Your Directors have immense pleasure in presenting the Annual Report on the business and operations of
your company along with the Audited Financial Statements (Standalone and Consolidated) for the Financial
Year ended 31^st March, 2025.

1. Financial Summary

The summarized standalone and consolidated Financial Statements of your Company are given in the
table below:

2. Summary of Operations & State of Company's Affairs

The profit for the year under consideration i.e., financial year 2024-25, before depreciation, finance
charges and tax is '68,543.59 Lakhs as compared to a profit of '43,992.56 Lakhs in the previous
financial year i.e., Financial year 2023-24. The profit for the year after tax is '49,229.98 Lakhs as
against a profit of '30,805.65 Lakhs during the previous financial year.

Your Company reported 5,55,247 MTs sales of Shrimp Feed during Financial year 2024-25 as compared
to 5,31,967 MTs of Shrimp Feed sales in the immediately preceding financial year 2023-24, a growth of
4.38% in volume.

The Four Windmills of your Company located in Karnataka State with a total capacity of 3.2 MWs have
generated 47.95 Lakh units as against 43.34 Lakh units in the previous year. The power generated
during the year was sold to Karnataka Power Transmission Corporation Limited (KPTCL) under the
Power Purchase Agreement (PPA).

There have been no material changes and commitments, which affect the financial position of the
Company which have occurred between the end of the financial year to which the financial statements
relate and the dates of this report.

During the year under review, there is no change in nature of the business of the Company. The affairs
of the Company are conducted in accordance with the accepted business practices and within the
purview of the applicable legislations.

3. Share Capital

During the year under review, there was no change in the share capital of the Company.

Authorized Share Capital

The Authorized Share Capital of the Company as on 31^st March, 2025 is '15,85,00,000 (Rupees Fifteen
Crores and Eighty Five Lakhs) divided into 15,85,00,000 equity shares having face value of '1/- each.

Paid-up Equity Share Capital

The paid-up Equity Share Capital is '13,62,45,630 (Rupees Thirteen Crores Sixty Two Lakhs Forty
Five Thousand Six Hundred and Thirty) divided into 13,62,45,630 equity shares having face value of
'1/- each.

Re-classification from promoter group to public

The Board of Directors of the Company at its meeting held on 14^th November, 2024 has inter alia,
approved the request for re-classification of one of the Shareholder i.e., Sri Vijaya Kumar Chukkapalli,
holding Nil Equity Shares (0%), from "Promoter Category" to "Public Category", accordingly the
Company filed the Reclassification Application with BSE Limited and National Stock Exchange India
Limited" on 23^rd November, 2024. As on the date of this report the Application is still under Process
with BSE and NSE.

4. Reserves

During the year under review, an amount of '2,700 Lakhs was transferred to Reserves out of the
current year profits.

5. Dividend

Your Directors have recommended a dividend of '9/- (Nine only) per equity share of '1/- each fully
paid for the Financial year 2024-25. The dividend, if declared by the members at the ensuing 32^nd
Annual General Meeting will be paid within the time line as prescribed under the Companies Act, 2013
("the Act") subject to deduction of tax at source (TDS) as applicable.

The dividend, if approved, would result in a cash outflow of approximately '12,262.11 Lakhs resulting
in a dividend payout of 24.91% of the standalone profits of the Company.

The dividend recommended is in accordance with the Dividend Distribution Policy of the Company.
The policy in terms of Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, ("Listing Regulations") is available on the Company's website at https://avantifeeds.
com/policies/

6. Alteration of Articles of Association

During the year under review, your Company has not altered its Articles of Association.

7. Board of Directors

a. Composition of the Board

The Composition of the Board of Directors is in conformity with Regulation 17 of Listing
Regulations. The present strength of the Board of the Company is as follows:

b. Number of Meetings of the Board

During the period, Four (4) meetings of the Board of Directors were held. The details of the
meetings held and attended by the Directors are given in the Report on Corporate Governance,
which forms part of this Board's Report.

8. Changes in Directors and Key Managerial Personnel

During the year under review, Mr. Bunluesak Sorajjakit resigned from the Board w.e.f. 20^th September,
2024 and Mr. Yongyut Setthawiwat was appointed as an Additional Non-Executive Director w.e.f.
03^rd October 2024 and regularized as Director with the approval of the members by way of Postal
Ballot resolution dated 20^th December 2024.

