm to all applicable statutory parameters:
As a percentage to total turnover

Environmental and social parameters relevant to the product
Safe and responsible usage 100%
Recycling and/or safe disposal
3. Number of consumer complaints in respect of the following:
Current FY Previous FY
Data privacy
143
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Cyber security
Delivery of essential services NIL
Restrictive Trade Practices
Unfair Trade Practices
Others
4. Details of instances of product recalls on account of safety issues:
Number Reason for a call

Voluntary recalls
NIL
Forced calls
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy
Yes, https://www.hariompipes.com/investor-relations-policies.php
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services.
Not applicable as there have been no reported incidents of such issues.
7. Provide the following information relating to data breaches:
a. Number of instances of data breaches NIL
b. Percentage of data breaches involving personally identifiable information of customers NIL
c. Impact, if any, of the data breaches NIL
1. Channels / platforms where information on products and services of the entity can be accessed (provide web
link, if available).
https://www.hariompipes.com/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
The company educate consumers about the safe and responsible usage of steel products. This includes clear
product information, user manuals, online resources, customer support, safety campaigns, and collaboration with
retailers.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

We have regular conversations with our customers to work on problems as a team. The Company values quality and
good service, which helps us create strong relationships and trust through ongoing communication.
4. Does the entity display product information on the product over and above what is mandated as per local laws?
144 (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer
satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or
the entity as a whole? (Yes/No)
Yes, the entity provides additional product information beyond local legal requirements. This supplementary
information often includes usage instructions, safety precautions, and specifications. These efforts are aimed at
promoting consumer awareness and responsible usage.
5. Provide the following information relating to data breaches:

a. Number of instances of data breaches along-with impact
Nil
b. Percentage of data breaches involving personally identifiable information of customers

Nil
INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF Hariom Pipe Industries Limited Basis for Opinion
Report on the Audit of the Financial Statements We conducted our audit of the financial statements in
accordance with the Standards on Auditing (“SA”s)
Opinion
specified under section 143(10) of the Act. Our
We have audited the accompanying financial statements responsibilities under those Standards are further
of Hariom Pipe Industries Limited (the “Company”), described in the Auditor’s Responsibilities for the Audit
which comprise the Balance Sheet as at March 31, of the Financial Statements section of our report.
2024, the Statement of Profit and Loss (including Other
We are independent of the Company in accordance with
Comprehensive Income), the Statement of Changes in
the Code of Ethics issued by the Institute of Chartered
Equity and the Statement of Cash Flows for the year
Accountants of India (“ICAI”) together with the ethical
ended on that date and a summary of accounting
requirements that are relevant to our audit of the
policies and other explanatory information (hereinafter
financial statements under the provisions of the Act and
referred to as the “financial statements”).
the Rules made thereunder, and we have fulfilled our
In our opinion and to the best of our information and other ethical responsibilities in accordance with these
according to the explanations given to us, the aforesaid requirements and the ICAI’s Code of Ethics. We believe
financial statements give the information required by that the audit evidence obtained by us is sufficient and
the Companies Act, 2013 (the “Act”) in the manner so appropriate to provide a basis for our audit opinion on
required and give a true and fair view in conformity the financial statements.
with the Indian Accounting Standards prescribed under
Key Audit Matters
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind Key audit matters are those matters that, in our
AS”) and other accounting principles generally accepted professional judgment, were of most significance in our
145
in India, of the state of affairs of the Company as at March audit of the financial statements of the current period.
31, 2024 and its profit including other comprehensive These matters were addressed in the context of our

income, changes in equity and its cash flows for the year audit of the financial statements as a whole, in forming
ended on that date. our opinion thereon, and we do not provide a separate
opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.
Sr. No. Key Audit Matter How our audit addressed the key audit matter
1 Property, Plant and Equipments Our Audit procedures included the following:
(PPE) ₹36,505.41 Lakhs as at March i. For addition to the PPE, we verified the approval and
31, 2024 (Refer note -2(a)). authorization procedures including contractual agreements
During the year, there has been with the major vendors and respective purchase orders.
substantial additions in the PPE. In ii. We selected the sample of vouchers for additions to the PPE
view of the same, the additions to during the year and verified the same. Verified with the reports
the PPE was considered as a key of physical verifications carried out by the management, if any.
audit matter so as to confirm the
iii. We verified borrowings against the PPE acquired, and the
proper accounting and recognition,
creation/registration of charge in respect of PPEs acquired out
measurement and disclosure of
of the borrowed funds, offered as a security.
PPE, in compliance with the Ind
AS 16, controls and monitoring iv. We verified correctness of the depreciation.
procedure for capitalization of PPE v. We verified correctness of accounting and disclosures as per
and utilization of the funds raised Ind AS read with schedule III of the Act.
for this purpose.
Sr. No. Key Audit Matter How our audit addressed the key audit matter
2 Capital Work-in-Progress (CWIP) - Our Audit procedures included the following:
₹1314.31 Lakhs as at March 31, 2024 i. We understood from the management details of the projects in
(Refer note 2(b)) progress and the procedure of capitalisation, including interest
During the year, there was addition capitalisation if any.
of ₹1904.74 lakhs to CWIP (including ii. We reviewed the management’s procedure to review the
borrowing cost of ₹184.97 lakhs) periodic progress of the projects and corresponding running
and capitalization of assets worth bills submitted by the contractors.
₹10,909.16 lakhs.
iii. We verified the invoices of the CWIP on sample basis as per
Since the amounts involved in the applicable terms and conditions.
above was significant and material,
iv. We verified the payments made by the accounts department,
the audit of the above area was
based on the approval by the proper authorities and other terms
considered to be a key audit matter
and conditions.
for reporting purpose.
v. Discussion of audit observations with the management/accounts
and finance team for clarification as and when required
Information Other than the Financial Statements and maintenance of adequate internal financial controls, that
Auditor’s Report Thereon were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
The Company’s Board of Directors is responsible for the
preparation and presentation of the financial statements
other information. The other information comprises the
that give a true and fair view and are free from material
information included in the Board of Director’s Annual
misstatement, whether due to fraud or error.
Report including Annexures thereto, but does not
include the financial statements, and our auditor’s report In preparing the financial statements, management
thereon. is responsible for assessing the Company’s ability to
146 continue as a going concern, disclosing, as applicable,
Our opinion on the financial statements does not cover
matters related to going concern and using the going
the other information and we do not express any form of
concern basis of accounting unless management either

assurance conclusion thereon.
intends to liquidate the Company or to cease operations,
In connection with our audit of the financial statements, or has no realistic alternative but to do so. The Board
our responsibility is to read the other information and, of Directors is also responsible for overseeing the
in doing so, consider whether the other information is Company’s financial reporting process.
materially inconsistent with the financial statements or
Auditor’s Responsibilities for the Audit of the Financial
our knowledge obtained during the course of our audit or
Statements
otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there Our objectives are to obtain reasonable assurance about
is a material misstatement of this other information; we whether the financial statements as a whole are free from
are required to report that fact. material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion.
Management’s Responsibilities for the Financial
Reasonable assurance is a high level of assurance, but is
Statements
not a guarantee that an audit conducted in accordance
The Company’s Board of Directors is responsible for with SAs will always detect a material misstatement
the matters stated in section 134(5) of the Act with when it exists. Misstatements can arise from fraud or
respect to the preparation of these financial statements error and are considered material if, individually or in
that give a true and fair view of the financial position, the aggregate, they could reasonably be expected to
financial performance, including other comprehensive influence the economic decisions of users taken on the
income, changes in equity and cash flows of the basis of these financial statements.
Company in accordance with the Ind AS, specified
As part of an audit in accordance with SAs, we exercise
under Section 133 of the Act and other accounting
professional judgment and maintain professional
principles generally accepted in India. This responsibility
skepticism throughout the audit. We also:
also includes maintenance of adequate accounting
records in accordance with the provisions of the Act • Identify and assess the risks of material
for safeguarding the assets of the Company and for misstatement of the financial statements, whether
preventing and detecting frauds and other irregularities; due to fraud or error, design and perform audit
selection and application of appropriate accounting procedures responsive to those risks, and obtain
policies; making judgments and estimates that are audit evidence that is sufficient and appropriate
reasonable and prudent; and design, implementation and to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from ethical requirements regarding independence, and to
fraud is higher than for one resulting from error, communicate with them all relationships and other
as fraud may involve collusion, forgery, intentional matters that may reasonably be thought to bear on
omissions, misrepresentations, or the override of our independence, and where applicable, related
internal control. safeguards.
• Obtain an understanding of internal financial From the matters communicated with those charged
control relevant to the audit in order to design with governance, we determine those matters that
audit procedures that are appropriate in the were of most significance in the audit of the financial
circumstances. Under section 143(3)(i) of the Act, statements of the current period and are therefore
we are also responsible for expressing our opinion the key audit matters. We describe these matters in
on whether the Company has adequate internal our auditor’s report unless law or regulation precludes
financial controls system in place and the operating public disclosure about the matter or when, in extremely
effectiveness of such controls. rare circumstances, we determine that a matter should
not be communicated in our report because the
• Evaluate the appropriateness of accounting policies
adverse consequences of doing so would reasonably
used and the reasonableness of accounting
be expected to outweigh the public interest benefits of
estimates and related disclosures made by the
such communication.
management.
Report on Other Legal and Regulatory Requirements
• Conclude on the appropriateness of management’s
use of the going concern basis of accounting and, 1. As required by the Companies (Auditors’ Report)
based on the audit evidence obtained, whether Order, 2020 (“the Order”) issued by the Central
a material uncertainty exists related to events or Government in terms of Section 143(11) of the Act,
conditions that may cast significant doubt on the we give in “Annexure A” a statement on the matters
Company’s ability to continue as a going concern. If specified in paragraphs 3 and 4 of the Order, to the
we conclude, that a material uncertainty exists, we extent applicable.
are required to draw attention in our auditor’s report
2. As required by Section 143(3) of the Act, and based 147
to the related disclosures in the financial statements
on our audit, we report that:
or, if such disclosures are inadequate, to modify

our opinion. Our conclusions are based on the audit a) We have sought and obtained all the information
evidence obtained up to the date of our auditor’s and explanations which to the best of our
report. However, future events or conditions may knowledge and belief were necessary for the
cause the Company to cease to continue as a going purposes of our audit.
concern.
b) In our opinion, proper books of account as
• Evaluate the overall presentation, structure and required by law have been kept by the Company
content of the financial statements, including the so far as it appears from our examination of
disclosures, and whether the financial statements those books.
represent the underlying transactions and events in
c) The Balance Sheet, the Statement of Profit and
a manner that achieves fair presentation.
Loss including Other Comprehensive Income,
Materiality is the magnitude of misstatements in the the Statement of Changes in Equity and the
financial statements that, individually or in aggregate, Statement of Cash Flows dealt with by this
makes it probable that the economic decisions of Report are in agreement with the books of
a reasonably knowledgeable user of the financial account.
statements may be influenced. We consider quantitative
d) In our opinion, the aforesaid financial statements
materiality and qualitative factors in
comply with the Ind AS specified under Section
(i) planning the scope of our audit work and in 133 of the Act, as applicable.
evaluating the results of our work; and
e) On the basis of the written representations
(ii) to evaluate the effect of any identified misstatements received from the directors as at March 31,
in the financial statements. 2024 taken on record by the Board of Directors,
none of the directors is disqualified as at March
We communicate with those charged with governance
31, 2024 from being appointed as a director in
regarding, among other matters, the planned scope
terms of Section 164(2) of the Act.
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control f) With respect to the adequacy of the internal
that we identify during our audit. financial controls over financial reporting of
the Company and the operating effectiveness
We also provide those charged with governance with
of such controls, refer to our separate Report
a statement that we have complied with relevant
in “Annexure B”. Our report expresses an the Funding Party (“Ultimate Beneficiaries”)
unmodified opinion on the adequacy and or provide any guarantee, security or the
operating effectiveness of the Company’s like on behalf of the Ultimate Beneficiaries;
internal financial controls over financial
(c) Based on the audit procedures that have
reporting.
been considered reasonable and appropriate
g) With respect to the other matters to be included in the circumstances, nothing has come to
in the Auditors’ Report in accordance with Rule our notice that has caused us to believe
11 of the Companies (Audit and Auditors) Rules, that the representations under sub-clause
2014, in our opinion and to the best of our (i) and (ii) of Rule 11(e), as provided under
information and according to the explanations (a) and (b) above, contain any material
given to us: misstatement.
(i) The Company has disclosed the impact of i) The Company has not declared nor proposed or
pending litigations as on March 31, 2024 paid any dividends during the year and therefore
on its financial position in its financial compliance under section 123 of the Act is not
statements. (Refer note no. 32) applicable to the Company.
(ii) The Company does not have any long-term j) With respect to the other matters to be included
contracts including derivatives contracts for in the Auditor’s Report in accordance with the
which there were any material foreseeable requirements of section 197(16) of the Act, as
losses. amended:
(iii) There were no amounts which were required In our opinion and to the best of our information
to be transferred to the Investor Education and according to the explanations given to us,
and Protection Fund by the Company. the remuneration paid by the Company to its
directors during the year is in accordance with
h) (a) The Management has represented that,
the provisions of section 197 of the Act.
to the best of its knowledge and belief, no
148 funds (which are material either individually k) Based on our examination which included test
or in the aggregate),other than disclosed checks, the company has used an accounting
in notes to the financial statements, have software (Bizsol ERP) for maintaining its books
been advanced or loaned or invested (either of account which has a feature of recording
from borrowed funds or share premium or audit trail (edit log) facility and the same has
any other sources or kind of funds) by the operated throughout the year for all relevant
Company to or in any other person or entity, transactions recorded in the said software.
including foreign entities (“Intermediaries”), Further, during the course of our audit, we did
with the understanding, whether recorded not come across any instance of audit trail
in writing or otherwise, that the Intermediary feature being tampered with and the audit trail
shall, whether, directly or indirectly lend or has been preserved by the company as per the
invest in other persons or entities identified statutory requirements for record retention.
in any manner whatsoever by or on behalf
of the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like For R Kabra & Co. LLP
on behalf of the Ultimate Beneficiaries; Chartered Accountants
(b) The Management has represented, that, Firm Registration No. 104502W/W100721
to the best of its knowledge and belief, no
funds (which are material either individually Sd/-
or in the aggregate) have been received Ram S Verma
by the Company from any person or entity, Partner
including foreign entity (“Funding Parties”), Membership No.: 038913
with the understanding, whether recorded UDIN: 24038913BKFXFU3458
in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or Place: Hyderabad
invest in other persons or entities identified Date: May 17, 2024
in any manner whatsoever by or on behalf of
ANNEXURE “A”
TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to
the Members of Hariom Pipe Industries Limited of even date)
To the best of our information and according to the management is appropriate. No discrepancies
explanations provided to us by the Company and the of 10% or more in the aggregate for each class
books of account and records examined by us in the of inventory were noticed on such verification
normal course of audit, we state that: b. As per the information and explanations given to
i. In respect of the Company’s Property, Plant and us, the Company has been sanctioned working
Equipment and Intangible Assets: capital limits in excess of five crore rupees, in
aggregate, from banks on the basis of security
a. A. The Company is maintaining proper
of current assets and the quarterly returns or
records showing full particulars, including
statements filed by the company with such
quantitative details and situation of Property,
banks or financial institutions are in agreement
Plant and Equipment.
with the books of account of the Company.
B. The Company is maintaining proper records iii. In respect of loans, advances in the nature of loans,
showing full particulars of intangible assets. guarantee and security provided during the year:
b. The Property, Plant and Equipment have been a. The Company has not provided any loans stood
physically verified by the management at guarantee, nor provided security to any other
reasonable intervals. No material discrepancies entity during the year. However, the company
were noticed on such verification and therefore has given advances in the nature of loans to
no adjustments are required to be made in the employees.
books of account.
A) Since the Company does not have any
149
c. As per the information and explanations given subsidiaries, joint ventures and associates,
to us and on the basis of examination of records Clause 3(iii)(a)(A) of the Order is not

of the company, the title deeds of all the applicable.
immovable properties (other than properties
B) the aggregate amount during the year, and
where the company is the lessee and the lease
balance outstanding at the balance sheet
agreements are duly executed in favour of
date with respect to Advances in the nature
lessee), disclosed in the financial statements
of loans given to employees are as under:
included under Property, Plant and Equipment
are held in the name of the Company as at the (₹in lakhs )
balance sheet date.
The
d. The Company has not revalued any of its aggregate Balance
Property, Plant and Equipment (Including right amount Outstanding
Particulars
of use assets) nor intangible assets during the granted as at March
year. Therefore no comments are called for in during the 31, 2024
respect of whether the revaluation is based on year
the valuation by a registered valuer and if any Advances in the 63.46 51.01
adjustment is required for more than 10% or nature of Loans -
more in the net carrying value of each class of Employee
the assets. Advances
e. As per the information and explanations given The company has not granted any loans nor
to us, no proceedings have been initiated or are stood any guarantee or provided security to
pending against the Company as at March 31, parties other than subsidiaries, joint ventures
2024 for holding any benami property under and associates during the year.
the Benami Transactions (Prohibition) Act,
1988 (45 of 1988, as amended) and rules made b. The Company has not made any investments,
thereunder. nor given any loans, provided any guarantees
or security during the year. In respect of
ii. a. The physical verification of inventory has the advances in the nature of loans given
been conducted at reasonable intervals by the to employees, in our opinion, the terms and
management and in our opinion, the coverage conditions are not prejudicial to the company’s
and procedure of such verification by the interest.
c. As stated above, the company has not given any of sections 185 and 186 are not applicable. Hence
loans during the year. In respect of advances clause 3(iv) of the Order is not applicable.
in the nature of loans given to employees,
v. As per the information and explanations given to
where the schedule of repayment /receipts are
us, the Company has not accepted any deposit or
stipulated, the repayment/receipts are regular.
amounts which are deemed to be deposits. Hence,
d. In our opinion and according to the information clause 3(v) of the Order is not applicable.
and explanations given to us, no amount is
vi. In our opinion and according to the information
overdue for repayment. Therefore, clause 3(iii)
an explanation given to us, the Company has
(d) is not applicable to the company.
maintained cost records specified by the Central
e. As per the information and explanations given Government under sub-section (1) of section 148
to us, and based on our audit of the records, of the Companies Act, 2013. However, we have
the Company has not granted any loans during not carried out a detailed examination of the above
the year. No cases were observed where records.
any advance in the nature of loan granted to
vii. In respect of statutory dues:
employees has fallen due during the year, or
which has been renewed or extended or fresh a. In our opinion, the Company has generally
loans granted by the company to settle the been regular in depositing undisputed statutory
overdues of existing advances to such parties dues, including Goods and Services tax,
. Therefore, clause 3(iii)(e) of the Order is not Provident Fund, Employees’ State Insurance,
applicable. Income Tax, duty of customs, cess and other
material statutory dues applicable to it with the
f. The company has not granted any loans or
appropriate authorities. The company is not
advances in the nature of loans either repayable
liable to sales tax, service tax, duty of excise ,
on demand or without specifying any terms or
value added tax and cess . There are no arrears
period of repayment.
of outstanding statutory dues as at March 31,
150 iv. The Company has not granted any loans nor made 2024 for a period of more than six months
any investments or given any guarantees and from the date they became payable except the
securities during the year. Accordingly, provisions following which is outstanding since February/
March 2020.
₹in Lakhs
Outstanding Period to
Name of the Name of statutory which the Due Date of
Remarks if any
statute the Dues due amount amount Date Payment
(Undisputed) relates
Employee’s Employee 0.30 February, May 15, - Due to technical problems
State State 2020 & 2020 at ESI Department, the
Insurance Act, Insurance March, Company has not been able
1948 dues. 2020 to pay.
b. In our opinion and as per the information and explanations given to us, statutory dues referred to in clause (a)
above which have not been deposited on account of any dispute, are as under :
₹in Lakhs
Period for
Nature of Amount Forum where the dispute
Name of the Statute Amount which the
due paid is pending
amount related
Income Tax Act, 1961 Income Tax *35.05 29.04 A.Y 2009-10 Income Tax Appellate
Tribunal (ITAT) Hyderabad
555.50 83.33 A.Y 2017-18 CIT (Appeals)
2.16 Nil A.Y 2019-20 CIT (Appeals)
Central Goods and GST 19.71 2.02 F.Y 2017-18 GST Appellate Authority
Services Tax Act, 2017
*The honourable ITAT has decided the appeal in company’s favour by dropping the disputed demand of Rs.35.05
Lakhs as per its order I.T.A No. 1775/HYD/2014 dated October 5, 2016. However, appellate order effect is yet to
be given by the income tax department.
viii. There were no transactions relating to previously meet the obligations of its subsidiaries does not
unrecorded income that have been surrendered arise. Therefore, clause 3(ix)(e) of the Order is
or disclosed as income during the year in the tax not applicable.
assessments under the Income Tax Act, 1961 (43 of
(f) Since the Company does not have any
1961).
subsidiaries, joint ventures or associate
(a) The Company has not defaulted in repayment of companies, the question of raising any loan on
loans or other borrowings or in the payment of the pledge of securities held in their name does
interest thereon to any lender. not arise. Therefore, clause 3(ix)(f) of the Order
is not applicable.
(b) The Company has not been declared wilful
defaulter by any bank or financial institution or ix. (a) The Company has not raised any moneys by
any other lender. way of initial public offer or future public offer
(including debt instruments) during the year.
(c) In our opinion, the term loans were applied for
Therefore, clause 3(x)(a) of the Order is not
the purpose for which these were obtained.
applicable.
(d) Based on the examination of the financial
(b) As per the information and explanations given
statements of the Company, funds raised on
to us, the company has made private placement
short term basis have, prima facie, not been
of shares during the year and complied with the
utilised for long-term purposes by the Company.
requirements of section 42 of the Companies
(e) Since the Company does not have any Act, 2013, as applicable. The funds raised have
subsidiary, the question of taking any funds been utilised for the purpose for which these
from any entity or person on account of or to funds were raised except the following amounts
lying in the current bank account
(Escrow account) as at the year end. The details of the money raised are as under :
(₹in lakhs)
151
Nature of Securities viz. Equity Purpose for Total Amount utilized Unutilized balance

