DCM SHRIRAM Chairmans Speech

Dear Friends,

We are pleased to report a steady growth in our financial and operating performance in the year gone by. The strong performance by Sugar and Chemicals business, stable performance by other businesses and rationalization in our Agri-input trading business have led to significant improvement in our operating margins. Our healthy cash-flows and strong balance sheet with low leverage has enabled us to make further investments that will contribute to the future growth of the company.

We have successfully completed our capacity expansion projects in Chemicals and Sugar (co-gen) business in FY 2017. In the current year, we are adding further capacity in Chemicals, setting up a distillery in Sugar business and expanding capacity for Fenesta business. These investments along with our focus on cost optimization across all the businesses and volume expansion in Bioseed and Shriram Farm Solutions will provide satisfactory growth in coming years.

India is amongst the fastest growing major economy in the world and is likely to maintain high growth over medium to long term. The increase in investments in infrastructure, rural development and agriculture by government augur well for sustained growth in our businesses. We are taking all steps to participate in these opportunities.

Our employees are our biggest strength. Building capability of employees has always been a significant focus for us to enhance business performance on a sustained basis. It is the company’s endeavor to develop a culture that promotes innovation, learning and development.

As a responsible corporate citizen, we are committed to give back to society. We are actively engaged in initiatives in the areas of education, health, water conservation and rural infrastructure and have executed projects to make impact in all these areas.

We would like to take this opportunity to thank all our stakeholders - members of the board, business associates, employees, suppliers, government agencies, lenders and shareholders-who have contributed to the growth and development of our company over the years. With their cooperation, we are confident of delivering superior value to all stakeholders.

With best wishes,

(Vikram S. Shriram) (Ajay S. Shriram)

Vice Chairman & Managing Director Chairman & Sr. Managing Director

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

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