Dear Shareholders,
 
 It is indeed my pleasure and privilege to share with you our
 achievements and the way we have positioned ourselves in terms of
 increased capacities and the levels of integration. Over the last few
 years, we have been able to accomplish our mission with values that
 guide our business approach and culture. We have laid a strong
 foundation of responsible corporate management geared towards long-term
 value creation in the constantly evolving business environment. This
 definitely ensures our commitment and service towards our customers and
 all stakeholders.
 
 The macro challenges on the global front have increased manifold over
 the last one decade and that has forbearance on the future growth of
 the world economies.  However, Indian economic parameters are robust
 and given our demographic profile, the economy is poised to unfold
 newer horizons for future sustainable growth.  Stainless steel
 consumption in India currently stands around 2 million tons and given
 the Indian government''s prioritized focus on infrastructure
 development, the market potential looks strong.
 
 In backdrop of this positive scenario for the industry, I take greater
 pride in our collective team work and its astuteness in how we have
 consolidated our position. I am confident that these initiatives of
 foresight will accelerate our trend of good performance.
 
 Our new stainless steel facilities at Jajpur, Odisha is aptly poised to
 make the best of the increased stainless steel demand advantage in the
 domestic market. The company has sourced all its major capital
 equipments from leading equipment suppliers like SMS- Siemag, Siemens
 VAI, Andritz Sundwig and has also employed modern technology for the
 development of integrated stainless steel facilities. The Odisha Plant
 has high level of backward integration with ferro alloys and thermal
 power plant. As we move forward, we plan to expand the existing
 stainless steel capacity at Odisha to 1.6 Million Tons. This Odisha
 Plant is one of its kinds with all the facilities under one roof.
 
 At the same time, company''s initiatives towards green environment
 continues and all the necessary equipments have been installed to
 effectively reduce the emissions including coke ovens which currently
 operates in one of the cleanest environment as major by-products and
 flue gases are trapped separately on best commercial basis.
 
 JSL Stainless achieved a turnover of Rs. 7,330 crore, representing an
 increase of around 20% over previous year. Profit after tax was Rs. 318
 crore compared to Rs. 378 crore in the previous year.
 
 Our aim is to build a more stable and profitable business model by
 focusing more on special grades and non-nickel containing ferritic
 grades in our product mix. We shall also feed our growth by increasing
 sales to end-users and project customers while also selling more to our
 core partner distributors and processor customers.  The company''s
 initiative of development of downstream ventures like service centres
 under Jindal Stainless Steelway Ltd, state-of-the-art fabrication units
 under
 
 JSL Architecture and development of retail network under JSL Lifestyle
 has shown substantial growth in turnover in these entities over last
 2-3 years. JSL Architecture is catering to the increased demand of
 stainless steel fabrication from Architecture, Building & Construction
 sector and Automotive, Railway and Transport sector.
 
 Our most productive investment remains our people. It is through their
 collective dedication, skills and initiative that JSL Stainless has
 prospered and will continue to move ahead.
 
 We have always shown our commitment to our team members by providing a
 safe work environment with opportunities for skill development and
 growth. Such a devotion to our people is the cornerstone of our efforts
 to further improve the sustainability of our operations.
 
 I would like to take this opportunity to thank all of our employees,
 the management team and Directors on the Board for their unwavering
 contribution toward the growth of the company.
 
 I extend my sincere thanks to all our lenders for their continuous
 support in our operations.
 
 Finally, I would like to take the opportunity to thank our customers,
 investors for their continued loyalty and our people for their great
 efforts.
 
 Ratan Jindal
 
 Vice Chairman & Managing Director
 
 JSL Stainless Ltd.