Retirement and Appointment of Independent Director

1. During the year under review Sri N. V. D. S. Raju and Smt. K. Kiranmayee, have completed their
second term of Five (5) years as Independent Directors w.e.f. 8^th August, 2024.

2. The Board at its meeting held on 22^nd May, 2024, on the recommendation of Nomination and
Remuneration Committee, appointed Smt. Y. Prameela Rani and Dr. Sunkara Venkata Satya
Shiva Prasad as Non-Executive, Independent Directors for a period of Five (5) years w.e.f.
9^th August, 2024 to 8^th August, 2029 (first term) both days inclusive and subsequently the
members given their approval in the 31^st Annual General Meeting held on 6^th August, 2024.

Retirement of Directors

In terms of Article 80 and 87 of the Articles of Association of the Company, Sri A. Venkata Sanjeev
and Mr. Peerasak Boonmechote, Directors liable to retire by rotation at the ensuing 32^nd Annual
General Meeting ("AGM") and being eligible, offer themselves for re-appointment. The Nomination
and Remuneration Committee and Board recommended their re-appointment for approval of the
Shareholders at the ensuing 32^nd AGM.

Key Managerial Personnel ("KMP")

Dr. A. Indra Kumar, Chairman and Managing Director, Sri C. Ramachandra Rao, Joint Managing
Director, Company Secretary, Compliance Officer and Chief Financial Officer, and Sri A. Venkata
Sanjeev, Executive Director are the KMPs of the Company.

The Nomination & Remuneration Committee and Audit Committee at its Meetings held on
21^st May, 2024 and the Board of Directors at its Meeting held on 22^nd May, 2024 recommended the
re-appointment of Sri A. Venkata Sanjeev, Whole-Time Director designated as an Executive Director
for a period from 9^th August, 2024 to 31^st March, 2029, whose term of appointment concluded on 8^th
August, 2024, The members given approval in the 31^st Annual General Meeting held on 6^th August, 2024.

Apart from aforesaid, there were no other changes in Directors and Key Managerial Personnel of the
Company. The details of Directors, Key Managerial Personnel and composition of various Committees
and changes of the Board are given in the Report on Corporate Governance which forms part of this
Board's Report.

9. Committees of the Board

The details of the Committees of the Board viz., Audit Committee, Nomination and Remuneration
Committee, Stakeholders Relationship Committee, Risk Management Committee and Corporate
Social Responsibility Committee, are given in the Report on Corporate Governance which forms part
of this Board's Report.

10. Familiarization Programme for Independent Directors

All Independent Directors are familiarised with the operations and functioning of the Company at
the time of appointment and on an on-going basis. The details of the training and familiarisation
programme are given in the Report on Corporate Governance which forms part of this Board's Report
and is available on the website of the Company at www.avantifeeds.com/investors

11. Statement of Declaration given by Independent Directors

As required under Section 149 of the Act, the Independent Directors have submitted the declaration
affirming that they meet the Criteria of Independence as provided in Section 149 (6) of the Act and
Regulation 25 of Listing Regulations. In the opinion of the Board, the Independent Directors of the
Company possess necessary expertise, integrity and experience.

12. Separate Meeting of Independent Directors

A separate meeting of Independent Directors was held on 6^th April, 2024 and 27^th March, 2025, to
review the performance of the Non-Independent Directors and the Board as a whole, to review the
performance of Chairperson of the Company and assess the quality, quantity and timeliness of flow
of information between the management and the Board that is necessary for the Board to effectively
and reasonably perform its duties. All the Independent Directors were present at the meeting.

13. Nomination and Remuneration Policy

The Company's policy on Directors' Appointment and Remuneration and other matters as provided
in Section 178 (3) of the Act are given in the Report on Corporate Governance which forms part of
this Board's Report and is also available on the website of the Company at https://avantifeeds.com/
policies.

14. Annual Return

Pursuant to the provisions of Section 92 (3) and Section 134 (3) of the Act read with Rule 12 of the
Companies (Management and Administration) Rules, 2014 as amended from time to time, the Annual
Return of the Company as on 31^st March, 2025 in e-form MGT-7, is available on the Company's website
and can be accessed at www.avantifeeds.com/downloads/.