shares/ Preference shares/ which funds were Amount for the other as at balance sheet
Convertible debentures raised Raised purpose date
Equity share warrants Working Capital 13510.69 Nil 3026.91
The Company has not issued any Convertible 2013 with respect to applicable transactions
debentures (fully, partially or optionally convertible) with the related parties and the details of
during the year under section 62. related party transactions have been disclosed
in the financial statements as required by the
(c) a) No fraud by the Company or any fraud on
applicable accounting standards.
the Company has been noticed or reported
during the year. (f) a) In our opinion, the Company has an internal
audit system commensurate with the size
b) No report under sub-section (12) of section
and the nature of its business. However it
143 of the Act has been filed by the Auditors
requires to be strengthened further.
in Form ADT- 4 as prescribed under rule 13
of Companies (Audit and Auditors) Rules, b) We have considered the internal audit
2014 with the Central Government, during reports for the year under audit, issued
the year upto the date of this report. to the Company during the year and till
date. However, we have not reassessed or
c) As per the information and explanations
modified our audit procedures in determining
given to us, since there were no whistle
the nature, timing and extent of our audit
blower complaints received by the
based on these internal audit reports.
Company during the year, reporting under
clause 3(xii) of the Order is not applicable to (g) In our opinion, the Company has not entered into
the Company. any non-cash transactions with its directors or
persons connected with them. Hence provisions
(d) The Company is not a Nidhi Company. Therefore,
of section 192 of the Companies Act, 2013 are
clauses 3(xii)(a), 3(xii)(b) and 3(xii)(c) of the
not applicable to the Company.
Order are not applicable.
(h) a) In our opinion, the Company is not required
(e) In our opinion, the Company is in compliance
to be registered under section 45-IA of the
with Section 177 and 188 of the Companies Act,
Reserve Bank of India Act, 1934. Hence, uncertainty exists as on the date of the audit
clauses 3(xvi)(a), 3(xvi)(b) and 3((xvi)(c) of report indicating that Company is not capable
the Order are not applicable. of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a
b) In our opinion, the Company has not
period of one year from the balance sheet date.
conducted any Non-Banking Financial or
Housing Finance activities during the year. We, however, state that this is not an assurance
Therefore, the question of conducting the as to the future viability of the Company. We
above activities without a valid Certificate further state that our reporting is based on the
of Registration does not arise. facts up to the date of the audit report and we
neither give any guarantee nor any assurance
c) The Company is not a Core Investment
that all liabilities falling due within a period of
Company (CIC) as defined in the regulations
one year from the balance sheet date, will get
made by the Reserve Bank of India. Therefore,
discharged by the Company as and when they
the condition of fulfilling the criteria for CIC
fall due.
is not applicable. The Company is neither
an exempted nor an unregistered CIC and (l) a) As per the information and explanations
therefore the continuing the criteria of a given to us, since the Company does not
CIC, by the Company are not applicable. have any other than ongoing projects,
no unspent amount is required to be
d) As per the information and explanations given
transferred to a Fund specified in Schedule
to us, since the Company is not a Core
VII to the Companies Act within a period of
Investment Company, the Group does not
six months of the expiry of the financial year
have any CIC investment company within
in compliance with second proviso to sub-
the Group (as defined in the Core Investment
section (5) of section 135 of the said Act.
Companies (Reserve Bank) Directions,
2016) and accordingly clause 3(xvi)(d) of b) In our opinion, there is no amount remaining
the Order is not applicable. unspent under sub-section (5) of section
152 135 of the Companies Act, pursuant to any
(i) The Company has not incurred cash losses
ongoing project, which is required to be
during the financial year and the also during the
transferred to special account in compliance

immediately preceding financial year.
with the provision of sub-section (6) of
(j) There has been no resignation of the section 135 of the said Act.
statutory auditors of the Company during the
(m) Since the company is not a holding company,
year. Therefore, the question of taking into
the clause 3(xxi) of the Order is not applicable.
consideration any of issues, objections or
concerns raised by the outgoing auditors does
not arise. Accordingly, clause 3(xviii) of the
Order is not applicable. For R Kabra & Co. LLP
Chartered Accountants
(k) On the basis of the financial ratios, ageing Firm Registration No: 104502W/W100721
and expected dates of realization of financial
assets and payment of financial liabilities, Sd/-
other information accompanying the financial Ram S Verma
statements and our knowledge of the Board of Partner
Directors and Management plans and based on Membership No: 038913
our examination of the evidence supporting the UDIN: 24038913BKFXFU3458
assumptions, nothing has come to our attention,
which causes us to believe that any material Place: Hyderabad
Date: May 17, 2024
ANNEXURE “B”
TO THE INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS OF HARIOM PIPE INDUSTRIES
LIMITED
(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even
date)
Report on the Internal Financial Controls Over Financial controls over financial reporting included obtaining an
Reporting under Clause (i) of Sub-section 3 of Section understanding of internal financial controls over financial
143 of the Companies Act, 2013 (“the Act”) reporting with reference to these Financial Statements,
assessing the risk that a material weakness exists,
We have audited the internal financial controls over
and testing and evaluating the design and operating
financial reporting of HARIOM PIPE INDUSTRIES LIMITED
effectiveness of internal control based on the assessed
(“the Company”) as of March 31, 2024 in conjunction with
risk. The procedures selected depend on the auditor’s
our audit of the financial statements of the Company for
judgement, including the assessment of the risks of
the year ended on that date.
material misstatement of the financial statements,
Management’s Responsibility for Internal Financial whether due to fraud or error.
Controls
We believe that the audit evidence we have obtained
The Company’s management is responsible for is sufficient and appropriate to provide a basis for our
establishing and maintaining internal financial controls audit opinion on the Company’s internal financial controls
based on the internal control over financial reporting system over financial reporting with reference to these
criteria established by the Company considering the Financial Statements.
essential components of internal control stated in the
Meaning of Internal Financial Controls Over Financial
Guidance Note on Audit of Internal Financial Controls
Reporting
Over Financial Reporting (the “Guidance Note”) issued
by the Institute of Chartered Accountants of India A Company’s internal financial control over financial
153
(“ICAI”). These responsibilities include the design, reporting with reference to these Financial Statements
implementation and maintenance of adequate internal is a process designed to provide reasonable assurance

financial controls that were operating effectively regarding the reliability of financial reporting and
for ensuring the orderly and efficient conduct of its the preparation of financial statements for external
business, including adherence to Company’s policies, the purposes in accordance with generally accepted
safeguarding of its assets, the prevention and detection accounting principles. A Company’s internal financial
of frauds and errors, the accuracy and completeness of control over financial reporting with reference to
the accounting records, and the timely preparation of these Financial Statements includes those policies
reliable financial information, as required under the Act. and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
Auditor’s Responsibility
reflect the transactions and dispositions of the assets
Our responsibility is to express an opinion on the of the Company; (2) provide reasonable assurance
Company’s internal financial controls over financial that transactions are recorded as necessary to permit
reporting with reference to these Financial Statements preparation of financial statements in accordance
based on our audit. We conducted our audit in with generally accepted accounting principles, and
accordance with the Guidance Note and the Standards that receipts and expenditures of the Company are
on Auditing prescribed under Section 143(10) of the being made only in accordance with authorizations of
Act, to the extent applicable to an audit of internal management and directors of the Company; and (3)
financial controls. Those Standards and the Guidance provide reasonable assurance regarding prevention
Note require that we comply with ethical requirements or timely detection of unauthorized acquisition, use or
and plan and perform the audit to obtain reasonable disposition of the Company’s assets that could have a
assurance about whether adequate internal financial material effect on the financial statements.
controls over financial reporting with reference to these
Inherent Limitations of Internal Financial Controls Over
Financial Statements was established and maintained
Financial Reporting with reference to these Financial
and if such controls operated effectively in all material
Statements.
respects.
Because of the inherent limitations of internal financial
Our audit involves performing procedures to obtain
controls over financial reporting with reference to
audit evidence about the adequacy of the internal
these Financial Statements, including the possibility of
financial controls system over financial reporting with
collusion or improper management override of controls,
reference to these Financial Statements and their
material misstatements due to error or fraud may occur
operating effectiveness. Our audit of internal financial
and not be detected. Also, projections of any evaluation financial reporting criteria established by the Company
of the internal financial controls over financial reporting considering the essential components of internal control
with reference to these Financial Statements to future stated in the Guidance Note on Audit of Internal Financial
periods are subject to the risk that the internal financial Controls Over Financial Reporting issued by the ICAI.
control over financial reporting with reference to these
Financial Statements may become inadequate because
of changes in conditions, or that the degree of compliance For R Kabra & Co. LLP
with the policies or procedures may deteriorate. Chartered Accountants
Firm Registration No: 104502W/W100721
Opinion
In our opinion, to the best of our information and according Sd/-
to the explanations given to us, the Company has, in all Ram S Verma
material respects, an adequate internal financial controls Partner
system over financial reporting with reference to these Membership No.: 038913
Financial Statements and such internal financial controls UDIN: 24038913BKFXFU3458
over financial reporting were operating effectively as
at 31st March, 2024, based on the internal control over Place: Hyderabad
Date: May 17, 2024
154
Balance Sheet
As At March 31, 2024
(Rs. in Lakhs)
As at As at
Particulars Note No.
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
(a) Property, plant and equipment 2(a) 36,505.41 13,324.79
(b Capital work-in-progress 2(b) 1,314.31 10,318.72
(c) Right of use assets 2(c) 112.65 123.30
(d) Intangible Assets 2(d) 4.21 4.67
(e) Financial Assets
(i) Other financial assets 3 1,303.78 95.52
(f) Other non-current assets 4 625.12 4,085.33
Total Non Current Assets 39,865.48 27,952.33
Current assets
(a) Inventories 5 29,653.98 21,217.31
(b) Financial assets
(i) Trade receivables 6 12,207.31 8,611.68
(ii) Cash and cash equivalents 7(a) 177.97 10,404.27
(iii) Bank balances other than (ii) above 7(b) 3,001.00 68.13
(iv) Other financial assets 8 230.34 14.62
(c) Other current assets 9 2,888.15 2,650.11
Total Current Assets 48,158.75 42,966.12
Total Assets 88,024.24 70,918.45
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 10 2,886.51 2,761.56
(b) Other equity 11 43,525.24 34,755.10 155
Total Equity 46,411.75 37,516.66
LIABILITIES

Non-current liabilities
(a) Financial liabilities
(i) Borrowings 12 11,970.82 12,519.40
(ia) Lease liabilities 2(c) 117.03 121.74
(b) Provisions 13 44.33 33.16
(c) Deferred tax liabilities (Net) 14 823.64 424.30
Total Non Current Liabilities 12,955.82 13,098.60
Current liabilities
(a) Financial Liabilities
(i) Borrowings 15 25,117.72 17,082.41
(ia) Lease liabilities 2(c) 4.71 4.31
(ii) Trade payables 16
(A) total outstanding dues of micro enterprises and small enterprises; and 97.47 -
(B) total outstanding dues of creditors other than micro enterprises and 1,793.33 1,631.31
small enterprises.
(iii) Other financials liabilities 17 1,059.53 874.93
(b) Other current liabilities 18 283.10 263.18
(c) Provisions 19 5.00 5.15
(d) Current tax liabilities (Net) 20 295.79 441.89
Total Current Liabilities 28,656.66 20,303.18
Total Equity and Liabilities 88,024.24 70,918.45
Material accounting policies and notes to accounts 1 to 52
As per our report of even date annexed hereto. On behalf of the Board
FOR R KABRA & CO. LLP HARIOM PIPE INDUSTRIES LIMITED
Sd/- Sd/- Sd/-
Ram S Verma Rupesh Kumar Gupta Sailesh Gupta
(Partner) (Managing Director) (Whole Time Director)
Membership No: 038913 DIN 00540787 DIN 00540862
UDIN : 24038913BKFXFU3458
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Amitabha Bhattacharya Rekha Singh
Chief Financial Officer Company Secretary
Membership No: A33986
Place : Hyderabad Place: Hyderabad
Date : May 17, 2024 Date : May 17, 2024
Statement of profit and loss
for the year ended March 31, 2024
(Rs. in Lakhs)
For the year ended For the year ended

Particulars Note No.
March 31, 2024 March 31, 2023
I Revenue from operations 21 1,15,318.77 64,371.21
II Other income 22 519.71 74.82
III Total Income (l+Il) 1,15,838.47 64,446.03
IV EXPENSES
Cost of materials consumed 23 94,641.61 49,472.02
Purchase Stock in Trade 1,583.99 -
Changes in inventories of finished goods, stock-in-trade and work-in-progress 24 (7,594.51) (3,166.98)
Employee benefits expense 25 4,467.89 2,248.97
Finance costs 26 3,256.32 1,038.04
Depreciation and amortization expenses 2 3,386.58 942.45
Power and fuel 6,902.96 6,735.34
Other expenses 27 1,457.39 893.53
Total expenses (lV) 1,08,102.23 58,163.37
V Profit before tax (III-IV) 7,736.25 6,282.66
VI Tax expense: 28
(1) Current tax 1,605.81 1,497.21
(2) Deferred tax 397.97 105.72
156 (3) Tax related to earlier tax period 52.52 58.93
Total Tax Expense (VI) 2,056.30 1,661.86

VII Profit for the period from continuing operations (V-Vl) 5,679.95 4,620.80
VIII Profit/(loss) from discontinued operations - -
IX Tax expenses of discontinued operations - -
X Profit from Discontinued operations (after tax) (VIII-IX) - -
XI Profit for the period (VII+X) 5,679.95 4,620.80
XII Other Comprehensive Income
A. (i) Items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligation (5.44) (14.47)
Income tax relating to items that will not be reclassified to profit or loss 1.37 3.64
B. (i) Items that will be reclassified to profit or loss
(ii) lncome tax relating to items that will be reclassified to profit or loss
XIII Total Comprehensive Income for the Year (XI+XII) 5,684.02 4,631.63
XIV Earnings per equity share (Face Value of Rs. 10 Each) (for continuing operation): 29
(1) Basic 20.34 18.30
(2) Diluted 18.34 18.29
Material accounting policies and notes to accounts 1 to 52
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Date : May 17, 2024 Date : May 17, 2024
Statement of Changes in Equity

A. Equity Share Capital

As at March 31, 2024 (Rs. in Lakhs)
Changes in Equity Changes in equity share

Opening balance Restated balance Balance as at
Share Capital due to capital during the current
as at April 1, 2023 as at April 1, 2023 March 31, 2024
prior period errors period
No. of
No. of Shares Amount Amount No. of Shares Amount No. of Shares Amount No. of Shares Amount
Shares
2,76,15,629 2,761.56 - - 2,76,15,629 2,761.56 12,49,497 124.95 2,88,65,126 2,886.51
Changes in Equity Changes in equity share

Opening balance Restated balance Balance as at
Share Capital due to capital during the current
as at April 1, 2022 as at April 1, 2022 March 31, 2023
prior period errors period
No. of
No. of Shares Amount Amount No. of Shares Amount No. of Shares Amount No. of Shares Amount
Shares
1,69,76,204 1,697.62 - - 1,69,76,204 1,697.62 1,06,39,425 1,063.94 2,76,15,629 2,761.56
B. Other Equity
(1) For the year ended March 31, 2024 (Rs. in Lakhs)
Equity Reserves and surplus

Share Money
component
Application Capital received
of
Particulars Money Redemption Securities Retained against Total
compound
pending Reserves premium Earnings Share
financial
Allotment Warrants
instruments
157
Balance as at April 1, 2023 15.09 84.19 36.62 20,103.09 11,628.36 2,887.76 34,755.10

Changes in accounting policy/prior period errors - - - - - - -
Restated balance at the beginning of the cur- 15.09 84.19 36.62 20,103.09 11,628.36 2,887.76 34,755.10
rent reporting period
Additions during the year:
(a) Total Comprehensive Income for the year - - - - 5,684.02 - 5,684.02
(b) Premium on issue of equity shares - - - 9.21 - - 9.21
(c) Premium on Conversion of Warrants to equity - - - 4,176.60 - - 4,176.60

shares
(d) Share issue expenses - - - -15.75 - - -15.75
(e) Share Application Money pending Allotment -15.09 - - - - - -15.09

(Equities and Warrants)
(f) Money Reveived Against Share Warrants (re- - - - - - 3,232.43 3,232.43

fer note 11.2)
(g) Share Warrants converted into equity Shares - - - - - -4,301.28 -4,301.28

(refer note 11.2)
-15.09 - - 4,170.06 5,684.02 -1,068.85 8,770.14
Balance as at March 31, 2024 0.00 84.19 36.62 24,273.15 17,312.37 1,818.91 43,525.24
Statement of Changes in Equity
(2) For the year ended March 31, 2023 (Rs. in Lakhs)
Equity Reserves and surplus

Share Money
component
Application Capital received
of
Particulars Money Redemption Securities Retained against Total
compound
pending Reserves premium Earnings Share
financial
Allotment Warrants
instruments
Balance as at April 1, 2022 - 94.64 - 1,286.52 7,022.89 8,404.05
Changes in accounting policy/prior period errors - - - - - -
Restated balance at the beginning of the cur- - 94.64 - 1,286.52 7,022.89 8,404.05
rent reporting period
(a) Total Comprehensive Income for the year - - - - 4,631.63 - 4,631.63
(b) Premium on issue of shares - - - 19,303.81 - - 19,303.81
(c) Share issue expenses - - - -487.24 - - -487.24
(d) CRR Created on redemption of Preference - - 36.62 - -36.62 - -

Share Capital
(e) Equity Component transferred to Retained - -10.45 - - 10.45 - -

Earnings
(f) Share Application Money pending Allotment 15.09 - - - - - 15.09

(g) Money Reveived Against Share Warrants - - - - - 2,887.76 2,887.76
158 15.09 -10.45 36.62 18,816.57 4,605.46 2,887.76 26,351.05
Description of the purposes of each reserves within equity (Refer note no. 11.1 to 11.3)
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Date : May 17, 2024 Date : May 17, 2024
Statement of Cash Flows

(Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit/(Loss) before tax for the year 7,736.25 6,282.66
Adjustments for:
Interest income (383.18) (74.17)
Profit on sale of Property, Plant and Equipment (7.19) (0.55)
Depreciation and amortization expenses 3,386.58 942.45
Finance Charges other than interest on CFI 3,247.68 1,006.69
Interest on CFI 8.64 8.54
Loss on Early Redemption of Compound Financial Instrument - 22.82
Operating profit before working capital changes 13,988.78 8,188.44
Movement in working capital:
(Increase)/Decrease Trade & other receivables (3,732.60) (7,780.40)
(Increase)/Decrease Inventories (8,436.67) (9,738.31)
Increase/(Decrease) Trade payables & other liabilities 480.47 1,046.47
Cash Generated From Movement in working capital (11,688.80) (16,472.24) 159
Less: Income taxes paid (1,804.43) (1,773.03)

Net cash flow From Operating Activities (A) 495.54 (10,056.84)
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment (Including Capital (23,129.59) (12,908.46)
Advances)
Sale of Property, Plant & Equipment 19.50 9.00
(Increase)/ decrease in Capital-work-in progress 9,004.41 (9,312.70)
Purchase of Intangible Assets (3.19) (3.48)
(Increase) / decrease in deposits (4,197.36) (30.00)
(Increase) / decrease in Other non-current assets - 27.87
Interest received 147.21 65.89
Net cash flow used in Investing Activities - (B) (18,159.02) (22,151.88)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Equity Shares (Refer Note 10.5) 0.03 1,063.94
Proceeds from issue of Share Warrants 3,225.96 2,887.76
Share Application Money pending allotment - 15.09
Redemption of Preference Shares - (36.62)
Securities premium on issue of shares (Refer Note 11.2) 0.84 19,303.81
Issue Expenses amortised with securities premium (15.75) (487.24)
Long term borrowings - Term loans from banks and others 1,753.26 11,625.79
Repayment of long term borrowings - Term loans from banks (1,654.01) (1,212.12)
and others
Proceed/(Repayment) in Other Borrowings 24.81 (151.67)
Statement of Cash Flows
(Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
Proceed/(Repayment) in short term borrowings - working 7,322.80 10,732.35
capital loans
Finance Charges other than interest on CFI (3,220.76) (1,135.35)
Net cash flow from Financing Activities (C) 7,437.18 42,605.74
Net increase/ (decrease) in Cash & cash equivalents (A+B+C) (10,226.30) 10,397.02
Opening Balances of Cash and cash equivalents 10,404.27 7.25
Closing Balances of Cash and cash equivalents 177.97 10,404.27
1 Statement of Cash Flows has been prepared under the indirect method as set out in the IND AS “Statement of
Cash Flows” as prescribed in the Companies (Indian Accounting Standards), Rules 2015
2 Components of cash and cash equivalents
Cash on Hand 23.64 17.46

Balance with Banks:
On Current Accounts 154.34 10,386.81
Total cash and cash equivalents (refer note 7(a)) 177.97 10,404.27
160 3 The balance includes Rs. NIL (previous Year Rs.7,389.64 Lakhs) received against issue of equity shares on
private placement basis and Rs.0.45 Lakhs (previous year Rs 2,894.21 Lakhs) against issue of share warrants in
Escrow Account
4 Previous year figures have been regrouped/reclassified wherever considered necessary
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Date : May 17, 2024 Date : May 17, 2024
Notes to financial statements

COMPANY BACKGROUND: (b) Basis of preparation:

Hariom Pipe Industries Limited, established in 2007, is a The Company maintains accounts on accrual
prominent manufacturer of high-quality steel products basis following the historical cost convention,
in India, including mild steel (MS) pipes, scaffolding, except for certain financial instruments that
Galvanized Pipes/Coil and Cold Roll Pipes/Coil. Our are measured at fair value in accordance with
integrated operations, from producing raw materials like Ind AS. The carrying value of all the items of
sponge iron and billets to final products, ensure stringent property, plant and equipment and investment
quality control and cost efficiency. property as on date of transition is considered
as the deemed cost. Fair value measurements
Our state-of-the-art facilities and robust distribution
under Ind AS are categorized as below based
network across south India allow us to meet the
on the degree to which the inputs to the fair
diverse needs of sectors such as construction and
value measurements are observable and the
infrastructure. At Hariom Pipe Industries, we prioritize
significance of the inputs to the fair value
customer satisfaction and are dedicated to innovation
measurement in its entirety:
and excellence, continuously expanding our product
range and enhancing production capabilities to support Level 1 - inputs are quoted prices (unadjusted)
India's infrastructure development. in active markets for identical assets or liabilities
that the company can access at measurement
The Company has four manufacturing units situated as
date;
under:
Level 2 - inputs are inputs, other than quoted
a) Works 3-45/1, Sy.No.62 & 63, Sheriguda Paddayapally
prices included in level 1, that are observable for
(G.P.) Balanagar Mahbubnagar, Telangana
the asset or liability, either directly or indirectly;
b) Survey number 98, D Hirehal Village, Ananthapur, and
Andhra Pradesh. 161
Level 3 - inputs are unobservable inputs for the
c) Plot No. B-15 to B-28, SIPCOT INDL, Growth Centre, valuation of assets/liabilities

