JINDAL SAW Chairmans Speech

Dear Stakeholders,

Jindal SAW Limited, continues to focus and dominate its leadership position in the entire range of the pipes and tubes market made out of iron and steel. We innovate our product to enhance the value proposition, we adapt to cope with the fast changing environment and we deliver quality products and services to our valued customers to remain the most preferred supplier of pipes and tubes company in the world.

The world continues to be an interesting market place, full of uncertainties and surprises. The US, under the new administration, has shown some signs of an economic upturn, at the same time, it appears to be putting barriers around to build a protectionist economy. We will have to wait and watch how this impacts the global economy. Europe continues to be rudderless without any visibility of direction or timeline for any signs of revival. The sluggish economy, coupled with a threat to the European Union, raises more concern than comfort. The social and political situation in the Middle East and Africa have shown signs of improvement but they are not out of the woods and hence it is not business as usual, yet.

On the contrary, the Indian scenario appears encouraging. We have a stable political dispensation, the country has successfully tided over the impact of demonetization and has now entered the much awaited GST regime, one of the biggest tax reforms since independence. The government has also taken initiatives to decouple the Indian economy from the impact of dumping from some of the other larger economies. Inflation and the other macroeconomic parameters are stable, the interest rate seems to be easing out and the government seems determined to carry forward its agenda of inclusive development to build a modem nation. We are hopeful that the country will provide a stable and growth oriented business environment in the near to medium-term.

Jindal SAW has successfully completed a comprehensive reorganization process where all its non-core businesses have been de-merged or de-subsidiarized. Now, the company remains focused on its core competency of manufacturing and delivering high-quality pipes and tubes made out of iron and steel for the entire range and for all applications. This will immensely add to the fundamental strength of the company and aid in propelling faster growth and deeper penetration. During the year, innovations have led to a diversification of the product range which will help us diversify our client base. We have a firm strategy to build a growth-oriented, sustainable business model.

Core human values, use of technology and a systemic approach continue to be our fundamental pillars of success. Human resources continue to be our most valuable asset and we pride in being known as a modern organization with a human face.

Svayam, leads our CSR initiatives and focuses on universal accessibility, partnering with like-minded organizations at a national and international level. We remain committed to the protection of the environment and all our units are fully compliant with international benchmarks set by the government. We also support ‘Swatch Bharat Abhiyan’ and other such initiatives taken by the government to build a modern India.

We thank all our stakeholders, government officials, banks, financial institutions, client & customers, suppliers & vendors and all the partners who give us unstinted support in all our endeavours. I assure you that your company maintains the highest governance standards, has the necessary management bandwidth and resources to take the company to greater heights in the dynamic world and consolidate its leadership position as we pursue our goal of overall business excellence.

Jai Hind!

Prithvi Raj Jindal

Chairman (Non-Executive)

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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