Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 we hereby confirm that there has been no deviation in the utilization of QIP Proceeds from the objects stated in the placement document dated October 10, 2023. In this regard, please see enclosed Monitoring Agency Report issued by India Ratings & Research Private Limited (Monitoring Agent) for the quarter ended March 31, 2025. We request you to take the above on record.

The company confirmed that funds raised through a Qualified Institutions Placement (QIP) in October 2023, totaling ₹2,591.21 million (9,625,579 equity shares at ₹269.20 per share), are being used in line with the stated objects. As of March 31, 2025, ₹1,750.71 million has been utilized and ₹840.50 million remains unutilized, parked in fixed deposits with Axis and HDFC Bank and liquid/arbitrage mutual funds. Two major capex projects — a new innovation center at Mahape (₹360.01 million planned, 62% utilized) and a new manufacturing facility at Dahej (₹1,619.66 million planned, 57% utilized) — are running over 12 months behind schedule due to limited workspace and a delayed government CTE approval respectively. India Ratings & Research, the monitoring agent, certified no deviation from the stated objects. Actual QIP issue expenses came in slightly lower at ₹105.49 million versus the estimated ₹110.57 million, with the small surplus reallocated to general corporate purposes.