Perundurai Erode, Tamil Nadu.
Fair value is the price that would be received to
d) Sy.No.39, Sheriguda Paddayapally (G.P.) Balanagar sell an asset or paid to transfer a liability in an
Mahbubnagar, Telangana orderly transaction between market participants
at the measurement date, regardless of whether
The Company is listed on Bombay stock Exchange (BSE)
that price is directly observable or estimated
(BSE scrip code-543517) and National Stock Exchange
using another valuation technique. In estimating
(NSE) (NSE symbol- HARIOMPIPE) from April 13, 2022.
the fair value of an asset or a liability, the
1. MATERIAL ACCOUNTING POLICIES Company takes into account the characteristics
(a) Statement of compliance: of the asset or liability if market participants
would take those characteristics into account
The company’s financial statements have been when pricing the asset or liability at the
prepared in accordance with the provisions measurement date. Fair value for measurement
of the Companies Act, 2013 and the Indian and/or disclosure purposes in these financial
Accounting Standards (“Ind AS”) notified under statements is determined on such a basis,
the Companies (Indian Accounting Standards) except for leasing transactions that are within
Rules, 2015, as amended, issued by Ministry the scope of Ind AS 116, and measurements that
of Corporate Affairs under section 133 of the have some similarities to fair value but are not
Companies Act 2013 (“the Act”). In addition, the fair value, such as net realizable value in Ind AS
Guidance Notes/announcements issued by the 2 or value in use in Ind AS 36.
Institute of Chartered Accountants of India (ICAI)
from time to time are also applied except where (c) Presentation of Financial Statements
compliance with other statutory promulgations The Ind AS Balance Sheet, the Ind AS Statement
require a different treatment. These financials of Profit and Loss and Ind AS statement of
statements have been approved for issue by the Change in Equity are prepared and presented
Board of Directors at their meeting held on May in the format prescribed in the Schedule III
17, 2024. Division (ii) to the Act. The statement of cash
flows has been prepared and presented as
per the requirements of Ind AS 7 “Statement of
Cash flows”. The disclosure requirements with tax charges in the Statement of Profit or Loss.
respect to items in the Balance Sheet, Statement
Provision for tax liabilities require judgments
of Profit and Loss and statement of Change in
on the interpretation of tax legislation,
Equity as prescribed in the Schedule III Division
developments in case law and the potential
(ii) to the Act, are presented by way of notes
outcomes of tax audits and appeals which may
forming part of the financial statements along
be subject to significant uncertainty.
with the other notes required to be disclosed
under the notified IND AS. Therefore, the actual results may vary from
expectations resulting in adjustments to
(d) Use of estimates and critical accounting
provisions, the valuation of deferred tax assets,
judgments:
cash tax settlements and therefore the tax
In preparation of the financial statements, the charge in the Statement of Profit or Loss."
Company makes judgments, estimates and
Useful lives of Property, plant and equipment
assumptions about the carrying values of assets
(‘PPE’):
and liabilities that are not readily apparent from
other sources. The estimates and the associated The Company reviews the estimated useful lives
assumptions are based on historical experience and residual value of PPE at the end of each
and other factors that are considered to be reporting period. The factors such as changes
relevant. Actual results may differ from these in the expected level of usage, technological
estimates. developments and product life-cycle, could
significantly impact the economic useful
The estimates and the underlying assumptions
lives and the residual values of these assets.
are reviewed on an ongoing basis. Revisions
Consequently, the future depreciation charge
to accounting estimates are recognised in the
could be revised and thereby could have an
162 period in which the estimate is revised, and
impact on the profit of the future years.
future periods affected.
Defined benefit plans:

The following are the critical judgments, apart
from those involving estimations that the The cost of the defined benefit plans and the
directors have made in the process of applying present value of the defined benefit obligation
the Company's accounting policies and that (‘DBO’) are based on actuarial valuation using
have the most significant effect on the amounts the projected unit credit method. An actuarial
recognised in the financial statements. valuation involves making various assumptions
that may differ from actual developments in
Deferred income tax assets and liabilities:
the future. These include the determination of
Significant management judgment is required the discount rate; future salary increases and
to determine the amount of deferred tax assets mortality rates. Due to the complexities involved
that can be recognised, based upon the likely in the valuation and its long-term nature, a
timing and the level of future taxable profits. defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions
The amount of total deferred tax assets/
are reviewed at each reporting date.
(Liabilities) could change if estimates of projected
future taxable income or if tax regulations Fair value measurement of Compound
undergo a change. Financial Instruments:
Income Taxes: The Company recognizes separately the
components of a financial instrument that (a)
Deferred tax assets are recognized to the extent
creates a financial liability of the entity and (b)
that it is regarded as probable that deductible
grants an option to the holder of the instrument
temporary differences can be realized. The
to convert it into an equity instrument of the
Company estimates deferred tax assets and
entity. From the perspective of the Company,
liabilities based on current tax laws and rates
such an instrument comprises two components:
and in certain cases, business plans, including
a financial liability (a contractual arrangement
management’s expectations regarding the
to deliver cash or another financial asset) and
manner and timing of recovery of the related
an equity instrument (a call option granting the
assets. Changes in these estimates may affect
holder the right, for a specified period of time, to
the amount of deferred tax liabilities or the
convert it into a fixed number of ordinary shares
valuation of deferred tax assets and thereby the

of the entity). the Company does not have an unconditional

right to defer settlement of the liability for at
Estimation of uncertainties relating to the
least twelve months after the reporting date.
global health pandemic from COVID-19:
Terms of a liability that could, at the option of
The Company has assessed the impact of the counterparty, result in its settlement by the
Covid-19 pandemic on its business operations issue of equity instruments do not affect its
and has considered relevant internal and external classification.
information available up to the date of approval
All other assets/ liabilities are classified as non-
of these financial statements, in determination
current.
of the recoverability and carrying value of
property, plant and equipment, inventories, and (f) Functional and presentation currency:
trade receivables. Based on current estimates,
The financial statements are presented in Indian
the Company expects the carrying amount of
rupee (INR) (rounded off to Rs. In lakhs), which
these assets will be recovered. Further, the
is functional and presentation currency.
management believes that there may not be
significant impact of Covid-19 pandemic on (g) Revenue recognition:
the financial position and performance of the
The revenue is recognized once the entity
Company, in the long-term. The Company will
satisfied that the performance obligation &
continue to closely monitor any material changes
control are transferred to the customers.
to future economic conditions.
Revenue towards satisfaction of a performance
(e) Current and non-current classification and
obligation is measured at the amount of
operating cycle:
transaction price (Net of variable consideration)
All the assets and liabilities have been classified allocated to that performance obligation. The
163
as current or noncurrent as per the Company’s transaction price of goods sold and services
normal operating cycle and other criteria set out rendered is net of Variable consideration on

in the Schedule III to the Companies Act, 2013. account of.
Assets: (i) Sale of goods:
An asset is classified as current when it satisfies The Company derives revenue from Sale
any of the following criteria: of Goods and revenue is recognized upon
transfer of control of promised goods to
it is expected to be realised in, or is intended for
customers in an amount that reflects the
sale or consumption in, the Company’s normal
consideration the Company expects to
operating cycle;
receive in exchange for those goods in
it is held primarily for the purpose of being accordance with IND AS 115 “Revenue from
traded; Contracts with Customers”. To recognize
revenues, the Company applies the
it is expected to be realised within twelve
following five step approach: (1) identify the
months after the reporting date; or
contract with a customer, (2) identify the
it is cash or cash equivalent unless it is restricted performance obligations in the contract, (3)
from being exchanged or used to settle a liability determine the transaction price, (4) allocate
for at least twelve months after the reporting the transaction price to the performance
date. obligations in the contract, and (5) recognize
revenues when a performance obligation is
Liabilities:
satisfied.
A liability is classified as current when it satisfies
Any change in scope or price is considered
any of the following criteria:
as a contract modification. The Company
it is expected to be settled in the Company’s accounts for modifications to existing
normal operating cycle; contracts by assessing whether the services
it is held primarily for the purpose of being added are distinct and whether the pricing
traded; is at the standalone selling price.
it is due to be settled within twelve months after The Company accounts for variable
the reporting date; or considerations like, volume discounts,
rebates and pricing incentives to customers financial information is available. Operating

as reduction of revenue on a systematic and segments are reported in a manner consistent
rational basis over the period of the contract. with the internal reporting provided to the chief
The Company estimates an amount of such operating decision maker ('CODM').
variable consideration using expected value
The Company's Board has identified the CODM
method or the single most likely amount in a
who is responsible for financial decision making
range of possible consideration depending
and assessing performance. The Company has
on which method better predicts the
a single operating segment as the operating
amount of consideration to which we may
results of the Company are reviewed on an
be entitled.
overall basis by the CODM.
(ii) Other income
(j) Exceptional items:
A. Interest income is accrued on a time
An item of income or expense which by its size,
basis by reference to the principal
type or incidence requires disclosure in order to
outstanding and the effective interest
improve an understanding of the performance
rate.
of the company is treated as an exceptional
B. Other items of income are accounted item and the same is disclosed in the notes to
as and when the right to receive such accounts.
income arises and it is probable that
(k) Property, plant and equipment and capital
the economic benefits will flow to the
work-in- progress:
company and the amount of income can
be measured reliably Freehold land is carried at historical cost. All
other items of property, plant and equipment
(h) Foreign currency translation:
164 are stated at historical cost less depreciation
(i) The financial statements are presented in and impairment, if any. Historical cost includes
Indian rupee (INR), which is functional and expenditure that is directly attributable to the
presentation currency. acquisition of the items.
(ii) Transactions and balances: Cost is inclusive of inward freight, net of tax/
duty credits availed, if any, and incidental
Foreign currency transactions are
expenses related to acquisition or construction.
translated into the functional currency using
All upgradation / enhancements are charged
the exchange rates at the dates of the
off as revenue expenditure unless they bring
transactions. Foreign exchange gains and
similar significant additional benefits. An item of
losses resulting from the settlement of such
property, plant and equipment is derecognised
transactions and from the translation of
upon disposal or when no future economic
monetary assets and liabilities denominated
benefits are expected to arise from the
in foreign currencies at year end exchange
continued use of asset.
rates are generally recognised in Statement
of Profit and Loss. Subsequent costs are included in the asset's
carrying amount or recognised as a separate
Foreign exchange differences regarded
asset, as appropriate, only when it is probable
as an adjustment to borrowing costs are
that future economic benefits associated with
presented in the Statement of Profit and
the item will flow to the Company and the
Loss, within finance costs. All other foreign
cost of the item can be measured reliably. The
exchange gains and losses are presented in
carrying amount of any component accounted
the Statement of Profit and Loss on a net
for as a separate asset is derecognised when
basis within other gains/ (losses).
replaced. All other repairs and maintenance are
(i) Segment reporting charged to Statement of Profit or Loss during
the reporting period in which they are incurred.
An operating segment is a component of the
Company that engages in business activities Land acquired on lease for period exceeding
from which it may earn revenues and incur 90 years is recognized as leasehold land at the
expenses, including revenues and expenses that cost, at the time of lease commencement. Any
relate to transactions with any of the Company’s initial direct cost related to acquiring leasehold
other components, and for which discrete land (including expenses incurred to bring the

land into use) are capitalized and included in cost of the intangible assets.
the cost of asset. The policy is based on the
Research and development expenditure on
understanding that leasehold land is generally
new products:
considered to have an extended economic life
and does not experience a significant decline in Expenditure on research is expensed under
value over the lease terms. Leasehold land will respective heads of account in the period in
not be subject to depreciation which it is incurred.
Projects under which tangible property, plant Development expenditure on new products
and equipment are not yet ready for their is capitalised as intangible asset, if all of the
intended use are carried at cost, comprising following can be demonstrated:
of direct cost, related incidental expenses and
A. the technical feasibility of completing the
attributable interest in case of qualifying assets.
intangible asset so that it will be available
Any excess of net sale proceeds of items for use or sale;
produced over the cost of testing, if any, is
B. the company has intention to complete the
deducted from the directly attributable costs
intangible asset and use or sell it;
considered as part of cost of an item of property,
plant, and equipment. C. the company has ability to use or sell the
intangible asset;
Machinery spares which can be used only in
connection with an item of property, plant and D. the manner in which the probable future
equipment and whose use is expected to be economic benefits will be generated
irregular are capitalised and depreciated over including the existence of a market for
the useful life of the principal item of the relevant output of the intangible asset or intangible
assets. asset itself or if it is to be used internally, the 165
usefulness of intangible assets;
Capital work-in-progress:

E. the availability of adequate technical,
Projects under which tangible Property, Plant &
financial and other resources to complete
Equipment are not yet ready for their intended
the development and to use or sell the
use are carried at cost, comprising direct cost,
intangible asset; and
net of tax/duty credits availed, if any, related
incidental expenses and attributable interest, in F. the company has ability to reliably measure
case of qualifying assets. the expenditure attributable to the intangible
asset during its development.
Depreciation methods, estimated useful lives
and residual value: Development expenditure that does not
meet the above criteria is expensed in the
Depreciation is systematically allocated over the
period in which it is incurred. Intangible
useful life of the asset as specified in Schedule
assets not ready for the intended use on
II of the Act. Depreciation on property, plant and
the date of the Balance Sheet are disclosed
equipment added/disposed of during the year is
as “intangible assets under development”.
provided on pro-rata basis with reference to the
Intangible assets are amortized on straight
date of addition/disposal. Freehold land is not
line basis over the estimated useful life. The
depreciated.
method of amortization and useful life are
(l) Intangible assets reviewed at the end of each accounting year
with the effect of any changes in the estimate
Intangible assets are recognised when it is
being accounted for on a prospective basis.
probable that the future economic benefits
Amortization on impaired assets is provided
that are attributable to the asset will flow to
by adjusting the amortization charge in
the enterprise and the cost of the asset can be
the remaining periods so as to allocate the
measured reliably. Intangible assets are stated
asset’s revised carrying amount over its
at original cost net of tax/duty credits availed,
remaining useful life.
if any, less accumulated amortisation and
cumulative impairment. Administrative and other (m) Impairment of assets:
general overhead expenses that are specifically
At each balance sheet date, the Company
attributable to acquisition of intangible assets
reviews the carrying values of its property,
are allocated and capitalised as a part of the
plant and equipment and intangible assets to by employees up to the end of the reporting
determine whether there is any indication that period using the projected unit credit
the carrying value of those assets may not be method. The benefits are discounted using
recoverable through continuing use. If any the market yields at the end of the reporting
such indication exists, the recoverable amount period that have terms approximating
of the asset is reviewed in order to determine to the terms of the related obligation.
the extent of impairment loss (if any). Where Remeasurements as a result of experience
the assets do not generate cash flows that are adjustments and changes in actuarial
independent from other assets, the Company assumptions are recognised in profit or loss.
estimates the recoverable amount of the cash
The obligations are presented as current
generating unit to which the asset belongs.
liabilities in the balance sheet if the entity
Recoverable amount is the highest of fair value does not have an unconditional right to defer
less costs to sell and value in use. In assessing settlement for at least twelve months after
value in use, the estimated future cash flows are the reporting period, regardless of when the
discounted to their present value using a pre- actual settlement is expected to occur.
tax discount rate that reflects current market
(iii) Post-employment obligations:
assessments of the time value of money and the
risks specific to the asset for which the estimates Defined contribution plans: The Company’s
of future cash flows have not been adjusted. An contribution to provident fund are
impairment loss is recognised in the statement considered as defined contribution plans
of profit and loss as and when the carrying value and are charged as an expense to the
of an asset exceeds its recoverable amount. Statement of Profit and Loss based on the
amount of contribution required to be made
Where an impairment loss subsequently
166 and when services are rendered by the
reverses, the carrying value of the asset (or
employees.
cash generating unit) is increased to the revised
estimate of its recoverable amount so that the Defined benefit plans: For defined benefit
increased carrying value does not exceed the plans in the form of gratuity fund, the cost of
carrying value that would have been determined providing benefits is determined using the
had no impairment loss been recognised for the Projected Unit Credit method, with actuarial
asset (or cash generating unit) in prior years. valuations being carried out at each balance
sheet date. Actuarial gains and losses are
(n) Employee benefits:
recognised in the Other Comprehensive
(i) Short-term obligations: Income in the period in which they occur.
Past service cost is recognised immediately
Liabilities for wages and salaries, including
to the extent that the benefits are already
non- monetary benefits that are expected to
vested and otherwise is amortised on a
be settled wholly within 12 months after the
straight-line basis over the average period
end of the period in which the employees
until the benefits become vested. The
render the related service are recognised in
retirement benefit obligation recognised in
respect of employees’ services up to the end
the Balance Sheet represents the present
of the reporting period and are measured
value of the defined benefit obligation as
at the amounts expected to be paid when
adjusted for unrecognised past service
the liabilities are settled. The liabilities are
cost, as reduced by fair value of plan assets
presented as current employee benefit
(being the funded portion).
obligations in the Balance Sheet.
The Company operates a defined benefit
(ii) Other long-term employee benefit
gratuity plan, which requires contributions
obligations:
to be made to a separately administered
The liabilities for earned leave and sick fund managed by an insurance company.
leave are not expected to be settled wholly
(o) Lease
within 12 months after the end of the period
in which the employees render the related The Company assesses whether a contract
service. They are therefore measured as the contains a lease, at inception of a contract.
present value of expected future payments A contract is, or contains, a lease if the
to be made in respect of services provided contract conveys the right to control the use

of an identified asset for a period of time in an extension or a termination option.

exchange for consideration. To assess whether
Lease liability and ROU asset have been
a contract conveys the right to control the use
separately presented in the Balance Sheet
of an identified asset, the Company assesses
and lease payments have been classified as
whether:
financing cash flows.
(i) the contract involves the use of an identified
(p) Financial instruments – initial recognition,
asset.
subsequent measurement and impairment:
(ii) the Company has substantially all of the
A financial instrument is any contract that gives
economic benefits from use of the asset
rise to a financial asset of one entity and a
through the period of the lease, and
financial liability or equity instrument of another
(iii) the Company has the right to direct the use entity.
of the asset.
A. Investments and other financial assets
At the date of commencement of the lease,
(i) Classification:
the Company recognizes a right-of-use asset
and a corresponding lease liability for all lease The Company classifies its financial assets
arrangements in which it is a lessee, except in the following measurement categories:
for leases with a term of twelve months or less
- those to be measured subsequently
(short-term leases) and low value leases. For
at fair value (either through other
these short-term and low value leases, the
comprehensive income, or through
Company recognizes the lease payments as an
profit or loss), and
operating expense on a straight-line basis over
the term of the lease. - those measured at amortised cost.
167
The right-of-use assets are initially recognized The classification depends on the company’s

at cost, which comprises the initial amount of the business model for managing the financial
lease liability adjusted for any lease payments assets and the contractual terms of the cash
made at or prior to the commencement date flows.
of the lease plus any initial direct costs less For assets measured at fair value, gains
any lease incentives. They are subsequently and losses will either be recorded in
measured at cost less accumulated depreciation the statement of profit or loss or other
and impairment losses. comprehensive income.
Right-of-use assets are depreciated on a The classification criteria of the Company
straight-line basis over the lease term. Right for debt instruments are provided as under:
of use assets are evaluated for recoverability
whenever events or changes in circumstances Debt instruments:
indicate that their carrying amounts may not Depending upon the business model of
be recoverable. For the purpose of impairment the Company, debt instruments can be
testing, the recoverable amount (i.e., the higher classified under following categories:
of the fair value less cost to sell and the value-
in-use) is determined on an individual asset - Debt instruments measured at amortised
basis unless the asset does not generate cash cost.
flows that are largely independent of those from - Debt instruments measured at fair value
other assets. through other comprehensive income.
The lease liability is initially measured at - Debt instruments measured at fair value
amortized cost at the present value of the through profit or loss.
future lease payments. The lease payments are
discounted using the interest rate implicit in The Company reclassifies debt instruments
the lease or, if not readily determinable, using when and only when its business model for
the incremental borrowing rates in the country managing those assets changes.
of domicile of these leases. Lease liabilities are (ii) Measurement:
remeasured with a corresponding adjustment
to the related right of use asset if the Company At initial recognition, the Company measures
changes its assessment if whether it will exercise a financial asset at its fair value plus, in the
case of a financial asset not at fair value and is not part of a hedging relationship is
through profit or loss, transaction costs that recognised in the statement of profit or loss
are directly attributable to the acquisition and presented net in the statement of profit
of the financial asset. Transaction costs of and loss within other gains/(losses) in the
financial assets carried at fair value through period in which it arises. Interest income
profit or loss are expensed in the statement from these financial assets is included in
of profit or loss. other income.
Debt instruments: (iii) Impairment of financial assets:
Subsequent measurement of debt The Company assesses on a forward looking
instruments depends on the Company’s basis the expected credit losses associated
business model for managing the asset and with its assets carried at amortised cost and
the cash flow characteristics of the asset. FVOCI debt instruments. The impairment
There are three measurement categories methodology applied depends on whether
into which the Company classifies its debt there has been a significant increase
instruments: in credit risk. Note 36 details how the
Company determines whether there has
Amortised cost: Assets that are held for
been a significant increase in credit risk.
collection of contractual cash flows where
those cash flows represent solely payments For trade receivables only, the Company
of principal and interest are measured at applies the simplified approach permitted
amortised cost. A gain or loss on a debt by Ind AS 109 Financial Instruments, which
investment that is subsequently measured requires expected lifetime losses to be
at amortised cost and is not part of a recognised from initial recognition of the
168 hedging relationship is recognised in the receivables.
statement of profit or loss when the asset is
Expected credit losses are measured
derecognised or impaired. Interest income

through a loss allowance at an amount equal
from these financial assets is included in
to the following:
finance income using the effective interest
rate method. (a) the 12-months expected credit losses
(expected credit losses that result from
Fair value through other comprehensive
default events on financial instrument
income: Assets that are held for collection
that are possible within 12 months after
of contractual cash flows and for selling
reporting date); or
the financial assets, where the assets’
cash flows represent solely payments of (b) Full lifetime expected credit losses
principal and interest, are measured at fair (expected credit losses that result from
value through other comprehensive income. those default events on the financial
Movements in the carrying amount are taken instrument).
through OCI, except for the recognition of
The Company follows ‘simplified approach’
impairment gains or losses, interest revenue
for recognition of impairment loss allowance
and foreign exchange gains and losses
on trade receivable. Under the simplified
which are recognised in profit and loss.
approach, the Company does not track
When the financial asset is derecognised,
changes in credit risk. Rather, it recognizes
the cumulative gain or loss previously
impairment loss allowance based on lifetime
recognised in OCI is reclassified from equity
ECLs at each reporting date, right from initial
to profit or loss and recognised in other
recognition.
gains/ (losses). Interest income from these
financial assets is included in other income The Company uses a provision matrix to
using the effective interest rate method. determine impairment loss allowance on the
portfolio of trade receivables. The provision
Fair value through profit or loss: Assets
matrix is based on its historically observed
that do not meet the criteria for amortised
default rates over the expected life of the
cost or FVOCI are measured at fair value
trade receivable and is adjusted for forward
through profit or loss. A gain or loss on
looking estimates. At every reporting date,
a debt investment that is subsequently
the historical observed default rates are
measured at fair value through profit or loss

updated and changes in the forward-looking (b) Measurement:

estimates are analysed.
The measurement of financial liabilities
Individual receivables which are known to depends on their classification, as described
be uncollectible are written off by reducing below:
the carrying amount of trade receivable and
Financial liabilities measured at fair value
the amount of the loss is recognised in the
through profit or loss:
Statement of Profit and Loss within other
expenses. Financial liabilities at fair value through profit
or loss include financial liabilities held for
Subsequent recoveries of amounts
trading. At initial recognition, such financial
previously written off are credited to other
liabilities are recognised at fair value.
income.
Financial liabilities at fair value through
(iv) Derecognition of financial assets:
profit or loss are, at each reporting date,
A financial asset is derecognised only when: measured at fair value with all the changes
recognized in the Statement of Profit and
- the Company has transferred the rights
Loss.
to receive cash flows from the financial
asset or Financial liabilities measured at Amortized
Cost:
- retains the contractual rights to receive
the cash flows of the financial asset but At initial recognition, all financial liabilities
assumes a contractual obligation to pay other than fair valued through profit and
the cash flows to one or more recipients. loss are recognised initially at fair value less
transaction costs that are attributable to
Where the Company has transferred an 169
the issue of financial liability. Transaction
asset, the Company evaluates whether
costs of financial liability carried at fair value