15. Loans, Guarantees or Investments

Pursuant to provisions of Section 186 of the Act, read with Companies (Meetings of Board and its
Powers) Rules, 2014, the particulars of loans given, guarantees provided and investments made by
the Company during the Financial year 2024-25 are disclosed in the notes to Financial Statements
which forms part of this report.

16. Particulars of Contracts or arrangements with Related Parties

All contracts / arrangements / transactions entered by the Company during the Financial year
2024-25 with related parties were in its ordinary course of business and are on an arm's length basis.
During the year, the Company had not entered into any contract / arrangement / transaction with
related parties which could be considered material in accordance with the policy of the Company
on materiality of related party transactions or which is required to be reported in Form No. AOC-2 in
terms of Section 134 (3) (h) read with Section 188 of the Act and Rule 8 (2) of the Companies (Accounts)
Rules, 2014.

However, the details of all the related party transactions are disclosed in the notes to the Financial
Statements.

The Company formulated a Policy on dealing with Related Party Transactions. The policy is available
on the Company's website and can be accessed at: https://avantifeeds.com/policies.

17. Evaluation of Performance of Board, Committees and Directors

Performance evaluation of the Board as a whole, the committees and all individual directors including
Independent Directors has been carried out for the Financial year under review in accordance with
the criteria framed pursuant to the provisions of the Companies Act, 2013, Listing Regulations and
Guidance notes issued by SEBI. The manner in which the evaluation was carried out is given in the
Report on Corporate Governance which forms part of this Board's Report.

18. Corporate Governance

Report on the Corporate Governance together with a Certificate from Independent auditors on
compliance with conditions of Corporate Governance as stipulated under Listing Regulations forms
part of this Board's Report.

19. Risk Management Policy

In terms of the requirement of Section 134(3)(n) of the Act, the Company has developed and
implemented the Risk Management Policy. The Company has constituted a Risk Management
Committee which frames, implements and monitors Risk Management Plan and lays down procedures
periodically to inform the Board on the risk assessment and risk minimization procedures much
before it was introduced as a Statutory Compliance.

The Risk Management Committee is in compliance with the provisions of Regulation 21 of Listing
Regulations. The Company has adopted a structured Risk Management Policy in accordance with the
provisions of the Act and Regulation 21 of Listing Regulations.

The Risk Management Committee has an additional oversight in the area of risk management. Any
major risks identified by the business and functions are systematically addressed through mitigating
actions on a continuing basis.

The Board oversees Company's processes for determining risk tolerance and review management's
action and comparison of overall risk tolerance to established levels. The framework is designed to
enable risks to be identified, assessed and mitigated appropriately. Any major risks identified by the
businesses and functions are systematically addressed through appropriate actions on a continuous
basis.

20. Whistle Blower Policy-Vigil Mechanism

The Company has established a Whistle Blower Policy for its Directors and Employees to report their
concerns about any unethical behavior, actual or suspected fraud or violation of the Company's code
of conduct or ethics policy and Code of Conduct to regulate, monitor and report trading by Insiders.
The practice of Whistle Blower Policy is overseen by the Audit Committee and no employee has been
denied access to the Committee. The Whistle Blower Policy is available at the Company's website at
https://avantifeeds.com/policies/.

21. Maintenance of Cost Records

The Company has maintained the Cost records as required to be maintained under Section 148 (1) of
the Act.

22. Corporate Social Responsibility (CSR)

As per Section 135 (5) of the Act, the Company shall ensure that an amount of 2% of the average Net
Profits of the Company made during the three immediately preceding financial years shall be spent
towards Corporate Social Responsibility activities. For the Financial year 2024-25, the amount to
be spent towards CSR activities works out to '568.72 Lakhs. The Company has spent '218.72 Lakhs
towards the CSR activities in the Financial Year 2024-25 and '350.00 Lakhs has been set aside for
the utilization of ongoing project, Construction of Avanti Hospital, Kovvur ('1.40 Cr), Construction
of Additional Building, PG College, Kovvur under AVR TRUST ('1.00 Cr) and for Rural Development
('1.10 Cr).

