RANE HOLDINGS Chairmans Speech

Message from the Chairman Emeritus

Dear Shareholders,

Forty-seven years is a long time, yet it seems only like yesterday... It was 47 years ago that I stepped into the world of Rane as a management trainee. Since then the journey has been in equal measures interesting, challenging and satisfying. Over these long years, I have seen significant changes at Rane, India and across the globe. Looking at the India of then and now, I have seen the license raj, whiffed the first fragrance of liberalization and India taking its rightful place on the global high table - all part of the changing milieu. Even at Rane, I have seen each one of us adapting to these changes, at times stumbling, yet getting to a place today where we are the partners of choice for many OEMs, the preferred brands in the replacement markets and a strong export story as we compete with the best in the world. It has been a journey for me to take the Company which is now fully geared to as a world-class player in automotive products. Truly, it has been a fantastic journey so far!

Yet the more things change, the more they remain the same! Ever since I took on the mantle of the Rane Group, I realized the importance of skill development of our people. Even as I have raised this in multiple forums during the last many years,

I see not much change in this area. While we stand at a historic inflection point where our young and energetic population can take the country to new heights, I hope the governments and companies take the issue of skill very seriously. Today we churn out millions of graduate who are not employable in the industry. We need to seriously evaluate the entire curriculum to have a ready work force else we lose the advantage of a large and young workforce. The young and restless at heart workforce also brings to the fore another issue - low manufacturing activity in the country. Manufacturing can be one of the key sectors to create the necessary jobs but the sector continues to languish at 16-17% of the total GDP. Even with the ''''Make in India'''' and the aspiration of taking the manufacturing sector to 25% of the GDP by 2025, it will not be possible if we do not equip our workforce to take on the challenges of changing economics of production and distribution and frequent shifts in consumer demand. Finally, there is a strong case of going beyond ''''Make in India'''' and start the march towards ''''Design in India''''. Rane has adopted this philosophy and we have had to make cultural changes to bring R&D at the forefront of business and seen success follow us.

The automotive world will continue to be challenging and interesting. Disruptions are becoming more norms than exceptions; changes are happening at breakneck speed even as the concept of mobility itself is changing. This will need a cultural change in organizations else we see many companies falling by the wayside. I am proud to mention that ''''change is the only constant'''' way of life has been deeply embedded in each one at Rane.

As I sign off and take on other interesting roles within and outside Rane, I hand over reins to L Ganesh with the confidence that we are ready to take on any change and he will continue to build on the Rane legacy.

Finally, I would like to place on record my sincere appreciation of the efforts put in by each employee and our other stakeholders including customers, partners, etc. which has enabled me to make this journey worthwhile and extremely enjoyable.

L. Lakshman

Chairman Emeritus

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.

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