it has transferred substantially all risks
through profit or loss is expensed in the
and rewards of ownership of the financial
statement of profit or loss.
asset. In such cases, the financial asset is
derecognised. Where the Company has After initial recognition, financial liabilities
not transferred substantially all risks and are subsequently measured at amortised
rewards of ownership of the financial asset, cost using the effective interest method.
the financial asset is not derecognised. Any difference between the proceeds (net
of transaction costs) and the redemption
Where the Company has neither transferred
amount is recognised in the statement of
a financial asset nor retains substantially
profit or loss over the period of the financial
all risks and rewards of ownership of
liabilities using the effective interest
the financial asset, the financial asset is
method. Fees paid on the establishment of
derecognised if the Company has not
loan facilities are recognised as transaction
retained control of the financial asset.
costs of the loan to the extent that it is
Where the Company retains control of the
probable that some or all of the facility will
financial asset, the asset is continued to
be drawn down.
be recognised to the extent of continuing
involvement in the financial asset. (c) De-recognition of financial liability:
B. Financial Liabilities: A financial liability is derecognised when the
obligation under the liability is discharged or
(a) Classification:
cancelled or expires. The difference between
The Company classifies its financial liabilities the carrying amount of a financial liability
in the following measurement categories: that has been extinguished or transferred
to another party and the consideration paid,
- Financial liabilities measured at fair
including any non-cash assets transferred
value through profit or loss.
or liabilities assumed, is recognised in the
- Financial liabilities measured at statement of profit or loss as other income
amortized cost. or finance costs.
(d) Compound financial instruments: Raw materials and stores are considered to
be realisable at cost if the finished products in
Compound financial instruments issued by
which they will be used, are expected to be sold
the company which can be converted into
at or above cost.
fixed number of equity shares at the option
of the holders irrespective of changes in the Assessment of net realisable value is made
fair value of the instrument are accounted in each subsequent period and when the
by separately recognising the liability circumstances that previously caused
and the equity components. The liability inventories to be written-down below cost no
component is initially recognised at the fair longer exist or when there is clear evidence of
value of a comparable liability that does an increase in net realisable value because of
not have an equity conversion option. The changed economic circumstances, the write-
equity component is initially recognised at down, if any, in the past period is reversed to the
the difference between the fair value of the extent of the original amount written-down so
compound financial instrument as a whole that the resultant carrying amount is the lower
and the fair value of the liability component. of the cost and the revised net realisable value.
The directly attributable transaction costs
(s) Cash and cash equivalents:
are allocated to the liability and the equity
components in proportion to their initial Cash and bank balances include fixed deposits,
carrying amounts. margin money deposits, earmarked balances
with banks and other bank balances which have
Subsequent to initial recognition, the liability
restrictions on repatriation. Short-term and
component of the compound financial
liquid investments being subject to more than
instrument is measured at amortised cost
insignificant risk of change in value, are not
using the effective interest method. The equity
170 included as part of cash and cash equivalents.
component of a compound financial instrument
is not remeasured subsequently. (t) Securities premium account:
(q) Offsetting financial instruments: Securities premium includes the difference

between the face value of the shares and the
Financial assets and liabilities are offset, and
consideration received in respect of shares
the net amount is reported in the Balance Sheet
issued.
where there is a legally enforceable right to
offset the recognised amounts and there is an The issue expenses of securities which qualify
intention to settle on a net basis or realise the as equity instruments are written off against
asset and settle the liability simultaneously. The securities premium account, if and when such
legally enforceable right must not be contingent expenses are incurred, and as per the decision
on future events and must be enforceable in of the management.
the normal course of business and in the event
(u) Borrowing costs:
of default, insolvency or bankruptcy of the
Company or the counterparty. General and specific borrowing costs (includes
interest expense calculated using the effective
(r) Inventories:
interest method, other costs and expenses
Raw materials, consumable stores, stores and in relation to the borrowing) that are directly
spares, and finished goods inventories are attributable to the acquisition, construction or
valued at the lower of cost (using weighted production of a qualifying asset are capitalised
average method) and the net realisable value during the period of time that is required to
after providing for obsolescence and other complete and prepare the asset for its intended
losses, where considered necessary. Cost use or sale. Qualifying assets are assets that
includes cost of purchase, all charges in bringing necessarily take a substantial period of time to
the goods to the point of sale, including indirect get ready for their intended use or sale.
levies, net of recoveries, if any, transit insurance
Investment income earned on the temporary
and receiving charges. Finished goods include
investment of specific borrowings pending
appropriate proportion of overheads and, where
their expenditure on qualifying assets is
applicable. Cost of inventories also includes all
deducted from the borrowing costs eligible for
other costs incurred in bringing the inventories
capitalisation.
to their present location and condition.

All other borrowing costs are recognised in profit taxable amounts will be available to utilize those
or loss in the period in which these are incurred. temporary differences and losses. Minimum
Alternate Tax (MAT) is not recognized as a
(v) Cash Flow Statement:
deferred tax asset as the company is not liable
For the purpose of presentation in the Statement for MAT tax.
of Cash Flows, cash and cash equivalents
Deferred tax assets and liabilities are offset
includes cash on hand, other short- term, highly
when there is a legally enforceable right to
liquid investments with original maturities of
offset current tax assets and liabilities and when
three months or less that are readily convertible
the deferred tax balances relate to the same
to known amounts of cash and which are subject
taxation authority. Current tax assets and tax
to an insignificant risk of changes in value.
liabilities are offset where the entity has a legally
Cash flows are reported using the indirect enforceable right to offset and intends either to
method, whereby net profit before tax is settle on a net basis, or to realize the asset and
adjusted for the effects of transactions of a non- settle the liability simultaneously.
cash nature, any deferrals or accruals of past
The carrying value of deferred tax assets is
or future cash receipts or payments. The cash
reviewed at the end of each reporting period
flows from operating, investing and financing
and reduced to the extent that it is no longer
activities of the Company are segregated based
probable that sufficient taxable profits will be
on the available information.
available to allow all or part of the asset to be
Short term borrowings, repayments and recovered.
advances having maturity of three months or
Current and deferred tax is recognised in
less, are shown as net in cash flow statement.
Statement of Profit and Loss, except to the
(w) Income tax: extent that it relates to items recognised in 171
Other Comprehensive Income. In such case, the
The income tax expense for the period is the tax

tax is also recognised in Other Comprehensive
payable on the current period’s taxable income
Income.
based on the applicable income tax rate for
each year adjusted by changes in deferred tax (x) Provisions:
assets and liabilities attributable to temporary
Provisions are recognised when the Company
differences and to unused tax losses.
has a present legal or constructive obligation
The current income tax charge is calculated on as a result of past events, it is probable that an
the basis of the tax laws enacted or substantively outflow of resources will be required to settle
enacted at the end of the reporting period. the obligation and the amount can be reliably
Management periodically evaluates positions estimated. Provisions are not recognised for
taken in tax returns with respect to situations future operating losses.
in which applicable tax regulation is subject to
Provisions are measured at the present value of
interpretation. It establishes provisions where
management’s best estimate of the expenditure
appropriate on the basis of amounts expected
required to settle the present obligation at the
to be paid to the tax authorities.
end of the reporting period.
Deferred income tax is provided in full, using
In case of onerous contracts, the company
the liability method, on temporary differences
recognizes the impairment losses if any,
arising between the tax bases of assets and
occurred on assets used in fulfilling the contract.
liabilities and their carrying amounts in the
financial statements. Deferred income tax is (y) Contingent liabilities:
determined using tax rates (and laws) that have
A contingent liability is a possible obligation that
been enacted or substantially enacted by the
arises from past events whose existence will be
end of the reporting period and are expected
confirmed by the occurrence or non-occurrence
to apply when the related deferred income tax
of one or more uncertain future events beyond
asset is realised or the deferred income tax
the control of the Company or a present
liability is settled.
obligation that is not recognized because it
Deferred tax assets are recognised for all is not probable that an outflow of resources
deductible temporary differences and unused will be required to settle the obligation. A
tax losses only if it is probable that future contingent liability also arises in extremely rare
cases where there is a liability that cannot be transaction costs) and the redemption amount is
recognized because it cannot be measured recognised in Statement of Profit and Loss over
reliably. The Company does not recognize a the period of the borrowings. Fees paid on the
contingent liability but discloses its existence in establishment of loan facilities are recognised as
the financial statements. transaction costs of the loan to the extent that
it is probable that some or all of the facility will
Contingent liabilities, contingent assets and
be drawn down. In this case, the fee is deferred
commitments are reviewed at each Balance
until the draw down occurs. To the extent there
Sheet date.
is no evidence that it is probable that some or
(z) Earnings per share: all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services
Basic earnings per share is computed by dividing
and amortised over the period of the facility to
the profit / (loss) after tax by the weighted
which it relates.
average number of equity shares outstanding
during the year. Diluted earnings per share is Borrowings are removed from the Balance Sheet
computed by dividing the profit / (loss) after when the obligation specified in the contract is
tax as adjusted for dividend, interest and other discharged, cancelled or expired. The difference
charges to expense or income relating to the between the carrying amount of a financial
dilutive potential equity shares, by the weighted liability that has been extinguished or transferred
average number of equity shares considered to another party and the consideration paid,
for deriving basic earnings per share and the including any non- cash assets transferred or
weighted average number of equity shares liabilities assumed, is recognised in Statement
which could have been issued on the conversion of Profit and Loss as other gains/(losses).
of all dilutive potential equity shares. Potential
Borrowings are classified as current liabilities
172 equity shares are deemed to be dilutive only if
unless the Company has an unconditional right
their conversion to equity shares would decrease
to defer settlement of the liability for at least 12
the net profit per share from continuing ordinary

months after the reporting period. Where there
operations. Potential dilutive equity shares are
is a breach of a material provision of a long-term
deemed to be converted as at the beginning
loan arrangement on or before the end of the
of the period, unless they have been adjusted
reporting period with the effect that the liability
prospectively, if appropriate.
becomes payable on demand on the reporting
(za) Borrowings: date, the company does not classify the liability
as current, if the lender agreed, after the
Borrowings are initially recognised at fair value,
reporting period and before the approval of the
net of transaction costs incurred. Borrowings
financial statements for issue, not to demand
are subsequently measured at amortised cost.
payment as a consequence of the breach.
Any difference between the proceeds (net of
Note no. 2(a):
Property, plant and equipment (PPE)
Gross carrying amount Accumulated Depreciation Net carrying amount
Property, plant and equipment As at As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, Additions Deletions March 31, March 31, March 31,
2023 2024 2023 2024 2024 2023
(a) Land 204.68 624.18 - 828.87 - - - - 828.87 204.68
(b) Leasehold Land 690.20 - - 690.20 - - - - 690.20 690.20
(c) Buildings 2,661.69 5,160.56 - 7,822.25 751.04 527.28 - 1,278.32 6,543.93 1,910.65
(d) Plant and Equipment:
Plant & machinery 6,538.16 17,212.20 - 23,750.36 1,142.73 1,587.50 - 2,730.23 21,020.12 5,395.43
Pollution equipment's 432.28 628.20 - 1,060.48 62.71 103.16 - 165.87 894.61 369.57
Tools components, spares and others 3,890.87 1,064.47 - 4,955.34 1,618.63 363.52 - 1,982.15 2,973.19 2,272.24
Rolls 780.06 208.79 - 988.86 284.76 165.21 - 449.98 538.88 495.30
Solar panels 10.89 1,045.86 - 1,056.75 1.48 57.99 - 59.46 997.29 9.41
(e) Furniture and Fixtures 51.59 38.74 - 90.33 20.30 19.73 - 40.03 50.30 31.29
(f) Vehicles 463.30 186.92 41.06 609.16 190.23 119.50 28.74 280.99 328.18 273.07
(g) Office equipment's 45.54 26.05 - 71.59 25.61 14.21 - 39.82 31.77 19.93
(h) Electrical equipment's 2,739.89 350.92 - 3,090.81 1,100.17 407.76 - 1,507.93 1,582.88 1,639.72
(i) Air conditioners 9.89 8.59 - 18.49 5.31 1.80 - 7.12 11.37 4.58
(j) Computers 27.21 11.31 - 38.52 18.48 6.21 - 24.69 13.82 8.73
Total 18,546.25 26,566.81 41.06 45,072.00 5,221.46 3,373.87 28.74 8,566.59 36,505.41 13,324.79

Gross carrying amount Accumulated Depreciation Net carrying amount
Description As at As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, Additions Deletions March 31, March 31, March 31,
2022 2023 2022 2023 2023 2022
(a) Land 204.68 - - 204.68 - - - - 204.68 204.68
(b) Leasehold Land - 690.20 - 690.20 - - - - 690.20 -
(c) Buildings 1,849.14 812.55 - 2,661.69 605.82 145.22 - 751.04 1,910.65 1,243.32
(d) Plant and Equipment:
Plant & machinery 1,710.54 4,827.62 - 6,538.16 914.90 227.83 - 1,142.73 5,395.43 795.64
Overview
Corporate
Pollution equipment's 120.42 311.87 - 432.28 50.59 12.12 - 62.71 369.57 69.82
Tools components, spares and others 3,286.44 604.42 - 3,890.87 1,362.70 255.92 - 1,618.63 2,272.24 1,923.74
Rolls 437.73 342.33 - 780.06 223.63 61.14 - 284.76 495.30 214.10
Solar panels 3.75 7.14 - 10.89 0.97 0.51 - 1.48 9.41 2.78
(e) Furniture and Fixtures 21.22 30.37 - 51.59 7.98 12.31 - 20.30 31.29 13.24
Reports
Statutory
(f) Vehicles 247.16 252.55 36.41 463.30 173.41 44.78 27.96 190.23 273.07 73.75
(g) Office equipment's 29.47 16.07 - 45.54 18.84 6.78 - 25.61 19.93 10.64
(h) Electrical equipment's 1,727.80 1,012.09 - 2,739.89 939.19 160.98 - 1,100.17 1,639.72 788.61
(i) Air conditioners 8.38 1.51 - 9.89 3.19 2.13 - 5.31 4.58 5.19
(j) Computers 19.13 8.08 - 27.21 13.23 5.25 - 18.48 8.73 5.89
Total 9,665.86 8,916.80 36.41 18,546.25 4,314.45 934.96 27.96 5,221.46 13,324.79 5,351.40
Statements
Financial

173
2(a)(i): All the Property, plant and equipment are secured as primary securities against secured loans and as collateral
securities for working capital finance with the respective financers (Refer Note 12 and 15).
2(b): CAPITAL WORK-IN-PROGRESS
As at
As at Disposal/
Particulars Additions March 31,
April 1, 2023 Adjustments
2024
Buildings 1,731.28 322.22 1,947.12 106.38
Electrical equipments 1,160.61 141.28 1,254.74 47.16
Plant & machinery 6,265.44 910.65 6,413.55 762.54
Pollution equipments 608.20 - 608.20 -
Tools components , spares and others 553.19 530.59 685.55 398.23
Total 10,318.72 1,904.74 10,909.16 1,314.31
As at
As at Disposal/
Particulars Additions March 31,
April 1, 2022 Adjustments
2023
Buildings 24.16 2,491.87 784.75 1,731.28
174
Electrical equipments 185.55 1,429.89 454.83 1,160.61
Plant & machinery 106.42 9,089.41 2,930.39 6,265.44
Pollution equipments 60.49 608.20 60.49 608.20

Rolls 189.45 102.88 292.33 -
Tools components , spares and others 439.94 656.72 543.47 553.19
Total 1,006.02 14,378.96 5,066.26 10,318.72
2(b)(i): Capital work-in-progress includes borrowing cost capitalised during the year Rs. 184.97 Lakhs, (Previous year
Rs. 169.50 Lakhs).
2(b)(ii): All the Capital work-in-progress are secured as primary securities against secured loans and as collateral
securities for working capital finance with the respective financers (Refer Note 12 and 15).
2(b)(ii): CWIP aging schedule
Less than 2-3 More than

Capital Work in Progress 1-2 years Total
1 year years 3 years
Projects in progress 1,314.31 - - - 1,314.31
Projects temporarily suspended - - - - -
Less than 2-3 More than

Capital Work in Progress 1-2 years Total
1 year years 3 years
Projects in progress 10,318.72 - - - 10,318.72
Projects temporarily suspended - - - - -
2(b)(iii): There are no CWIP whose completition is overdue or has exceeded its cost compared to its original plan.

2(c) Right of use assets and lease liabilities

Gross Block Accumulated Depreciation Net Block Net Block
Particulars As at As at As at As at As at As at
April 1, Additions March 31, April 1, Additions March 31, March 31, March 31,
2023 2024 2023 2024 2024 2023
Building 127.73 - 127.73 4.44 10.64 15.08 112.65 123.30
Total 127.73 - 127.73 4.44 10.64 15.08 112.65 123.30
2022 2023 2023 2023 2023 2022
Building - 127.73 127.73 - 4.44 4.44 123.30 -
Total - 127.73 127.73 - 4.44 4.44 123.30 -
(i) ROU assets are amortised from the commencement date on a straight-line basis over the lease term. The
aggregate depreciation expense on ROU assets is included under depreciation and amortisation expense in the
statement of Profit and Loss.
(ii) Above ROU assets have been pledged as security for term loans. (Refer Note 12 and 15). 175
(iii) The Break-up of current and non-current lease liabilities is as under: (Rs. in Lakhs)

As at As at
Particulars
March 31, 2024 March 31, 2023
Current lease liability 4.71 4.31
Non-current lease liability 117.03 121.74
Total 121.74 126.05
(iv) The Movement in lease liabilities during the year is as follows: (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
Opening Balance at the April, 01 126.05 -
Additions - 127.73
Finance cost accrued during the year 11.29 4.82
Payment of lease liabilities (15.60) (6.50)
Closing Balance as at March, 31 121.74 126.05
(v) The Details regarding the contractual maturities of lease liabilities on an undiscounted basis is as follows :
As at As at
Particulars
March 31, 2024 March 31, 2023
Less than one year 15.60 15.60
One to five years 87.32 84.05
More than five years 92.18 111.05
Total 195.10 210.70
(vi) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as and when they fall due.
(vii) The Company has accounted for short term lease as per paragraph 6 of Ind AS 116. The expense relating to short
term lease is accounted for as Rent expenses in the statement of profit & loss amounting to Rs.50.24 Lakhs for
the year ended March 31, 2024 and Rs.25.93 Lakhs for the year ended March 31, 2023.
2(d): Intangible Assets
2023 2024 2023 2024 2024 2023
Softwares 8.38 1.60 9.98 3.71 2.06 5.77 4.21 4.67
Total 8.38 1.60 9.98 3.71 2.06 5.77 4.21 4.67
2022 2023 2023 2023 2023 2022
176 Softwares 4.90 3.48 8.38 0.66 3.05 3.71 4.67 4.24
Total 4.90 3.48 8.38 0.66 3.05 3.71 4.67 4.24
2(e) Additional Notes:

i. Property, plant and equipment (including capital work-in-progress) and intangible assets were tested for
impairment during the year and there has not been any impairment.
ii. The Company has not revalued its Property, Plant and Equipment or intangible assets during the year.
3 Other Financial Assets
As at As at
March 31, 2024 March 31, 2023
(Unsecured, considered good)
At Amortised Cost
Security deposits 13.38 12.83
Fixed Deposits with banks for more than 12 months maturity 1,290.40 82.69
Total 1,303.78 95.52
Note : Security deposits are primarily in relation towards
rent deposits and deposits with supplier
3.1 Out of the above, fixed deposits kept under lien against bank
guarantee issued by the bank in favour of:
(a) Pollution Control Board - 0.96
(b) National Highway Authority of India - 1.62
- 2.58
3.2 Fixed deposits kept as collateral against loan with Canara Bank 1,122.28 49.94
Fixed deposits kept as collateral against loan with HDFC Bank 168.12 30.16
1,290.40 82.69

4 Other non-current assets (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
a) Capital Advances 591.55 4,027.17
b) Advances to Employees 13.38 33.68
c) Hariom Employees Gratuity Trust 18.89 17.92
d) Deposit with Govt. Authorities 1.31 6.56
Total 625.12 4,085.33
4.1 Advances due from officer of the company 8.07 13.17
5 Inventories (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Raw materials 8,281.79 6,776.08
Finished goods 16,127.68 8,710.42
Stores, spares and consumables 5,013.98 5,677.53
Scrap & Wastage 230.53 53.28
Total 29,653.98 21,217.31 177
5.1 All the above inventories are secured as a primary security against working capital finance and as collatoral

securities against property, plant and equipment (except vehicle loans from other banks/financial instituions ) to
Canara bank and HDFC Bank.
5.2 For mode of valuation of inventories, please refer note 1(r) of the Material accounting policies.
5.3 Details of stock-in-transit :
As at As at
March 31, 2024 March 31, 2023
Raw materials 1,989.95 28.28
Total 1,989.95 28.28
6 Trade receivables (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
a) Considered Good-Secured - -
b) Considered Good-Unsecured 12,207.31 8,611.68
c) Significant increase in Credit Risk - -
b) Credit Impaired - -
Total 12,207.31 8,611.68
Less: Allowance for Credit loss - -
Total 12,207.31 8,611.68
6.1 Ageing of trade receivable are as follows:

2 years
Less than 6 months 1 year to More than
Particulars to 3 Total
6 months and 1 year 2 year 3 years
years
(i) Undisputed Trade receivables – 12,207.31 - - - - 12,207.31
considered good
(ii) Undisputed Trade Receivables – - - - - - -
which have significant increase
in credit risk
(iii) Undisputed Trade Receivables – - - - - - -
credit impaired
(iv) Disputed Trade Receivables– - - - - - -
considered good
(v) Disputed Trade Receivables – - - - - - -
in credit risk
(vi) Disputed Trade Receivables – - - - - - -
credit impaired
178
2 years
Less than 6 months 1 year to More than
Particulars to 3 Total
6 months and 1 year 2 year 3 years
years
(i) Undisputed Trade receivables – 8,611.68 - - - - 8,611.68
considered good
(ii) Undisputed Trade Receivables – - - - - -
in credit risk
(iii) Undisputed Trade Receivables – - - - - -
credit impaired
(iv) Disputed Trade Receivables– - - - - -
considered good
(v) Disputed Trade Receivables – - - - - -
in credit risk
(vi) Disputed Trade Receivables – - - - - -
credit impaired
6.2 Trade receivable include the amounts due from a firm in which the directors are - 924.57
partners
6.3 All the above trade receivables are secured as a primary security against working
capital finance and as collateral securities against property, plant and equipment
(except vehicle loans from other banks / financial institutions) to Canara bank and
HDFC Bank.
6.4 There are no outstanding receivables due from directors or other officers of the
Company

7(a) Cash and cash equivalents (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Cash on Hand 23.64 17.46
Balance with banks
On Current accounts (Refer Note 7(a)(ii) 154.34 10,386.81
Total 177.97 10,404.27
7(a)(i) Cash and bank balances are denominated and held in INR.
7(a)(ii) The balance includes Rs. NIL (previous Year Rs. 7,389.64 Lakhs) received against issue of equity shares
on private placement basis and Rs. 0.45 Lakhs (previous year Rs 2,894.21 Lakhs) against issue of share
warrants in Escrow Account.
7(b) Bank balances other than Cash and cash equivalents
As at As at
March 31, 2024 March 31, 2023
Recurring Deposits with Banks (refer note 7(b)(i)) - 68.13
In fixed deposits with maturity of more than 3 months and 3,001.00 -
less than 12 months
Total 3,001.00 68.13 179

7(b)(i) The above recurring deposits is under lien as cash collateral security with Canara Bank.
8 Other financial assets (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Interest Accrued 230.34 5.72
Insurance Claim Receivable - 8.90
Total 230.34 14.62
9 Other current assets (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
(a) Advances other than capital advances
(i) Security deposits with electricity board 725.19 349.47
(ii) Security deposits against IPO - 134.01
(iii) Advance to suppliers 118.90 250.93
(iv) Advances to Employees 37.64 16.09
(v) Others:
Prepaid expenses 103.72 8.54
Balances with government authorities
(i) Goods and services tax (GST) credit receivable 1,786.58 1,774.95
(ii) Sales-tax receivable 0.85 0.85
(iii) Excise Duty 0.07 0.07
(iv) Income tax receivable 115.20 115.20
Total 2,888.15 2,650.11
180 9.1 No advances are due from directors of the company, firms in which a director is a partner or private
companies in which director is a director or a member either severally or jointly with any other person.
9.2 Advances due from officer of the company 2.90 4.64
Note As at March 31, 2024 As at March 31, 2023

Particulars
no. No. of Shares Amount No. of Shares Amount
10 EQUITY SHARE CAPITAL
10.1 Authorised Equity Share capital
Equity Shares of Rs.10/- each with 3,66,83,800 3,668.38 3,66,83,800 3,668.38
voting rights
10.2 Issued Subscribed & Paid Up Capital
Equity Shares of Rs. 10/- each with 2,88,65,126 2,886.51 2,76,15,629 2,761.56
voting rights
10.4 Reconciliation of no. of equity shares at the beginning and at the end of the year
Note As at March 31, 2024 As at March 31, 2023

Particulars
no. No. of Shares Amount No. of Shares Amount
At the beginning of the year 2,76,15,629 2,761.56 1,69,76,204 1,697.62
(a) Fresh issue of shares 2,750 0.27 1,06,39,425 1,063.94
(b) Shares Warrant Converted to Equity 12,46,747 124.67 - -
Shares
At the year end March 31, 2,88,65,126 2,886.51 2,76,15,629 2,761.56

10.5 The Board of Directors had approved allocation of 33,48,125 Convertible Warrants (hereinafter “Warrants”)
on March 31, 2023, followed by an additional allotment of 7,500 Warrants on April 6, 2023, priced at
Rs. 345/- per Warrant. Upon allotment, the company received 25% of the amount due on the above
Warrants totaling to Rs. 28.94 Crores.
Out of the above, balance 75% allotment money due on 12,46,747 Convertible Warrants amounting to
Rs. 32.26 Crore were received by the Company on the exercise of the option by the Warrant holders on
January 3, 2024. Accordingly 12,46,747 equity shares were allotted to those Warrant holders on January
3, 2024.
10.6 Terms of Pending Securities (Share Warrants) Convertaible into Equity Shares and the date of
Conversion:
Rs. 54.57 Crores representing 75% of the amounts due on balance 21,08,878 Warrants, (yet to be
converted), is receivable on exercise of the option by the Warrant holders at any time within 18 months
from the date of allotment i.e. on or before 30th September, 2024.
10.7 Equity shareholders holding more than 5% equity shares:
As at March 31, 2024 As at March 31, 2023
Particulars
% of shares No. of shares % of shares No. of shares
Rupesh Kumar Gupta 14.53% 41,93,847 15.19% 41,93,847
Sailesh Gupta 10.17% 29,36,222 10.63% 29,36,222
Rupesh Kumar./Shailesh Gupta./Rakesh 8.08% 23,33,338 8.45% 23,33,338
Kumar Gupta
181
Ansh Commerce Private Limited 6.87% 19,81,665 7.18% 19,81,665

Rakesh Kumar Gupta 5.68% 16,40,000 5.94% 16,40,000
Malabar India Fund Limited 5.62% 16,22,500
10.8 Shareholding by Promotors :

Equity Shares:
As at March 31, 2024
Shares held by promoters at the period end

% Change during the year
Promoter Name No. of Shares (*) %of total shares
Rupesh Kumar Gupta 41,93,847 14.53% -0.66%
Sailesh Gupta 29,36,222 10.17% -0.46%
* The change in the promoters shareholding in percentage terms is due to issue of equity shares to other
members during the year.
Shares held by promoters at the period end

% Change during the year
Promoter Name No. of Shares (*) %of total shares
Rupesh Kumar Gupta 41,93,847 15.19% -9.51%
Sailesh Gupta 29,36,222 10.63% -6.67%
* The change in the promoters shareholding in percentage terms is due to issue of equity shares to other
members during the year.
10.9 The above shareholding represents both legal and beneficial ownerships of shares, as per records of
the company, including its register of shareholders / members and other declarations received from
shareholders regarding beneficial interest.
10.10 Terms/rights attached to equity shares:
Each holder of equity share is entitled to (i) voting rights, (ii) dividends if any declared by the board
subject to approval of the shareholders (except in case of interim dividends), and (iii) proportionate share
in the distribution of surplus assets of the company after payment of all preferential payments, on the
liquidation.
As at As at
Particulars
March 31, 2024 March 31, 2023
10.11 The aggregate number of equity shares allotted as fully - -
paid up by way of bonus shares in immediately preceding
five years, as at the year end
10.12 The aggregate number of equity shares issued pursuant - -
to contract, without payment being received in cash in
immediately preceding five years ended
10.13 The aggregate number of equity shares brought back in - -
immediately preceding five years ended
10.14 Capital Management
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
182 confidence and to sustain future development of the business. Management monitors the return on capital
as well as the level of dividends to ordinary shareholders.

11 Other Equity (Rs. in Lakhs)
Share Equity Reserves and surplus Money

Application component Capital Re- received
Note
Particulars Money of compound demption Securities Retained against Total
no.
pending financial Reserves premium Earnings Share
Allotment instruments Warrants
Balance as at April 1, 2023 15.09 84.19 36.62 20,103.09 11,628.36 2,887.76 34,755.10
(a) Total Comprehensive - - - - 5,684.02 - 5,684.02
Income for the year
(b) Premium on issue of - - - 9.21 - - 9.21
equity shares
(c) Premium on Conversion 4,176.60 - - 4,176.60
of Warrants to equity
shares
(d) Share issue expenses - - - (15.75) - - (15.75)
(e) Share Application Money (15.09) - - - - - (15.09)
pending Allotment
(f) Money Reveived Against - - - - 3,232.43 3,232.43
Share Warrants (refer
note 11.2)
183
(g) Share Warrants - - - - (4,301.28) (4,301.28)

converted into equity
Shares (refer note 11.2)
(15.09) - - 4,170.06 5,684.02 (1,068.85) 8,770.14
Balance as at April 1, 2022 - 94.64 - 1,286.52 7,022.89 - 8,404.05
Additions during the year: -
(a) Total Comprehensive - - - - 4,631.63 - 4,631.63
Income for the year
(b) Premium on issue of - - - 19,303.81 - - 19,303.81
shares
(c) Share issue expenses - - - (487.24) - - (487.24)
(d) CRR Created on - 36.62 - (36.62) - -
redemption of Preference
Share Capital
(e) Equity Component - (10.45) - - 10.45 - -
transferred to Retained
Earnings
(f) Share Application Money 15.09 - - - - 15.09
pending Allotment
(Equities and Warrants)*
(g) Money Reveived Against - - - - - 2,887.76 2,887.76
Share Warrants
15.09 (10.45) 36.62 18,816.57 4,605.46 2,887.76 26,351.05
* Share application money includes an amount of Rs.6.47L towards money received against share warrant pending
allotment
11.1 Term and conditions of compound financial instruments - Preference Shares

0 % Series A Redeemable Non Cumulative Preference Shares
33,16,200 .0% Series A Redeemable Non Cumulative Preference Shares of Rs. 10 each.
Terms and conditions
i) The 0% Series A Redeemable Preference Shares of Rs. 10/- be redeemed at par, without any premium, and shall
be redeemed by the Company at any time within 20 years from the date of issue.
ii) The 0% Series A Redeemable Preference Shares of Rs. 10/- shareholders are vested with right of put option for
redemption of share at any time, before the company calls for redemption.
iii) These preference shareholders have voting rights only in respect of certain matters as per the provisions of
Section 47(2) of the Act.
iv) The RNCPS are non-participating shares in the surplus funds.
v) The RNCPS carry a preferential right vis-a-vis Equity Shares of the Company with respect to repayment in case
of winding up or repayment of capital.
11.2 Money received against Share Warrants (Refer Note Number 10.5 & 10.6).
11.3 Nature and purpose of creation and utilisation of reserves.
11.3.1 Securities Premium: Securities premium is created on excess amount received over and above the face
value on issue of the shares and securities. The securities premium can be utilised in accordance with the
provisions of Section 52 of the Companies Act 2013. These include issue of bonus shares and writing of
184 expenses incurred such as commission etc. on issue of shares/securities.
11.3.2 Capital Redemption Reserve(CRR) : The Companies Act, 2013 requires that when a Company purchases its
own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares
so purchased shall be transferred to a capital redemption reserve. The reserve is utilised in accordance with
the provisions of Section 69 of the Companies Act, 2013.
11.3.3 Retained Earnings: Retained earnings are the profits (including Other Comprehensive income) that the
company has earned till date, less any transfer to general reserve, dividends or other distribution or the
distributions paid to the shareholders.

12 Borrowings - Non Current (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Secured:
(a) Term Loans :
(i) From banks - Canara Bank (Other than Vehicle loans) (Refer 7,938.68 8,180.61
Note No. 12.1.1)
- HDFC Bank (Other than Vehicle loans) (Refer Note No. 3,723.08 4,103.50
12.1.1)
- HDFC Bank (Vehicle Loans) (Refer Note No. 12.1.3) 156.08 114.32
11,817.84 12,398.43
Unsecured:
(a) Vehicle Loans
(ii) From Others - Kotak Mahindra Prime Ltd (Refer Note No. - 5.75
12.1.4)
- 5.75
(b) Loans from related parties
- From Directors 29.12 -
185

(c) Compound financial instruments - Preference shares 123.86 115.22
(Refer note:- 12.2 and 12.3)
Total 11,970.82 12,519.40
12.1 Note (i) Term and conditions for repayment of loan (Rs. in Lakhs)

Non Non
Current Current
Current Current
12.1.1 Term Loan is Secured by Primary Charge on Equitable - 158.42 158.42 633.69
Mortgage of all Land & Building, existing Plant & Machinery
and Other Fixed Assets, Present & future except for the
Fixed assets located at Plot No. B-15 to B-28, SIPCOT
Industrial Growth Centre, Perundurai, ERODE(Distt.),
Tamilnadu-638052. Further the said term loan is secured
by pari pasu charge with HDFC bank on the entire present
and future current assets of the company and also
guaranteed by two Directors of the Company and their
family members.
The loan is taken from Canara Bank and is repayable in 58
monthly instalments starting from Jun'2019 till Jun' 2024.
Applicable Rate of Interest for the FY 2023-24 is 9.60%
(Applicable Rate of Interest for FY 2022-23 was 12.15%)

Non Non
Current Current
Current Current
Term Loan is Secured by Primary Charge on Equitable 728.88 328.66 1,057.53 69.70
family members.
monthly instalments starting from Jan'2024 till Dec' 2027.
(Applicable Rate of Interest for FY 2022-23 is 9.35%)
Term Loan is Secured by Primary Charge on Equitable 6,967.84 1,086.20 6,240.39 896.00
186

family members.
monthly instalments . Applicable Rate of Interest for the FY
2023-24 is 9.75% (Applicable Rate of Interest for FY 2022-
23 is 9.10%)
Term Loan is Secured by Primary Charge on Equitable - 240.41 240.40 238.60
family members.
monthly instalments starting from Apr'2021 till Mar' 2025.


Non Non
Current Current
Current Current
Term Loan is Secured by Primary Charge on Equitable 241.96 241.90 483.86 241.85
family members.
monthly instalments starting from Apr'2022 till Mar' 2026.
Total (a) 7,938.68 2,055.58 8,180.61 2,079.83
Term Loan is Secured by Primary Charge on Equitable 3,723.08 816.37 4,103.50 100.10
Mortgage of Factory Land and Building, Plant & Machinery
and Other Fixed Assets, Present and Future located at -
Plot No. B-15 to B-28, SIPCOT Industrial Growth Centre, 187
Perundurai, ERODE(Distt.), Tamilnadu-638052.Further the

said term loan is secured by pari pasu charge with canara
bank on the entire present and future current assets of
the company and also guaranteed by two Directors of the
Company and their family members.
Loan is taken from HDFC Bank and is repayable in 72
monthly instalments . Applicable Rate of Interest for the FY
23-24 is 8.82%. (Applicable Rate of Interest for FY 2022-23
is 8.25%)
Total (b) 3,723.08 816.37 4,103.50 100.10
12.1.2 Secured by Primary Charge on Vehicle Purchased out of - - - 0.61
Loan. Loan taken from Canara Bank is repayable in monthly
60 instalments till Jan'2023. Applicable Rate of Interest is
7.85%
Total (c) - - - 0.61
12.1.3 Secured by Primary Charge on Vehicle Purchased out 3.96 3.14 7.10 2.92
of Loan. Loan taken from HDFC Bank is repayable in 48
monthly instalments till May' 2026. Applicable Rate of
Interest is 7.35%
Secured by Primary Charge on Vehicle Purchased out 5.54 4.07 9.60 3.77
monthly instalments till June' 2026. Applicable Rate of
Interest is 7.60%
monthly instalments till September' 2026. Applicable Rate
of Interest is 8.15%

Non Non
Current Current
Current Current
monthly instalments till February' 2028. Applicable Rate of
Interest is 8.50%
monthly instalments till April' 2028. Applicable Rate of
Interest is 8.40%
Secured by Primary Charge on Vehicle Purchased out 39.59 10.12 - -
monthly instalments till June' 2028. Applicable Rate of
Interest is 8.60%
monthly instalments till July' 2028. Applicable Rate of
Interest is 8.60%
188 monthly instalments till July' 2028. Applicable Rate of
Interest is 8.70%
Total (d) 156.08 48.16 114.32 26.77

Total Secued Burrowings (a+b+c+d) 11,817.84 2,920.12 12,398.43 2,207.31
Note (ii) Term and conditions for repayment of loan other
than bank as follows:-
12.1.4 Vehicle Purchased out of Loan. Loan taken from Kotak - 5.68 5.75 5.98
Mahindra Prime Ltd. is repayable in 36 monthly instalments
till Feb'2025. Applicable Rate of Interest is 7.15%
Total Unsecured Burrowings (e) - 5.68 5.75 5.98

12.2 The Company had issued in FY 2015-16, Zero percent (0)% Redeemable Non Cumulative Preference Shares
(NCPS) with an option to the Board to redeem these NCPSs at a premium of 5 % at any time within a period
of 5 years or at a premium of 10% within a period of 10 years or at a premium of 20% if the shares are
redeemed after a period of 10 years. As the tenure of Preference Shares was about to complete 5 years the
Board initiated the process for KYC and redemption of the said preference shares with the consent of such
preference shareholders.
On non receipt of KYC from one of the preference shareholder, a board meeting was called up during 2021-
22 on October 25, 2021 and instead of redemption, the company decided and passed a Board resolution for
change in terms of redemption i.e. no premium on redemption with a maturity period at the end of 20 years
(against earlier period of 5 years or 10 years or beyond 10 years as the case may be) and the same was
approved in the adjourned preference shareholders’ meeting held on November 26, 2021 with one shareholder
present. The necessary filings for the same is complied with the Ministry of Corporate Affairs.
12.3 Out of the above said Preference share on the request of one of the shareholders (Mr. Sailesh Gupta) the
Company in its board meeting held on August 10, 2022 has redeemed 3,66,200 0% Series A Redeemable
Non cumulative Preference Shares of Rs.10/- each at a aggregate value of Rs. 36,62,000 out of profits of
the Company in compliance with the provisions of Section 55 and all other applicable provisions, if any, of
the Companies Act, 2013, and the rules made thereunder (including any statutory modification(s) or re-
enactment(s) thereof for the time being in force).
12.4 For terms and conditions for Compound financial instruments, Refer note no. 11.1

13 Provisions (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
- for Employee Gratuity 44.33 32.14
- for Compensated Absences - 1.02
Total 44.33 33.16
14 Deferred tax liabilities (Net) (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Balance in the beginning (Net) 424.30 314.94
Add: Deferred tax recognised in Profit and Loss account 399.34 109.37
Balance at the year end (Net) 823.64 424.30
14.1 For Components of deferred tax (assets) and liabilities please refer
note no.28
15 Borrowings - Current (Rs. in Lakhs)

189
As at As at
March 31, 2024 March 31, 2023

Secured:
(a) Loans repayable on demand
From banks: -
(i) Cash Credit facilities 22,191.92 14,801.55
(ii) Bills discounted - 67.57
22,191.92 14,869.12
(b) Current maturities of long term borrowings towards:
(i) Secured - Banks 2,920.12 2,207.31
(ii) Unsecured
- Banks - -
- Other than Banks 5.68 5.98
Total Current Maturities for Long term Burrowing (Secured + 2,925.80 2,213.29
Unsecured)
Total 25,117.72 17,082.41
15.1 The above loans are secured by way of hypothecation of inventories and receivables and by secondary charge
on other property, plant and equipment’s. These are also guaranteed by the personal guarantees of the two
directors and their relatives.
15.2 The quarterly returns/ statements read with subsequent revisions filed by the Company with the banks are in
agreement with the books of accounts.
16 Trade payable
Undisputed: Less than 1 year 1-2 years 2-3 years More than 3 years Total
MSME 97.47 - - - 97.47
Others 1,793.33 - - - 1,793.33
Disputed dues - MSME - - - - -
Disputed dues - Others - - - - -
Unbilled Dues - - - - -
Undisputed: Less than 1 year 1-2 years 2-3 years More than 3 years Total
MSME - - - - -
Others 1,631.31 - - - 1,631.31
Disputed dues - MSME - - - - -
Disputed dues - Others - - - - -
Unbilled Dues - - - - -
16.1 The amount due to Micro and small enterprises as defined in The Micro, Small and Medium Enterprises
190
Development act, 2006 has been determined to the extent such parties have been identified on the basis of
information available with the Company. The disclosures relating to Micro and Small Enterprises are as below:
(Rs. in Lakhs)
As at As at
16.2 Particulars
March 31, 2024 March 31, 2023
(i) The principal amount remaining unpaid to supplier as at the end 97.47 -
of the year
(ii) The interest due thereon remaining unpaid to supplier as at the - -
end of the year
(iii) The amount of interest-due and payable for the period of - -
delay in making payment (which have been paid beyond the
appointed day during the year) but without adding the interest
specified under this Act
(iv) The amount of interest accrued during the year and remaining - -
unpaid at the end of the year
(v) The amount of interest remaining due and payable to suppliers - -
disallowable as deductible expenditure under Income Tax Act,
1961
Total 97.47 -
16.3 Trade payable include the amounts due to a firm in which the - -
directors are partners

17 Other financial liabilities (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Payable to Capital Goods Suppliers
Dues to micro and small enterprises 76.10 236.39
Dues to other than micro enterprises and small enterprises 607.22 636.43
Other Liabilities for Services - 2.11
Other Liabilities for Outstanding Expenses 376.21 -
Total 1,059.53 874.93
17.1 The amount due to Micro and small enterprises as defined in The Micro, Small and Medium Enterprises
Development act, 2006 has been determined to the extent such parties have been identified on the basis of
information available with the Company. The disclosures relating to Micro and Small Enterprises are as below:
(Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
(i) The principal amount remaining unpaid to supplier as at the end 76.10 236.39
of the year
(ii) The interest due thereon remaining unpaid to supplier as at the - - 191
end of the year

(iii) The amount of interest-due and payable for the period of - -
delay in making payment (which have been paid beyond the
appointed day during the year) but without adding the interest
specified under this Act
(iv) The amount of interest accrued during the year and remaining - -
unpaid at the end of the year
(v) The amount of interest remaining due and payable to suppliers - -
disallowable as deductible expenditure under Income Tax Act,
1961
Total 76.10 236.39
18 Other current liabilities (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
(a) Statutory dues payable 173.95 83.51
(b) Other Contractual Obligation - 32.14
(c) Advance from customers 109.15 147.52
Total 283.10 263.18
18.1 Statutory dues primarily relate to GST, tax deducted at source, Tax collected at source, ESI, Provident fund
and Professional tax.
19 Provisions (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
- for Employee gratuity 5.00 2.84
- for Compensated Absences - 2.31
Total 5.00 5.15
20 Current tax liabilities (Net) (Rs. in Lakhs)
As at As at
March 31, 2024 March 31, 2023
Provision for tax (net of taxes paid) 295.79 441.89
21 Revenue from operations (Rs. in Lakhs)

March 31, 2024 March 31, 2023
(a) Sale of Steel and Steel products (Refer note 21.1 below)
MS Tubes 42,627.75 39,361.23
Scaffolding 2,539.55 2,339.50
192
GP/CR Pipe & Coil 60,989.25 9,476.06
Other Steel Products 9,162.22 13,194.42

Total 1,15,318.77 64,371.21
21.1 (i) Sales of Products
Gross Sales 1,44,496.05 84,425.46
Total 1,44,496.05 84,425.46
Less: Taxes & Duties 20,686.75 12,487.48
Less: Internal Stock Transfer 8,490.54 7,566.77
Revenue from operations 1,15,318.77 64,371.21
22 Other income (Rs. in Lakhs)

March 31, 2024 March 31, 2023
(a) Interest income (at amortised cost) 383.18 74.17
(b) Gain on foreign currency transactions (net) 129.34 0.10
(c) Gain on Sale of PPE 7.19 0.55
Total 519.71 74.82

23 Cost of materials consumed (Rs. in Lakhs)

March 31, 2024 March 31, 2023
(a) Raw materials consumed:
Opening stock 6,776.08 1,140.31
Add: Purchases during the year 1,03,377.55 61,465.19
1,10,153.63 62,605.49
Less: Internal Stock Transfer 8,490.54 7,566.77
Less: Closing Stock 8,281.79 6,776.08
16,772.33 14,342.85
Raw materials consumed (a) 93,381.30 48,262.65
(b) Stores & Spares consumed:

Opening stock 5,677.53 4,741.96
Add: Purchases during the year 596.76 2,144.93
6,274.29 6,886.90
Stores and spares consumed (b) 1,260.31 1,209.37 193
Total cost of materials consumed (a)+(b) 94,641.61 49,472.02

24 Changes in inventories of finished goods, stock-in-trade and work-in-progress (Rs. in Lakhs)

March 31, 2024 March 31, 2023
Finished goods:
Opening stock 8,763.70 5,596.73
(Increase)/decrease in inventories (7,594.51) (3,166.98)
25 Employee benefits expense (Rs. in Lakhs)

March 31, 2024 March 31, 2023
(a) Salaries and wages
- Salaries and Wages 3,549.31 1,791.36
- Remuneration to Directors 646.22 324.00
(b) Contribution To Provident And Other Funds 202.72 87.50
(c) Staff welfare expenses 69.64 46.11
Total 4,467.89 2,248.97
26 Finance costs (Rs. in Lakhs)

March 31, 2024 March 31, 2023
(a) Interest expense :
(i) Term Loans 1,249.02 425.74
(ii) Vehicle Loans 16.80 4.65
(iii) Cash Credit Facilities 1,795.83 440.20
(iv) LC Commission / Bill Discounted Charges 142.29 79.49
(v) Lease Liabilities 11.29 4.82
(vi) Finance Cost on Compound Financial Instruments 8.64 8.54
3,223.87 963.44
(b) Other financial costs 32.44 51.79
(c) Loss on Settlement of Compound Financial Instruments - 22.82
Total 3,256.32 1,038.04
27 Other expenses (Rs. in Lakhs)

194 March 31, 2024 March 31, 2023
(a) Communication Expenses 9.70 7.66
(b) Director Sitting Fees 7.20 9.75

(c) Commission Expenses 6.91 7.43
(d) Office Maintenance 18.25 19.15
(e) Printing & Stationary 13.02 7.97
(f) Security Services 86.21 52.14
(g) Advertisement and sales promotion 284.01 138.51
(h) Rent 50.24 25.93
(i) Travelling and conveyance 211.38 128.63
(j) Payment to auditors (refer note 27.1 below) 19.60 9.05
(k) Payment to tax auditor 0.60 0.60
(l) Payment to cost auditor 0.70 0.75
(m) Legal and professional charges 80.68 79.94
(n) Production Factory Maintaince 324.05 109.76
(o) Repairs and Maintaince
(i) Building 3.43 5.70
(ii) Plant and machinery 108.89 97.17
(iii) Vehicles 12.37 9.41
(iv) Others 18.93 10.53
(p) Rates and taxes 1.33 4.56
(q) Filing and registration fee 61.28 32.91
(r) Corporate social responsibility (refer note 27.2 below) 87.21 50.39
(s) Insurance 24.01 43.20
(t) Miscellaneous Expenses 27.39 42.38
Total 1,457.39 893.53

27.1 Payment to auditors (Rs. in Lakhs)

March 31, 2024 March 31, 2023
For Statutory audit 12.00 8.00
For Taxation Matter 4.00 -
For Certification fee 3.60 1.05
19.60 9.05
27.2 As per section 135 of the Companies Act, 2013 and rules made thereunder, the Company is required to spend
at least 2% of average net profit of its past three years towards Corporate Social Responsibility (CSR). Details
of CSR Expenditure are as under :
(Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
(a) Amount required to be spent by the Company for the year 84.38 50.34
(b) Amount spent during the year:
(i) on purposes other than construction / acquisition of 87.21 50.39
any asset)
(ii) for the purpose of acquisition / construction of assets - - 195
87.21 50.39

(c) Shortfall at the year end (of CSR expenditure incurred) - -
(d) Total of previous year/period short fall - -
(e) Out of the above, expenses recognised in Statement of - -
Profit and Loss
(i) Expenses actually incurred i.e. paid (cash) 87.21 50.39
(ii) Expenses incurred but not paid, i.e. provided for - -
(Provision)
87.21 50.39
The company plans to carry forward the excess amount of Rs.
2.83 Lakhs spent during the current financial year. This sum
will be utilized in the upcoming financial year and adjusted
against the company's future commitments for spending
towards CSR.
(f) Nature of CSR activities
(i) Education 6.64 9.57
(ii) Animal Welfare 8.54 16.23
(iii) Children Welfare 5.00 0.29
(iv) Ensuring Environmental sustainability 0.34 2.00
(v) Health Care 15.68 22.31
(vii) Restoration of buildings and sites of historical 51.00 -
importance
87.21 50.39
28 Disclosure pursuant to Ind AS 12 “Income Taxes” (Rs. in Lakhs)

March 31, 2024 March 31, 2023
Current tax 1,605.81 1,497.21
Deferred tax 397.97 105.72
Tax for earlier periods 52.52 58.93
Total 2,056.30 1,661.85
(a) Income tax expenses - current and deferred tax (Rs. in Lakhs)

1. Profit or Loss
March 31, 2024 March 31, 2023
(i) Current Income tax :
Current income tax expense 1,605.81 1,497.21
Tax expense of earlier years 52.52 58.93
Total (i) 1,658.33 1,556.14
(ii) Deferred Tax:
Tax expense on origination and reversal of temporary differences 397.97 105.72
Total (ii) 397.97 105.72
196 Income tax expense reported in Profit or Loss [(i)+(ii)] 2,056.30 1,661.85
(Rs. in Lakhs)

2. Other comprehensive income (OCI) Section:
March 31, 2024 March 31, 2023
(i) Items not to be reclassified to Profit or Loss in subsequent periods:
Current tax expense/(income):
On measurement of defined benefit plans 1.37 3.64
Income tax expense reported in the OCI section 1.37 3.64
(b) Reconciliation of tax expense and the accounting profit: (Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
(1) Profit before tax as per the Statement of Profit and loss 7,736.25 6,282.66
(2) Corporate tax rate as applicable 25.17% 25.17%
(3) Tax on Accounting profit (3) = (1) * (2) 1,947.06 1,581.22
(i) Tax on Income exempt from tax/Non cash Income : - -
(ii) Tax on expenses not tax deductible:
(A) CSR expenses 21.95 12.68
(B) Other disallowances 5.99 5.57
(iii) Tax effect on various other items 28.78 3.45
2,003.78 1,602.92
(iv) Effect of current tax related to earlier years 52.52 58.93
(4) Tax expense recognised during the year (5)=(3)+(4) 2,056.30 1,661.85
(5) Effective tax rate (6)=(5)/(1) 26.58% 26.45%

(c) Components of deferred tax (assets) and liabilities recognised in the Balance Sheet and Statement of Profit
and Loss
(Rs. in Lakhs)
Balance Sheet
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
1. Items disallowed u/s 43B of Income Tax Act, 1961 27.31 29.19
2. Difference in book depreciation and income tax depreciation 798.62 395.81
3. Others (2.29) (0.70)
Net deferred tax (assets)/liabilities 823.64 424.30
(Rs. in Lakhs)
Statement of Profit or Loss

Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
1. Items disallowed u/s 43B of Income Tax Act, 1961 (3.25) 26.66
2. Difference in book depreciation and income tax depreciation 402.81 79.75
3. Others (1.58) (0.69)
Deferred tax expense/(income) 397.98 105.72
197

(d) Reconciliation of deferred tax (assets)/liabilities (Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
Balance as at beginning 424.30 314.95
Tax (income)/expense during the period recognised in:
(i) Statement of Profit and Loss in Profit or Loss section 397.98 105.72
(ii) Statement of Profit and Loss under OCI section 1.36 3.64
Balance as at the year ended 823.64 424.30
29. Earning per Share (Rs. in Lakhs)

March 31, 2024 March 31, 2023
(a) Profit for the year attributable to the owners of the 5,679.95 4,620.80
Company used in calculating basic and diluted earnings
per share
(b) Weighted average number of equity shares used as the 2,79,21,505 2,52,49,189
denominator in calculating basic earnings per share:
(c) Adjustments for calculation of diluted earnings per share 30,48,361 9,173
(Issue of Warrants)(Number)
(d) Weighted average number of equity shares and potential 3,09,69,866 2,52,58,362
equity shares used as the denominator in calculating
diluted earnings per share
Basic earnings per share (a/b) 20.34 18.30
Diluted earnings per share (a/d) 18.34 18.29
30 Disclosure pursuant to Ind AS 19 “Employee Benefits”

(a) Defined contribution plans:
The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees.
Under the schemes,the Company is required to contribute a specified percentage of the payroll costs to fund the
benefits. The company recognised Rs.125.71 Lakhs (Year ended March 31, 2023 Rs.28.79 Lakhs) for Provident
Fund contributions in the statement of profit and loss. The contributions payable to these plans by the company
are at rates specified in the rules of the schemes. The obligation of the company is limited to the amount
contributed and it has no further contractual nor any constructive obligation.
(b) Defined benefit plans:
Employee benefit Obligation :
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees.
The plan provides for a lump sum payment to vested employees at retirement, death while in employment or on
termination of employment of an amount equivalent to 15 to 30 days salary payable for each completed year of
service. Vesting occurs upon completion of five years of service. The Company makes annual contributions to
gratuity funds established as trusts or insurance companies. The Company accounts for the liability for gratuity
benefits payable in the future based on a year end actuarial valuation.
Movement of defined benefit obligation: The amounts recognised in the balance sheet and the movements in
the net defined benefit obligation over the year are as follows:
(Rs. in Lakhs)

198
Changes in the Present Value of Obligation March 31, 2024 March 31, 2023
refer para 140(a)(ii) and 141 of Ind AS19

PV Obligation as at the start: 34.98 37.46
Acquisition adjustment -
Interest Cost 2.59 2.68
Past Service Cost - -
Current Service Cost 17.22 9.30
Curtailment Cost / (Credit) - -
Settlement Cost / (Credit) - -
Benefits paid/Due to be Paid - -
Actuarial (gain)/ loss on obligation. (5.46) -14.46
PV of Obligation as at the end: 49.33 34.98
Bifurcation of Accrued Liability
Current Liability (Short term) 5.00 2.84
Non-Current Liability (Long term) 44.33 32.14
Total Accrued Liability 49.33 34.98
Changes in the Fair Value of Plan Assets refer para 140(a)(ii) and 141 of Ind AS19
FV of Plan Assets at the start: 17.92 16.80
Acquisition Adjustments (0.11) (0.10)
Exp. Return on Plan Assets 1.32 1.20
Contributions (net) - -
Benefits Paid (0.23) -


Actuarial Gain /( loss) on Assets (0.02) 0.02
FV of Plan Assets at the end: 18.89 17.92
Change in the Effect of Asset Ceiling refer para 140(a)(iii) and 141 of Ind AS19
Effect of Asset Ceiling at the beginning
Interest Expense or Cost (to the extent not recognised in net
interest expense)
Re-measurement (or Actuarial) (gain)/loss arising because of
change in effect of asset ceiling
Effect of Asset Ceiling at the end
Expenses Recognised in the Income Statement refer para 57(c) of Ind AS19
Current Service Cost 17.22 9.30
Past Service Cost
Expected Return on Plan Assets (1.32) (1.20)
Interest cost 2.59 2.68
Expenses Recognised in the Income Statement 18.49 10.78
199
Other Comprehensive Income refer para 57(c) of Ind AS19

Actuarial (gain)/ loss on obligations - change in financial - -
assumptions
Actuarial (gain)/ loss on obligations - change in demographic - -
assumptions
Actuarial (gain)/ loss on obligations - experience variance (i.e. (5.46) -14.46
Actual experience vs. assumptions)
Total Actuarial (gain)/ loss on obligations (5.46) -14.46
Actuarial Gain /( loss) on Plan Assets (0.02) 0.02
Total OCI (5.44) -14.47
Return on plan assets, excluding amount recognised in net
interest expense
Re-measurement (or Actuarial) (gain)/loss arising because of
change in effect of asset ceiling
Components of defined benefit costs recognised in other
comprehensive income
Major categories of Plan Assets (as percentage of Total Plan
Assets)
Government of India securities Nil Nil
State Government securities Nil Nil
High quality corporate bonds Nil Nil
Equity shares of listed companies Nil Nil
Property Nil Nil
Special Deposit Scheme Nil Nil

Funds managed by Insurer 100% 100%
Bank balance Nil Nil
Other Investments--LIC Nil Nil
Total
Financial Assumptions
Discount rate (per annum) 7.10% 7.40%
Salary growth rate (per annum) 4.00% 4.00%
31 Related party transactions and disclosures:

31.1 Related parties where control exists or where significant influence exists and with whom transactions have
taken place during the year:
A) List of Related Parties :
Name Relationship Designation

Rupesh Kumar Gupta Key Managerial Person Managing Director
200 Sailesh Gupta Key Managerial Person Whole Time Director
Sunita Gupta Key Managerial Person Non-Executive Director
Rajender Reddy Gankidi Key Managerial Person Independent Director

Shanti Sree Bolleni (Resigned with effect from October 15, 2022) Key Managerial Person Independent Director
Soumen Bose (Independent Director upto January 02, 2024, Key Managerial Person Non-Executive Director
Non-Executive Director w.e.f January 03, 2024)
Sneha Sankla Key Managerial Person Independent Director
Pramod Kumar Kapoor Key Managerial Person Independent Director
Amitabha Bhattacharya Key Managerial Person Chief Financial Officer
Chirag Partani (Resigned with effect from October 10, 2023) Key Managerial Person Company Secretary &
Compliance Officer
Rekha Singh (Appointed With Effect From October 10, 2023) Key Managerial Person Company Secretary &
Compliance Officer
Rakesh Kumar Gupta Director’s Relative Executive

Parul Gupta Director’s Relative Executive
Isha Gupta Director’s Relative Executive
Ansh Golas Director’s Relative Executive
B) Enterprises owned or significantly influenced by key managerial personnel:

Reo Solutions Pvt. Ltd.
Ansh Commerce Pvt. Ltd.
Lakshit Trade Link
Ultra Pipes

C) The following transactions were carried out with related parties in ordinary course of business
(Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
(a) Employee benefits expense
(i) Short term employee benefits
Salaries
Rupesh Kumar Gupta 341.11 180.00
Sailesh Gupta 305.11 144.00
Soumen Bose 7.96 -
Parul Gupta 36.00 36.00
Isha Gupta 36.00 36.00
Rakesh Kumar Gupta 48.00 36.00
Ansh Golas 23.78 11.78
Amitabha Bhattacharya 42.98 35.78
Chirag Partani 9.64 15.98
Rekha Singh 6.52 -
Total 857.10 495.55 201

(ii) Keymen insurance premium paid for
Total 40.00 40.00
(b) Director's sitting fees:

Sunita Gupta 0.55 0.90
Pramod Kumar Kapoor 1.60 2.40
Rajender Reddy Gankidi 2.15 3.03
Shanti Sree Bolleni - 1.08
Soumen Bose 1.60 1.75
Sneha Sankla 1.30 0.60
Total 7.20 9.75
(c) Rent Paid :

Parul Gupta - 2.10
Total 21.60 18.45

Particulars
March 31, 2024 March 31, 2023
(d) Sales of Goods
Ultra Pipes 3,193.82 3,936.28
(e) Purchase of Goods

Ultra Pipes 7,982.91 3,369.45
Lakshit Trade Link - 21.21
Total 7,982.91 3,390.66
(f) Issue of Share Warrants

Rupesh Kumar Gupta - 226.41
Sailesh Gupta - 226.41
Rakesh Kumar Gupta - 301.88
Total - 754.69
(g) Advance Recovery From Employees

202 Ansh Golas 4.20 1.38
Chirag Partani 3.08 0.52

Total 10.72 4.36
(h) Unsecured Loans Taken

Total 29.12 80.00
(i) Unsecured Loans repaid

Rupesh Kumar Gupta - 69.79
Sunita Gupta - 30.78
Total - 231.66
(j) Redemption of Preference Share Capital

Total - 33.62
(k) Balances Outstanding at the end of the year

i. Outstanding Unsecured Loan (Long term Burrowings):
Rupesh Kumar Gupta 29.12 -
Total 29.12 -


Particulars
March 31, 2024 March 31, 2023
ii. Expenses payable:
Parul Gupta 2.34 -
Isha Gupta 2.34 -
Rakesh Kumar Gupta 3.02 -
Total 145.76 17.97
iii. Advance to Employees**

Ansh Golas 9.11 11.36
Chirag Partani - 2.74
Total 20.08 27.83
** Note: Balances are after giving effect of Effective
Interest Rate (EIR) as per provisions of IND AS 109
203
iv. Trade Receivable

Ultra Pipes - 924.57
Total - 924.57
v. Advance to Supplier
Lakshit Trade Link - 39.63
Total - 39.63
31.2 The transactions with the related parties are made on an arms length transaction. Outstanding balances at the
year end are unsecured and settlement occurs in cash.
31.3 The Company has not recorded any impairment of receivables relating to amount owed by related parties
nor made any provision for bad debts. This assessment is undertaken at the year end through examining the
financial position of the related parties and the market in which the related parties operate.
32 Contingent Liabilities And Commitments (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
32.1 Contingent liabilities not provided for in respect of:
a. Claims against the company not acknowledged as debts:
Disputed tax demands* 612.42 592.71
b. Bank Guarantees - 1.31
612.42 594.02
32.2 Capital & Other Commitments 118.31 953.36
32.3 * ITAT has decided the appeal in company’s favour by allowing the company’s claim against the disputed
demand of Rs.35.05 Lakhs(previous year Rs.35.05 Lakhs) included in the above amount as per its order dated
October 5, 2016, pending appellate order effect as at the year end.
32.4 The Company does not expect any reimbursements in respect of the above contingent liabilities.
32.5 It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at 32.1(a) above
pending resolution of the legal proceedings. Further, the liability mentioned in 32.1(a) above excludes interest
and penalty in cases where the company has determined that the possibility of such levy is remote.
33 Segment Reporting
204 Based on the management approach as defined in IND AS 108 – Operating Segments, the Chief Operating
Decision Maker (“CODM”) evaluates the company’s performance and allocates resources based on an analysis
of various indicators of business segment/s in which the company operates. The Company is primarily engaged
in the business of Manufacturing & selling of Steel Products, which the management and CODM recognise as
the sole business segment. Hence disclosure of segment-wise information is not required and accordingly not
provided.
The other applicable information applicable where there is only one segment as required in accordance with
IND AS 108 – Operating Segments, are as under:
(a) The company does not have the information in respect of the revenues from external customers for each
product and service, or each group of similar products and services, and the cost to develop such system will
be highly excessive. Accordingly such information is not disclosed as allowed by para 32 of IND AS 108.
(b) Revenues (Rs. in Lakhs)

Particulars
March 31, 2024 March 31, 2023
Domestic 1,15,318.77 64,371.21
Export - -
Total 1,15,318.77 64,371.21
There are no assets in foreign countries held by the Company.
(c) The company boasts a diverse customer base with no single major customer or external group representing more
than 10% of its revenue.

Note No. 34: Financial Instruments classification by category

(a) The carrying value and fair value of financial instruments at the end is as under:
At Fair
(Refer Value
At Fair Total
Note No. Through
At Value Carrying
To The Other Total Fair
34.1 Particulars Financial
At Cost Amortised Through
Com-
Value 31
Value
Cost Profit Or March
State- pressive
Loss 2024
ments) Income
(OCI)
(1) Assets
Non-Current Financial Assets
(I) Other Financial Assets 3 1,303.78 1,303.78 - - 1,303.78 1,303.78
Current Financial Assets
(I) Trade Receivables 6 12,207.31 12,207.31 - - 12,207.31 12,207.31
(Ii) Cash And Cash Equivalents 7(a) 177.97 177.97 - - 177.97 177.97
(Iii) Bank Balances Other Than (Ii) 7(b) 3,001.00 3,001.00 - - 3,001.00 3,001.00
Above
(Iv) Other Financial Assets 8 230.34 230.34 - - 230.34 230.34
Total Financial Assets 16,920.40 16,920.40 - - 16,920.40 16,920.40 205

(2) Liabilities

Non-Current Financial Liabilities
(I) Borrowings 12 11,970.82 11,970.82 - - 11,970.82 11,970.82
Current Financial Liabilities
(I) Borrowings 15 25,117.72 25,117.72 - - 25,117.72 25,117.72
(Ii) Trade Payables 16 1,890.80 1,890.80 - - 1,890.80 1,890.80
(Iii) Other Financial Liabilities 17 1,059.53 1,059.53 - - 1,059.53 1,059.53
Total Financial Liabilities 40,038.87 40,038.87 - - 40,038.87 40,038.87

At Fair
(Refer Value
At Fair Total
Note No. Through
At Value Carrying
To The Other Total Fair
Particulars At Cost Amortised Through Value 31
Financial Com- Value
Cost Profit Or March
State- pressive
Loss 2024
ments) Income
(OCI)
(1) Assets
Non-Current Financial Assets
(I) Other Financial Assets 3 95.52 95.52 - - 95.52 95.52
Current Financial Assets
(I) Trade Receivables 6 8,611.68 8,611.68 - - 8,611.68 8,611.68
(Ii) Cash And Cash Equivalents 7(a) 10,404.27 10,404.27 - - 10,404.27 10,404.27
(Iii) Bank Balances Other Than (Ii) 7(b) 68.13 68.13 - - 68.13 68.13
Above
(Iv) Other Financial Assets 8 14.62 14.62 - - 14.62 14.62
Total Financial Assets 19,194.22 19,194.22 - - 19,194.22 19,194.22
206 (2) Liabilities
Non-Current Financial Liabilities

(I) Borrowings 12 12,519.40 12,519.40 - - 12,519.40 12,519.40
Current Financial Liabilities
(I) Borrowings 15 17,082.41 17,082.41 - - 17,082.41 17,082.41
(Ii) Trade Payables 16 1,631.31 1,631.31 - - 1,631.31 1,631.31
(Iii) Other Financial Liabilities 17 874.93 874.93 - - 874.93 874.93
Total Financial Liabilities 32,108.04 32,108.04 - - 32,108.04 32,108.04
The carrying amounts of trade receivables, trade payables, capital creditors and cash and cash equivalents and other
bank balances are considered to be the same as their fair values, due to their short-term nature.
The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They
are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own
credit risk.
For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.
34.2 Fair Value Measurement
(i) Fair Value hierarchy
Level 1 - Quoted Prices (Unadjusted) in active markets for identical assets or liabilities
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from price)
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Note 35 Financial risk management Reconciliation of loss allowance provision – Trade

receivables
The Company’s activities expose it to a variety of
financial risks namely
Opening balance - - -
- Market risk, Changes in loss allowance - - -
- Credit risk and Closing balance - - -
- Liquidity risk. ii. Liquidity risk
The Board of Directors has established a Risk Management Liquidity risk is the risk that the Company will encounter
Committee to oversee the company’s Risk Management difficulty in meeting the obligations associated with its
Framework. This committee is responsible for developing financial liabilities that are settled by delivering cash
and monitoring the company’s risk management policy. or another financial asset. The Company’s approach to
These policy aim to ensure timely identification and managing liquidity is to ensure, as far as possible, that
evaluation of risks, establish acceptable risk thresholds, it will have sufficient liquidity to meet its liabilities when
map controls against these risks, monitor risks and they are fallen due, under both normal and stressed
their limits, enhance risk awareness and transparency. conditions, without incurring unacceptable losses or
Regular reviews of risk management policy and systems risking damage to the Company’s reputation
are conducted to reflect changes in market conditions
and company activities, providing reliable information to Prudent liquidity risk management implies maintaining
management and the board for evaluating the adequacy sufficient cash and the availability of funding through an
of the risk management framework in relation to the adequate amount of committed credit facilities to meet
risks faced by the company. obligations when due. Due to the dynamic nature of the
underlying businesses, Company treasury maintains
i. Credit risk flexibility in funding by maintaining availability under 207
Credit risk is the risk of financial loss to the company committed credit lines.

if a customer or counterparty to a financial instrument Management monitors rolling forecasts of the Company’s
fails to meet its contractual obligations. The company liquidity position (comprising the undrawn borrowing
is exposed to the credit risk from its trade receivables, facilities) and cash and cash equivalents on the basis of
financial assets and other current assets. The maximum expected future cash flows. This is generally carried out
exposure to credit risk is equal to the carrying value at unit level and monitored through corporate office of
of the financial assets. The objective of managing the Company in accordance with practice and limits set
counterparty credit risk is to prevent losses in financial by the Company. These limits vary by location to take into
assets. account requirement, future cash flow and the liquidity
The history of trade receivables shows no provision for in which the entity operates. In addition, the Company’s
bad and doubtful debts. Therefore, the Company does not liquidity management strategy involves projecting cash
expect any material risk on account of nonperformance flows and considering the level of liquid assets necessary
by any of the Company’s counterparties. The assessment to meet these, monitoring balance sheet liquidity ratios
is carried out considering the segment of customer, against internal and external regulatory requirements
impact seen in the demand outlook of these segments and maintaining debt financing plans.
and the financial strength of the customers.
(a) Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and exclude contractual interest payments and the impact of netting agreements.
(Rs. in Lakhs)
Carrying Contractual cash flows

PARTICULARS Amounts Less than More than Total
March 31, 2024 1–5 years
1 year 5 years
Non-derivative financial liabilities
Borrowings (Current and Non Current) 37,088.54 25,117.72 9,598.01 2,372.82 37,088.54
Trade payables 1,890.80 1,890.80 1,890.80
Other current financial liabilities 1,059.53 1,059.53 1,059.53
Total non-derivative liabilities 40,038.87 28,068.05 9,598.01 2,372.82 40,038.87
(Rs. in Lakhs)
Carrying Contractual cash flows

PARTICULARS Amounts Less than More than Total
March 31, 2023 1–5 years
1 year 5 years
Non-derivative financial liabilities
208
Borrowings (Current and Non Current) 29,601.80 17,082.41 9,286.39 3,233.01 29,601.80
Trade payables 1,631.31 1,631.31 1,631.31

Other current financial liabilities 874.93 874.93 874.93
Total non-derivative liabilities 32,108.04 19,588.65 9,286.39 3,233.01 32,108.04
iii. Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result
from a change in the price of a financial instrument. The value of a financial instrument may change as result of
changes in interest rates, foreign currency exchange rates, liquidity and other market changes. Future specific
market movements can not be normally predicted with reasonable accuracy.
iv. Foreign currency risk
The functional currency of the company is Indian Rupees (INR), but it engages in transactions denominated in
foreign currencies, thereby exposing it to exchange rate fluctuations. These fluctuations impact the company’s
costs of imports, particularly concerning raw materials. Adverse movements in the exchange rate between the
Rupee and foreign currencies increase the company’s overall debt position in Rupee terms without the company
incurring additional debt.
There has been no significant impact in Company’s financial postition with change in exchange rates.
v. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at
both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes
in variable interest rate. The borrowings of the Company are principally denominated in rupees with a mix of fixed
and floating rates of interest.
Currently the Company’s borrowings are within acceptable risk levels, as determined by the management, hence
the Company has not taken any swaps to hedge the interest rate risk.

The following table provides a break-up of the Company’s fixed and floating rate borrowings:
(Rs. in Lakhs)
Particulars 31-Mar-24 31-Mar-23

Fixed rate borrowings 209.93 152.82
Floating rate borrowings 36,725.64 29,333.77
Total borrowings 36,935.56 29,486.59
% of Floating rate burrowing to total loans 99.4% 99.5%
Cash flow sensitivity analysis for variable-rate instruments

The sensitivity analyses below have been determined based on the exposure to interest rates for floating rate liabilities
assuming the amount of the liability outstanding at the year-end was outstanding for the whole year.
Profit or loss Equity, net of tax

PARTICULARS
50 bp increase 50 bp decrease 50 bp increase 50 bp decrease
Variable-rate instruments 8.68% 8.68%
Cash flow sensitivity -183.63 183.63
Variable-rate instruments 9.50% 9.50% 209
Cash flow sensitivity -49.76 49.76

Fair value sensitivity analysis for fixed-rate instruments
There is no foreign currency exposure.
Note no 36 - Disclosure pursuant to Ind AS 1 ”Presentation of financial statements“:

(a) Current assets expected to be recovered within twelve months and after twelve months from the reporting date:
(Rs. in Lakhs)

Sr. Within After Within After
Particulars Note
No. twelve twelve Total twelve twelve Total
months months months months
1 Inventories 5 29,653.98 - 29,653.98 21,217.31 - 21,217.31
2 Trade receivables 6 12,207.31 - 12,207.31 8,611.68 - 8,611.68
3 Other financial assets 8 230.34 - 230.34 14.62 - 14.62
4 Other current assets 9 2,888.15 - 2,888.15 2,650.11 - 2,650.11
(b) Current liabilities expected to be settled within twelve months and after twelve months from the reporting date:
(Rs. in Lakhs)

Sr. Within After Within After
Particulars Note
No. twelve twelve Total twelve twelve Total
months months months months
1 Trade payables: 16
Due to micro enterprises 97.47 - 97.47 - - -
and small enterprises
Due to others 1,793.33 - 1,793.33 1,631.31 - 1,631.31
3 Other financial liabilities 17 1,059.53 - 1,059.53 874.93 - 874.93
4 Other current liabilities 18 283.10 - 283.10 263.18 - 263.18
5 Provisions 19 5.00 - 5.00 5.15 5.15
37 Value of financial assets and inventories hypothecated as collateral for liabilities and/or commitments and/or
contingent liabilities:
(Rs. in Lakhs)
As at As at
Particulars
210 March 31, 2024 March 31, 2023
Current:
Inventories and trade receivables 41,861.29 29,828.99

Cash and cash equivalents 177.97 10,404.27
Other current and financial assets 3,118.49 2,664.74
Total inventories and current financial assets hypothecated as collateral 45,157.75 42,898.00
Non-current:
Fixed Deposits 1,290.40 82.69
Total non-current financial assets hypothecated as collateral 1,290.40 82.69
38 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-
employment received Indian Parliament approval and Presidential assent in September 2020. The Code has
been published in the Gazette of India and subsequently on November 13, 2020 draft rules were published and
invited for stakeholders’ suggestions. However, the date on which the Code will come into effect has not yet
been notified. The Company will assess the impact of the Code when it comes into effect and will record any
related impact in the period the Code becomes effective.
Additional Regulatory Information:
39 Title deeds of Immovable Property not held in name of the Company:
The title deeds of all the immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the lessee), as disclosed in Note 2(a) on Property, plant and
equipment to the financial statements, are held in the name of the Company.
40 There are no proceedings initiated or are pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

41 Wilful Defaulter:
i. The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest
thereon to any lender.
ii. The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
42 The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of the Companies Act, 1956.
43 The Registration of charge in respect of secured loans filed to ROC beyond the statutory period is NIL.
44 The company does not have any subsidiary. Therefore clause (87) of section 2 of the Act read with Companies
(Restriction on number of Layers) Rules, 2017 is not applicable.
45 Ratios analysis and its Element
i) Current Ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
Current Assets 48,158.75 42,966.12
Current Liabilities 28,656.66 20,303.18
Ratio 1.68 2.12
% Change from previous period/year -20.59%
211
ii) Debt-Equity Ratio (Rs. in Lakhs)

As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Total Debts
Borrowings - Non - Current Financial Liability (Secured - Term loan) 11,817.84 12,398.43
Borrowings -Non - Current Financial Liability (Unsecured) 152.98 120.96
Borrowings - Current Financial Liability (Current maturities of Terms loan) 2,925.80 2,213.29
Borrowings - Current Financial Liability (Other Loan) 22,191.92 14,869.12
Total Borrowings 37,088.54 29,601.80
(b) Total Equity 46,411.75 37,516.66
Debt-Equity Ratio = (a/b) 0.80 0.79
% Change from previous period/year 1.28%
iii) Debt Service Coverage Ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Earnings available for debt services
Profit After Tax 5,679.95 4,620.80
Finance costs 3,256.32 1,038.04
Depreciation and amortisation expenses 3,386.58 942.45
Total earnings available for debt services 12,322.84 6,601.29
(b) Interest and principal repayments
Finance Costs 3,256.32 1,038.04
Repayment of Long term Debt for the current year 1,654.01 1,212.12
Total interest and principal repayments 4,910.33 2,250.16
Debt Service Coverage Ratio = (a/b) 2.51 2.93
iv) Inventory turnover ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
212
(a) Cost of goods sold
Cost of materials consumed 94,641.61 49,472.02

Changes in inventories of finished goods (7,594.51) (3,166.98)
Total cost of goods sold 87,047.10 46,305.04
(b) Average inventories
Opening inventories 21,217.31 11,479.00
Closing inventories 29,653.98 21,217.31
Average inventories 25,435.65 16,348.15
Inventory turnover ratio = (a/b) 3.42 2.83
v) Trade payables turnover ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Credit purchases
Purchases raw material 94,887.01 53,898.42
Purchase store and spares 596.76 2,144.93
Total credit purchases 95,483.77 56,043.35
(b) Average trade payables
Opening trade payables 1,631.31 1,038.84
Closing trade payables 1,890.80 1,631.31
Average trade payables 1,761.05 1,335.08
Trade payables turnover ratio = (a/b) 54.22 41.98

Reason for change more than 25%

The 29.16% increase in the Trade Payables Turnover Ratio is due to a substantial rise in credit purchases while
maintaining a relatively stable level of average trade payables, indicating improved payment efficiency.
vi) Trade Receivables turnover ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Credit sales 1,15,318.77 64,371.21
(b) Average trade receivables
Opening trade receivables 8,611.68 2,689.57
Closing trade receivables 12,207.31 8,611.68
Average trade receivables 10,409.49 5,650.63
Trade receivable turnover ratio = (a/b) 11.08 11.39
vii) Net capital turnover ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Sales 1,15,318.77 64,371.21
213
(b) Net working capital

Current assets (A) 48,158.75 42,966.12
Current liabilities (B) 28,656.66 20,303.18
Net working capital (C)= (A-B) 19,502.09 22,662.94
Net capital turnover ratio = (a/b) 5.91 2.84
The ratio has increased from 2.84 in March 2023 to 5.91 due to higher sales and improved efficiency in utilizing net
working capital.
viii) Net profit ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Net profit after tax 5,679.95 4,620.80
(b) Sales 1,15,318.77 64,371.21
Net profit ratio = (a/b) 4.93% 7.18%
The ratio has decreased primarily due to a substantial increase in depreciation and interest cost resulting from the
company’s capacity expansions.
ix) Return on Equity Ratio (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Net profit after tax 5,679.95 4,620.80
(b) Total equity 46,411.75 37,516.66
Return on equity ratio = (a/b) 12.24% 12.32%
x) Return on capital employed (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) EBIT
Net profit after tax 5,679.95 4,620.80
Finance costs 3,256.32 1,038.04
Total tax expense 2,056.30 1,661.86
Total EBIT 10,992.56 7,320.70
(b) Capital Employed
Total equity 46,411.75 37,516.66
214
Borrowings - Financial liability(Secured - Term loan) 11,817.84 12,398.43
Borrowings - Financial liability (Unsecured) 152.98 120.96

Total borrowings 11,970.82 12,519.40
Total capital employed 58,382.58 50,036.06
Return on Capital employed =(a/b) 18.83% 14.63%
The ratio has Increased from 14.63% in March 2023 to 18.83% due to higher EBIT driven by increased net profit and
better financial management, highlighting improved efficiency in utilizing capital for generating profits.
xi) Return on investment (Rs. in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
(a) Total income
Profit before tax (1 - tax rate) (A) 5,789.19 4,701.44
Finance costs (1 - tax rate) (B) 2,436.77 776.79
Total income (a) = (A)+(B) 8,225.95 5,478.23
(b) Total assets 88,024.24 70,918.45
Return on investment = (a/b) 9.35% 7.72%

46 There is no scheme of arrangements approved by the competent authority in terms of section 230 to 237 of the
companies Act, 2013 during the year.
47 The Company has not advanced or loaned or invested funds to any other person or entities, including foreign
entities (Intermediaries) with the understanding that the Intermediary shall (I) directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate
Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
48 The Company has not received any fund from any person or entities, including foreign entities (Funding Party)
with the understanding that the company shall (I) directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
49 The Company has not surrendered or disclosed as income or the previously unrecorded income and related
assets during the year in the tax assessments which are not recorded in the books of accounts of the company.
50 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
51 Disclosures under Rule 11(f) of the Company (Audit & Auditors) Rule, 2014 - Dividends
The final dividend on shares is recorded as a liability on the date of approval by the shareholders. The Company
declares and pays dividends in Indian rupees.
The Board of Directors in their meeting held on May 17, 2024 recommended a final dividend of Rs.0.60 per equity
share(subject to TDS as applicable) for the year ended March 31, 2024, subject to the approval of shareholders
in the upcoming Annual General Meeting of the Company. If approved, this will result in a cash outflow of
approximately Rs. 173.19 Lakhs.
215
52 Previous year figures have been recasted/restated wherever necessary including those as required in keeping
with revised Schedule III amendments.

Sd/- Sd/- Sd/-
Sd/- Sd/-
Date : May 17, 2024 Date : May 17, 2024
NOTICE
NOTICE
Notice is hereby given that the 17th Annual General 3. To declare dividend on equity shares for the
Meeting (“AGM”) of the Members of Hariom Pipe financial year ended March 31, 2024.
Industries Limited (CIN: L27100TG2007PLC054564)
To consider and if thought fit, to pass with or
will be held on Monday, September 23, 2024 at 11.30
without modification(s), the following resolution as
A.M (IST) through Video Conferencing (“VC”) / Other
an Ordinary Resolution:
Audio-Visual Means (“OAVM”) to transact the following
businesses: “RESOLVED THAT a dividend at the rate of ₹0.60
paisa (@ 6%) per equity share of ₹10/- (Rupees
ORDINARY BUSINESS:
Ten only) each fully paid-up equity share of the
1. To receive, consider and adopt the Audited Company, be and is hereby declared for the financial
Financial Statements for the financial year ended year ended March 31, 2024, as recommended by
on March 31, 2024 along with the Reports of the the Board of Directors, in its meeting held on May
Directors and the Auditors. 17, 2024 and that the said dividend be paid out
of the profits of the Company to eligible equity
To consider and, if thought fit, to pass with or
shareholders.”
without modification(s) the following resolution as
an Ordinary Resolution: SPECIAL BUSINESS:
“RESOLVED THAT the Audited Financial Statements 4. To ratify the remuneration of Cost Auditors for the
of the Company for the financial year ended March financial year ending March 31, 2025:
31, 2024 together with the Reports of the Board of
To consider and, if thought fit, to pass with or
Directors and Auditors thereon, as circulated to the
without modification(s) the following resolution as
Members be and are hereby considered, approved
an Ordinary Resolution:
and adopted.” 217
“RESOLVED THAT pursuant to the provisions of
2. To appoint Mrs. Sunita Gupta (DIN: 02981707)
Section 148 and all other applicable provisions,

as a Director of the Company, liable to retire by
if any, of the Companies Act, 2013 read with
rotation.
the Companies (Audit and Auditors) Rules, 2014
To consider and, if thought fit, to pass with or (including any statutory modification(s) or re-
without modification(s) the following resolution as enactment(s) thereof, for the time being in force),
an Ordinary Resolution: the remuneration payable to M/s. Seshadri &
Associates, (Firm Regn. No 101476), Cost Auditors
“RESOLVED THAT pursuant to the provisions of
of the Company, for the FY 2024-25, amounting
Section 152 and other applicable provisions of
to ₹50,000/- (Rupees Fifty Thousand only) plus
the Companies Act, 2013 (including any statutory
taxes as applicable and reimbursement of all out-
modification(s) or re-enactment(s) thereof, for
of-pocket expenses incurred in connection with the
the time being in force), Mrs. Sunita Gupta (DIN:
cost audit, as recommended by the Audit Committee
02981707), who retires by rotation and being eligible,
and approved by the Board of Directors of the
offers herself for re-appointment, be and is hereby
Company, be and is hereby ratified.”
re-appointed as a Director of the Company, whose
period of office shall be liable to determination by RESOLVED FURTHER THAT the Board of Directors
retirement of Directors by rotation.” of the Company be and is hereby authorised to
take all such steps and to do all such acts, deeds,
matters and things as may be necessary, proper and
expedient to give effect to this resolution.”
BY ORDER OF THE BOARD

For Hariom Pipe Industries Limited
Sd/-
Rupesh Kumar Gupta
Place: Hyderabad Managing Director
Date: August 09, 2024 DIN: 00540787
Notes: corporate can attend the AGM through VC / OAVM
and cast their votes through e-Voting.
1. The Ministry of Corporate Affairs (‘MCA’), inter-alia,
vide its General Circular Nos. 14/2020 dated April 8, 5. In compliance with the provisions of Section 101 of
2020 and 17/2020 dated April 13, 2020, followed by the Companies Act, 2013 read with Rule 18 of the
General Circular Nos. 20/2020 dated May 5, 2020, Companies (Management and Administration) Rules,
and subsequent circulars issued in this regard, the 2014 and aforesaid Circulars, Notice of the 17th AGM
latest being 9/2023 dated September 25, 2023 along with Annual Report 2023-24 are being sent
(collectively referred to as “MCA Circulars”) and the only through electronic mode to those Members
Securities and Exchange Board of India (SEBI) vide whose e-mail addresses are registered with
its Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 Company/ Depository Participant(s). The Company
dated May 12, 2020 and Circular No. SEBI/HO/CFD/ shall send physical copy of the Annual Report 2023-
CMD2/CIR/P/2021/11 dated January 15, 2021 and 24 to the Members who specifically request for the
subsequent circulars issued in this regard, the latest same by sending an email at cs@hariompipes.com.
being Circular No. SEBI/HO/CFD/CFD-PoD-2/P/ Members may note that the Annual Report 2023-24
CIR/2023/167 dated October 07, 2023 (collectively containing Notice, Financial Statements and Other
referred to as “SEBI Circulars”) has permitted to Documents will also be available on the website of
conduct the Annual General Meeting (AGM) of the the Company (www.hariompipe.com), website of
Company through Video Conferencing (VC) / Other CDSL (www.evotingindia.com) and on the websites
Audio-Visual Means (OAVM), without the physical of the Stock Exchanges, i.e., BSE Limited (www.
presence of the Members at a common venue. bseindia.com) and National Stock Exchange of India
(www.nseindia.com).
In compliance with the applicable provisions of
the Act and the SEBI Listing Regulations read 6. Members who have not registered their e-mail
with aforesaid Circulars (MCA Circulars and SEBI address are requested to register the same in
Circulars), the 17th Annual General Meeting of respect of shares held in electronic form with the
the Company will be held through VC/OAVM on Depository through their Depository Participant(s)
218 Monday, September 23, 2024, at 11:30 AM (IST). and in respect of shares held in physical form by
The proceedings of the AGM will be deemed to be writing to the Company’s RTA, Bigshare Services
conducted at the Registered Office of the Company Private Limited, having its registered office at 306,
situated at 3-4-174/12/2, 1st Floor, Samarpan, lane Right Wing, 3rd Floor, Amurtha Ville, Opp. Yashoda
beside Spencer’s Pillar No. 125, Attapur Hyderabad Hospitals, Somajiguda, Raj Bhavan Road, Hyderabad
– 500048, Telangana, India. – 500082, e-mail:bsshyd@bigshareonline.com.
2. The Company has appointed Central Depository 7. Pursuant to the provisions of Section 108 of the
Services (India) Limited (CDSL) to provide VC/OAVM Companies Act, 2013 read with Rule 20 of the
(Video Conferencing) and e-Voting facility for the Companies (Management and Administration)
e-AGM. Rules, 2014 (as amended) and Regulation 44 of SEBI
(Listing Obligations & Disclosure Requirements)
3. The Explanatory Statement pursuant to Section
Regulations, 2015 (as amended), and MCA Circulars
102 of the Companies Act, 2013 and Rules made
dated April 08, 2020, April 13, 2020 and May 05,
thereunder, Secretarial Standard on General
2020 the Company is providing facility of remote
Meetings (SS-2) and SEBI Listing Regulations
e-Voting to its Members in respect of the business
wherever applicable, in respect of the items of
to be transacted at the 17th Annual General Meeting.
Special Business set out in the notice, is annexed
For this purpose, the Company has entered into
hereto and forms part of the Notice.
an agreement with Central Depository Services
4. Pursuant to the provisions of the Act, a Member (India) Limited (CDSL) for facilitating voting through
entitled to attend and vote at the AGM is entitled electronic means, as the authorized e-Voting
to appoint a proxy to attend and vote on his/her agency. The facility of casting votes by a member
behalf and the proxy need not be a member of the using remote e-Voting as well as the e-Voting
Company. Since this AGM is being held through VC/ system on the date of the AGM will be provided by
OAVM pursuant to the aforesaid Circulars, physical CDSL.
attendance of Members has been dispensed
8. The Members can join the AGM through the VC /
with. Accordingly, the facility for appointment of
OAVM mode 15 (fifteen) minutes before and after
proxies by the Members will not be available for
the scheduled time of the commencement of the
the AGM and hence the Proxy Form, Attendance
Meeting by following the procedure mentioned in
Slip and Route Map of the venue of AGM are not
the Notice. The facility of participation at the AGM
annexed to this Notice. However, in pursuance of
through VC / OAVM will be made available to at least
Section 112 and Section 113 of the Companies Act,
1000 members on first come first served basis. This
2013, representatives of the members such as the
will not include large Shareholders (Shareholders
President of India or the Governor of a State or body
holding 2% or more shareholding), Promoters, 15. Pursuant to the relevant provisions of the Income
Institutional Investors, Directors, Key Managerial Tax Act, 1961 as amended by the Finance Act, 2020,
Personnel, the Chairpersons of the Audit Committee, dividend income is taxable in the hands of Members
Nomination and Remuneration Committee and w.e.f. April 01, 2020 and the Company is required to
Stakeholders Relationship Committee, Auditors deduct tax at source (‘TDS’) from dividend paid to
etc., who are allowed to attend the AGM without the Members at the rates prescribed under IT Act
restriction on account of first come first served on the said Record Date. For the prescribed rates for
basis. various categories, the shareholders are requested
to refer to the Finance Act, 2020 and amendments
9. The attendance of the Members attending the AGM
thereof. In general, to enable compliance with TDS
through VC/OAVM will be counted for the purpose
requirements, members are requested to complete
of ascertaining the quorum under Section 103 of the
and/ or update their Residential Status, PAN details
Companies Act, 2013.
linked with Aadhaar, Category as per the IT Act with
10. In line with the aforesaid MCA Circulars, the their Depository Participant(s) (in case of shares
Notice calling the 17th AGM has been uploaded on held in demat mode).
the website of the Company at www.hariompipe.
a. A Resident Individual shareholder with PAN and
com. The Notice can also be accessed from the
who is not liable to pay income tax can submit a
websites of the Stock Exchanges i.e., BSE Limited at
yearly declaration in Form No. 15G / 15H, to avail
www.bseindia.com and National Stock Exchange
the benefit of non-deduction of tax at source
of India Limited at www.nseindia.com. The AGM
by email to bsshyd@bigshareonline.com latest
Notice is also disseminated on the website of
by September 10, 2024, 5:00 p.m. IST. Where
CDSL (agency for providing the Remote e-Voting
any entity/person is entitled for exemption from
facility and e-Voting system during the AGM) i.e.,
TDS, TDS will not be deducted/deducted at lower
www.evotingindia.com.
rates provided such shareholder/entity provides
11. The AGM has been convened through VC / OAVM valid self-attested documentary evidence (e.g.
in compliance with applicable provisions of the relevant copy of registration, notification, order,
Companies Act, 2013 read with aforesaid MCA etc. issued by the Indian tax authorities) by email to 219
Circulars. bsshyd@bigshareonline.com latest by September

10, 2024, 5:00 p.m. IST. Any documents /
12. Corporate Members intending to authorize their
communication on the tax determination /
representatives to participate and vote at the
deduction received after September 10, 2024
meeting are requested to send a scanned copy
shall not be considered. Members are requested
(PDF/JPEG format) of the certified copy of Board
to note that in case their PAN is not registered,
Resolution authorising their representative(s) to
the tax will be deducted at a higher rate of 20%.
attend the 17th AGM through VC / OAVM on their
behalf and to cast their vote through e-Voting. In case tax on dividend is deducted at a higher rate
Such documents can be sent to the Company at in the absence of receipt of the aforementioned
cs@hariompipes.com with a copy marked to details / documents, the concerned Shareholder
acs.vinod@gmail.com. may still have the option of claiming refund at
the time of filing the income tax return (provided
13. All the documents which are relevant and referred
a valid PAN is registered with the RTA or DP).
in the Notice and Explanatory Statement of the 17th
No claim shall lie against the Company for such
AGM shall be available at the Registered Office of
taxes deducted. In the event of any income tax
the Company for Inspection without any fee during
demand (including interest, penalty, etc.) on
the normal working hours on all working days, up to
the Company arising due to any declaration,
the date of AGM of the Company.
misrepresentation, inaccurate or omission of any
14. The Board of Directors at its meeting held on May 17, information provided by the shareholder, such
2024, has recommended a dividend of 0.60 paisa shareholder would be responsible to indemnify
per equity share of ₹10/- each as a final dividend for the Company and provide the Company with all
the FY 2023-24. The final dividend as recommended information / documents and co-operation in
by the Board, if approved at the ensuing AGM, will any appellate proceedings
be paid within 30 day from the date of declaration
b. Non-resident shareholders [including Foreign
to those members whose names appear on the
Institutional Investors (FIIs) / Foreign Portfolio
list of beneficial ownership as furnished by the
Investors (FPIs) can avail beneficial rates under
Depositories on the Record Date i.e., September 16,
tax treaty between India and their country
2024. Members are requested to update their bank
of residence, subject to providing necessary
account details with their respective Depository
documents i.e. No Permanent Establishment
Participants for receipt of dividend payment by the
Company.
and Beneficial Ownership Declaration, Tax will submit a consolidated Scrutinizer’s Report of the
Residency Certificate, Form 10F, any other total votes cast in favour or against, invalid votes,
document which may be required to avail if any, to the Chairman. The voting results declared
the tax treaty benefits by sending an email to along with Scrutinizer’s Report will be announced
bsshyd@bigshareonline.com. The aforesaid within two working days of the conclusion of
declarations and documents need to be AGM. The said results shall be placed on the
submitted by the shareholders latest by Company’s website at www.hariompipes.com and
September 10, 2024, 5:00 p.m. IST. simultaneously intimated to the CDSL and National
Stock Exchange of India Limited (“NSE”) and BSE
16. The relevant details of director seeking re-
Limited (“BSE”). The Scrutinizer’s decision on the
appointment under Item No. 2, as required under
validity of votes cast will be final.
Regulations 36(3) of SEBI Listing Regulations read
with applicable provisions of the Companies Act, 22. General instructions for accessing and participating
2013 and Secretarial Standard on General Meeting in the 17th AGM through VC / OAVM facility and
issued by the Institute of Company Secretaries of voting through electronic means including remote
India, are given separately as an Annexure to this e-Voting:
Notice and also in the Corporate Governance Report
THE INTRUCTIONS FOR SHAREHOLDERS FOR
forming part of the Annual Report.
E-VOTING AND JOINING VIRTUAL MEETINGS ARE AS
17. The Register of Directors and Key Managerial UNDER:
Personnel and their shareholding, maintained under
(i) The remote e-Voting period begins on Friday,
Section 170 of the Act, the Register of Contracts or
September 20, 2024 at 9:00 AM (IST) and ends
Agreements in which the Directors are interested,
on Sunday, September 22, 2024 at 5:00 PM (IST).
maintained under Section 189 of the Act and the
During this period shareholders of the Company,
relevant documents referred to in the Notice will
holding shares either in physical form or in
be available electronically for inspection by the
dematerialized form, as on the cut-off date i.e.,
members during the Annual General Meeting
Monday, September 16, 2024 may cast their vote
220 18. Any person, who acquires shares of the Company electronically. The e-voting module shall be disabled
and become Member of the Company after the by CDSL for voting thereafter.
dispatch of the Notice of 17th AGM by email and

(ii) Shareholders who have already voted prior to the
holds shares as on Monday, September 16, 2024
meeting date would not be entitled to vote at the
(“cut-off date”) may obtain the User login ID and
meeting venue.
password by sending a request to the Company’s
RTA at bsshyd@bigshareonline.com by mentioning (iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/
their Folio No. / DP ID and Client ID No. However, CIR/P/2020/242 dated 09.12.2020, under Regulation
if you are already registered with CDSL for remote 44 of Securities and Exchange Board of India
e-Voting then you can use your existing User ID and (Listing Obligations and Disclosure Requirements)
password for casting your vote. If you forget your Regulations, 2015, listed entities are required to
password, you can reset your password by using provide remote e-Voting facility to its shareholders,
“Forget User Details/Password” option available on in respect of all shareholders’ resolutions. However,
www.evotingindia.com. it has been observed that the participation by
the public non-institutional shareholders/retail
19. The Members whose names appear in the Register
shareholders is at a negligible level.
of Members / List of Beneficial Owners maintained
by the depositories as on Monday, September 16, Currently, there are multiple e-Voting service
2024 (cut-off date) only shall be entitled to avail the providers (ESPs) providing e-Voting facility to listed
facility of remote e-Voting or e-Voting during the entities in India. This necessitates registration on
AGM various ESPs and maintenance of multiple user IDs
and passwords by the shareholders.
20. Mr. Vinod Sakaram, (Membership No. 23285),
Partner of M/s. VSSK & Associates, Company In order to increase the efficiency of the voting
Secretaries, C.P. No. 8345, Practicing Company process, pursuant to a public consultation, it has been
Secretary, has been appointed as the Scrutinizer decided to enable e-Voting to all the demat account
to scrutinize the entire e-Voting process (remote holders, by way of a single login credential, through
e-Voting and e-Voting at the AGM) in a fair and their demat accounts/ websites of Depositories/
transparent manner. Depository Participants. Demat account holders
would be able to cast their vote without having
21. The Scrutinizer shall immediately after the conclusion
to register again with the ESPs, thereby, not
of e-Voting at the 17th AGM, unblock the votes cast
only facilitating seamless authentication but also
through remote e-Voting (votes cast during the
enhancing ease and convenience of participating in
AGM and votes cast through remote e-Voting) and
e-Voting process.
Step 1: Access through Depositories CDSL / NSDL e-Voting system in case of individual shareholders holding
shares in demat mode.
(iv) In terms of SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on e-Voting facility
provided by Listed Companies, Individual Shareholders holding securities in demat mode are allowed to vote
through their demat account maintained with Depositories and Depository Participants. Shareholders are advised
to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Pursuant to above said SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual
Shareholders holding securities in demat mode CDSL/NSDL is given below:
Type of
Login Method
Shareholders
Individual 1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing
Shareholders user id and password. Option will be made available to reach e-Voting page without
holding securities any further authentication. The URL for users to login to Easi / Easiest are https://
in Demat mode web.cdslindia.com/myeasi/home/login or to visit CDSL website www.cdslindia.com
with CDSL and click on Login icon and select New System Myeasi Tab.
2) After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the e-Voting is in progress as per the information provided
by company. On clicking the e-Voting option, the user will be able to see e-Voting
page of the e-Voting service provider for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting. Additionally, there is also
links provided to access the system of all e-Voting Service Providers i.e. CDSL/NSDL/
KARVY/LINKINTIME, so that the user can visit the e-Voting service providers’ website
directly.
3) If the user is not registered for Easi/Easiest, option to register is available at CDSL 221
website www.cdslindia.com and click on login & New System Myeasi Tab and then

click on registration option or click on https://web.cdslindia.com/myeasi/Registration/
EasiRegistration.
4) Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home
page or click on https://evoting.cdslindia.com/Evoting/Evoting Login. The system will
authenticate the user by sending OTP on registered Mobile & Email as recorded in the
Demat Account. After successful authentication, user will be able to see the e-Voting
option where the e-Voting is in progress and also able to directly access the system
of all e-Voting Service Providers.
Type of
Login Method
Shareholders
Individual 1) If you are already registered for NSDL IDeAS facility, please visit the e-Services
Shareholders website of NSDL. Open web browser by typing the following URL: https://eservices.
holding securities nsdl.com either on a Personal Computer or on a mobile. Once the home page of
in demat mode e-Services is launched, click on the “Beneficial Owner” icon under “Login” which
with NSDL is available under ‘IDeAS’ section. A new screen will open. You will have to enter
your User ID and Password. After successful authentication, you will be able to see
e-Voting services. Click on “Access to e-Voting” under e-Voting services and you will
be able to see e-Voting page. Click on company name or e-Voting service provider
name and you will be re-directed to e-Voting service provider website for casting
your vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting.
2) If the user is not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at https://
eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp.
3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once
the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section. A new screen will open. You will have
to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the screen. After successful
authentication, you will be redirected to NSDL Depository site wherein you can see
e-Voting page. Click on company name or e-Voting service provider name and you
will be redirected to e-Voting service provider website for casting your vote during
222
the remote e-Voting period or joining virtual meeting & voting during the meeting.
Individual You can also login using the login credentials of your demat account through your
Shareholders Depository Participant registered with NSDL/CDSL for e-Voting facility. After Successful
(holding securities login, you will be able to see e-Voting option. Once you click on e-Voting option, you will
in demat mode) be redirected to NSDL/CDSL Depository site after successful authentication, wherein you
login through can see e-Voting feature. Click on company name or e-Voting service provider name and
their Depository you will be redirected to e-Voting service provider website for casting your vote during
Participants (DP) the remote e-Voting period or joining virtual meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at above mentioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to
login through Depository i.e. CDSL and NSDL.
Login type Helpdesk details

Individual Shareholders holding securities Members facing any technical issue in login can contact CDSL
in Demat mode with CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.com
or contact at toll free no. 1800 22 55 33.
Individual Shareholders holding securities Members facing any technical issue in login can contact NSDL
in Demat mode with NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at :
022 – 4886 7000 and 022 – 2499 7000
Step 2: Access through CDSL e-Voting system in case of shareholders holding shares in Physical mode and non-
individual shareholders in demat mode.
(v) Login method for e-Voting and joining virtual meetings for Physical shareholders and shareholders other than
individual holding in Demat form.
1) The shareholders should log on to the e-voting website www.evotingindia.com.
2) Click on “Shareholders” module.
3) Now enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.
4) Next enter the Image Verification as displayed and Click on Login.
5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier
e-Voting of any company, then your existing password is to be used.
6) If you are a first-time user follow the steps given below:
For Physical shareholders and other than individual shareholders holding shares in Demat.
PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both
demat shareholders as well as physical shareholders)
• Shareholders who have not updated their PAN with the Company/Depository Participant
are requested to use the sequence number sent by Company/RTA or contact Company/
RTA.
Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your
Details demat account or in the company records in order to login.
OR Date of • If both the details are not recorded with the depository or company, please enter the
Birth (DOB) member id / folio number in the Dividend Bank details field.
(vi) After entering these details appropriately, click on “SUBMIT” tab.
(vii) Shareholders holding shares in physical form will then directly reach the Company selection screen. However,
223
shareholders holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required
to mandatorily enter their login password in the new password field. Kindly note that this password is to be also

used by the demat holders for voting for resolutions of any other company on which they are eligible to vote,
provided that company opts for e-Voting through CDSL platform. It is strongly recommended not to share your
password with any other person and take utmost care to keep your password confidential.
(viii) For shareholders holding shares in physical form, the details can be used only for e-Voting on the resolutions
contained in this Notice.
(ix) Click on the EVSN for the relevant <Company Name> on which you choose to vote.
(x) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for
voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and
option NO implies that you dissent to the Resolution.
(xi) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
(xii) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box will be
displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and
accordingly modify your vote.
(xiii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xiv) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
(xv) If a demat account holder has forgotten the login password then Enter the User ID and the image verification
code and click on Forgot Password & enter the details as prompted by the system.
(xvi) There is also an optional provision to upload BR/POA of any uploaded, which will be made available to scrutinizer
for verification.
(xvii) Additional Facility for Non – Individual Shareholders and Custodians – For Remote Voting only.
• Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on
to www.evotingindia.com and register themselves in the “Corporates” module.
• A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to
helpdesk.evoting@cdslindia.com.
• After receiving the login details a Compliance email id, mobile number at cs@hariompipes.com.
User should be created using the admin login The shareholders who do not wish to speak during
and password. The Compliance User would be the AGM but have queries may send their queries in
able to link the account(s) for which they wish to advance at least 7 days prior to meeting mentioning
vote on. their name, demat account number/folio number,
email id, mobile number at cs@hariompipes.com.
• The list of accounts linked in the login will be
These queries will be replied to by the company
mapped automatically & can be delink in case of
suitably by email.
any wrong mapping.
(viii) Those shareholders who have registered themselves
• It is Mandatory that, a scanned copy of the Board
as a speaker will only be allowed to express their
Resolution and Power of Attorney (POA) which
views/ask questions during the meeting.
they have issued in favour of the Custodian, if
any, should be uploaded in PDF format in the (ix) Only those shareholders, who are present in the
system for the scrutinizer to verify the same. AGM through VC/OAVM facility and have not
casted their vote on the Resolutions through remote
• Alternatively, Non-individual shareholders
e-Voting and are otherwise not barred from doing
are required mandatory to send the relevant
so, shall be eligible to vote through e-Voting system
Board Resolution/ Authority letter etc. together
available during the AGM.
with attested specimen signature of the duly
authorized signatory who are authorized to (x) If any Votes are cast by the shareholders through the
vote, to the Scrutinizer and to the Company at e-Voting available during the AGM and if the same
the email address viz; cs@hariompipes.com, shareholders have not participated in the meeting
if they have voted from individual tab & not through VC/OAVM facility, then the votes cast by
uploaded same in the CDSL e-Voting system for such shareholders may be considered invalid as the
the scrutinizer to verify the same. facility of e-Voting during the meeting is available
only to the shareholders attending the meeting.
INSTRUCTIONS FOR SHAREHOLDERS ATTENDING
224 THE AGM THROUGH VC/OAVM & E-VOTING DURING PROCESS FOR THOSE SHAREHOLDERS WHOSE
MEETING ARE AS UNDER: EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE
COMPANY/DEPOSITORIES.
(i) The procedure for attending meeting & e-Voting

on the day of the AGM is same as the instructions (i) For Physical shareholders – please provide necessary
mentioned above for e-Voting. details like Folio No., Name of shareholder, scanned
copy of the share certificate (front and back), PAN
(ii) The link for VC/OAVM to attend meeting will
(self-attested scanned copy of PAN card), AADHAR
be available where the EVSN of Company will
(self-attested scanned copy of Aadhar Card) by
be displayed after successful login as per the
email to Company/RTA email id.
instructions mentioned above for e-voting.
(ii) For Demat shareholders – Please update your email
(iii) Shareholders who have voted through Remote
id & mobile no. with your respective Depository
e-Voting will be eligible to attend the meeting.
Participant (DP).
However, they will not be eligible to vote at the AGM.
(iii) For Individual Demat shareholders – Please update
(iv) Shareholders are encouraged to join the Meeting
your email id & mobile no. with your respective
through Laptops / IPads for better experience.
Depository Participant (DP) which is mandatory
(v) Further shareholders will be required to allow while e-Voting & joining virtual meetings through
Camera and use Internet with a good speed to avoid Depository.
any disturbance during the meeting.
If you have any queries or issues regarding attending
(vi) Please note that participants connecting from mobile AGM & e-Voting from the CDSL e-Voting System,
devices or tablets or through laptop connecting via you can write an email to helpdesk.evoting@
mobile hotspot may experience Audio/Video loss cdslindia.com or contact at toll free no. 1800 22 55
due to Fluctuation in their respective network. It 33 and 022-23058542/43.
is therefore recommended to use Stable Wi-Fi or
All grievances connected with the facility for voting
LAN Connection to mitigate any kind of aforesaid
by electronic means may be addressed to Mr. Rakesh
glitches.
Dalvi, Sr. Manager, Central Depository Services
(vii) Shareholders who would like to express their views/ (India) Limited (CDSL), A Wing, 25th Floor, Marathon
ask questions during the meeting may register Futurex, Mafatlal Mill Compounds, N M Joshi Marg,
themselves as a speaker by sending their request in Lower Parel (East), Mumbai – 400013 or send an
advance at least 7 days prior to meeting mentioning email to helpdesk.evoting@cdslindia.com or call toll
their name, demat account number/folio number, free no. 1800 22 55 33 and 022-23058542/43.
EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013
ITEM NO. 4:
The Board, on the recommendation of the Audit Committee, has approved the re-appointment of M/s. Seshadri &
Associates, Cost Accountants (Regn. No 101476), Hyderabad as Cost Auditors of the Company to conduct the audit
of the cost records of the Company at a remuneration of ₹50,000/- (Fifty Thousand only) for the financial year ending
March 31, 2025.
In accordance with the provisions of Section 148 of the Companies Act, 2013, read with Companies (Audit and
Auditors) Rules, 2014, the remuneration payable to Cost Auditors as recommended by the Audit Committee and
approved by the Board, has to be ratified by the members of the Company.
Accordingly, the consent of the Members is sought for passing an Ordinary Resolution as set out at Item No. 4 of the
Notice for ratification of the remuneration payable to the Cost Auditors for conducting the audit of the cost records
of the Company for the Financial Year ending March 31, 2025.
The Board recommends the Ordinary Resolution set forth in Item No. 4 of the Notice for approval by the Members.
None of the Directors, Key Managerial Personnel of the Company and their relatives is, in any way concerned or
interested, financially or otherwise, in the said resolution.
225

THE FOLLOWING ADDITIONAL DETAILED INFORMATION AS PER
SECTION – II OF SCHEDULE V IS AS FOLLOWS:
I. General Information:
a) Nature of industry Manufacturing and Trading
b) Date or expected date of commencement of commercial Since incorporation

production.
c) In case of new companies, expected date of commencement Not Applicable
of activities as per project approved by financial institutions
appearing in the prospectus.
d) Financial performance based on given indicators. Performance for FY 2023-24
1. Gross Revenue: ₹1158.38 Crores;
2. Profit after tax: ₹56.79 Crores;
3. EPS: ₹20.34/-
e) Foreign investments or collaborators, if any No Foreign Investments or Collaborations.
BY ORDER OF THE BOARD

For Hariom Pipe Industries Limited
226
Sd/-
Rupesh Kumar Gupta

Place: Hyderabad Managing Director
Date: August 09, 2024 DIN: 00540787
DETAILS OF DIRECTORS RETIRING BY ROTATION/ SEEKING APPOINTMENT
/RE-APPOINTMENT AT THE 17TH ANNUAL GENERAL MEETING OF THE
COMPANY:
(Pursuant to Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India)
Name of the Director Mrs. Sunita Gupta

Designation Non-Executive Director
Brief Profile
Date of Birth 31-12-1956
Qualifications Undergraduate
DIN 02981707
Nationality Indian
Date of first appointment on the Board Appointed as Director on October 01, 2014.
Changed designation as Non-Executive Director
w.e.f., October 01, 2017.
Experience Director of the Company since 01.10.2014.
Terms and conditions of appointment or reappointment Non-executive Director of the Company, liable to retire by
rotation.
Remuneration proposed to be paid She shall be paid remuneration by way of fee for attending
meetings of the Board or Committees thereof or for any other
purpose as maybe decided by the Board, reimbursement of 227
expenses for participating in the Board and other meetings.

Last drawn remuneration NIL
(Draws ₹55000/- as sitting fees)
No. of share held as on the date of Notice 10,75,720 (Ten Lakhs Seventy-Five Thousand Seven
Hundred and Twenty) Equity Shares of ₹10/- (Rupees Ten
Only) each.
Relationship with Directors, Managers & KMP Mother of Rupesh Kumar Gupta, Managing Director and
Sailesh Gupta, Whole time Director of the Company.
Number of Board Meetings attended during FY 2023- 2 out of 5
24
Name(s) of other Companies in which Directorships - Ansh Commerce Private Limited
held
Chairman/ Member of the Committees of Boards of Nil
other companies.
NOTES
NOTES
HARIOM PIPE INDUSTRIES LIMITED
Samarpan, 3-4-174/12/2
1st Floor, Lane beside Spencer’s,
Pillar No.125, Attapur, Hyderabad,
Telangana - 500 048, INDIA
PHONE: +91 040-24016101

WEBSITE: www.hariompipes.com
INFO: info@hariompipes.com
Hariom Piples Hariom Piples

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Annual Report 2023 24

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SUSTAINABLE STEEL

ANNUAL REPORT | 2023-24

Reinforcing the Future 02 ESG Performance Review 42

Hariom at a Glance 04 Governance 48

Key Milestones 06 Board of Directors 50

Operations and Presence 08 Management Discussion and Analysis 52

FY24 Key Highlights 10 Board’s Report 59

Manufacturing Capabilities 11 Corporate Governance Report 79

Our Product Portfolio 12 Business Responsibility and Sustainability

Key Managerial Personnel

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

Data given in calender year

Strategic location of manufacturing units

UNIT I AND UNIT IV

Strengthening market presence

Our dealer network

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

OTHER STATES AND

Operating Cash Recommended for

Sponge Iron Induction Furnace

36,000 MTPA 1,04,232 MTPA

Rolling Mill Piping Mill

1,24,000 MTPA 1,34,000 MTPA

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

3,00,000 MTPA 5,000 MTPA

Value added products

MS Billets Hot Rolled MS Pipes

Sponge Iron MS Billets

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

for further processing, such as cutting, bending, and

CRCA Coils CRFH Coils

GP Coils Galvanised Pipe (GP)

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

Our investment proposition Robust financial profile

Ensuring Quality and Flexibility Strong focus on value-added

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

Highly Focused Management

Gross block of fixed assets: ₹451 crore

Value Creation Process Value Created in FY24

Driving Success: Revenue growth EBITDA growth

A Year of Remarkable Growth:

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

Share of Value Added Products

The commissioning of our state-of-the-art CR Tandem mill at the

A Year of Strong Performance our commitment to providing sustainable, long-

representing a 74% YoY increase.

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

Value-Added Products share resulted in a record

GP Plant to solar power, reducing our emission

In FY24, we continued to invest in our operations to

In FY24, we achieved significant

As we look to the future, I am confident that RUPESH KUMAR GUPTA

HARIOM PIPE INDUSTRIES LIMITED | ANNUAL REPORT 2023-24

75% of the new India is yet to be built. We

I am confident that the alignment and

In closing, I sincerely thank our shareholders,