The Annual Report on CSR activities in terms of the requirements of Companies (Corporate Social
Responsibility Policy) Rules, 2014 is enclosed at Annexure-1, which forms a part of this Board's Report.

23. Subsidiaries, Joint Ventures and Associate Companies

23.1 Subsidiaries

1. Avanti Frozen Foods Private Limited ("AFFPL"):

During the year, AFFPL has reported a turnover of '1,18,027.19 Lakhs and the profit before
tax is '8,571.16 Lakhs. The Profit after tax reported by AFFPL is '7,100.78 Lakhs for the
Financial year 2024-25.

The Secretarial Audit report of AFFPL as required under regulation 24 A of the Listing
Regulations, is provided as a separate annexure forming part of this Board's Report.
Further, the annual report is being sent to the members excluding the aforesaid annexure.
The same is available for inspection and any member interested in obtaining a copy of the
same may write to the company at investors@avantifeeds.com

2. Avanti Pet Care Private Limited (APCPL):

During the year under review, the Company has raised '4,990 Lakhs as capital from its
Joint Venture (JV) Partners and the equity participation of Avanti Feeds Limited is 60%
as on 31^st March 2025. The Company has commenced its operations by trading in pet food
i.e., by importing pet food from the Joint Venture Partner and selling the same in India
under Avant Furst brand. The Company is in the process of acquiring land for setting up a
manufacturing plant in Hyderabad to manufacture the pet care products.

During the period under review, APCPL has achieved a turnover of '25.79 Lakhs and
recorded a net loss of '46.44 Lakhs.

3. Srivathsa Power Projects Private Limited ("SPPPL"):

SPPPL is a 17.202 MW gas based independent power project situated in Andhra Pradesh.

From the Financial year 2023-24, Plant has stopped generating power due to increase
in APM-gas price and non-availability of APM-gas since May, 2022. In addition to that
in the month of July, 2022, Gail India Limited - a Government of India undertaking - a
Maharatna Company, who is a natural gas supplier to Srivathsa, had informed that, as
per the Ministry of Petroleum and Natural Gas guidelines and directives, the APM gas
from KG basin allocated to power plants will be diverted to CGD (City Gas Distribution)
entities outside KG basin w.e.f. 01^st August, 2022. As per the above guidelines, Srivathsa
is not getting APM-gas from Gail India Limited. As a result, there is no power generation
during the financial year. During the year 2024-25, the Company reported Other Income of
'14.83 Lakhs and a loss of ('161.03) Lakhs after charging interest and depreciation, as per
audited financials.

23.2 The consolidated financial statements of the Company and its subsidiaries were prepared
in accordance with the accounting principles as generally accepted in India, including the
Accounting Standards as specified under Section 133 of the Act, read with relevant Rules, form
part of the Annual Report and are reflected in the Consolidated Financial Statements of the
Company.

23.3 The Annual financial statements of the subsidiaries and related detailed information will be
kept at the Registered Office and Corporate Office of the Company and also at the Registered
Offices of the respective subsidiaries and also available on the website of the Company at
https://avantifeeds.com/financial-reporting.

23.4 The Company has adopted a Policy for determining Material subsidiaries in terms of Regulation
16 (1) (c) of Listing Regulations. The Policy approved by the Board is available on the website of
the Company at https://avantifeeds.com/policies/.

23.5 Joint Ventures

Your Company has no Joint Venture.

23.6 Associate Company

Patikari Power Private Limited ("PPPL")

The Company holds 25.88% equity shares in PPPL which has a 16 MW Hydel Power Project
in Himachal Pradesh, India. During the Financial year 2024-25 as per audited financials the
Company generated 38.79 Million saleable energy units, yielding a gross sales income of
'872.70 Lakhs which resulted in a net profit of '156.27 Lakhs after charging interest, depreciation
and tax.

23.7 Names of companies which have become or ceased to be, its Subsidiaries, joint ventures or
Associate companies:

There were no joint ventures or Associate companies incorporated or ceased during the year.

The statement containing salient features of financial statements of subsidiaries and associates
pursuant to Section 129 (3) of the Act, in Form AOC-1 is enclosed as Annexure-2 of Board's
Report.

24. Management Discussion & Analysis

A Report on Management Discussion and Analysis (MDA) which forms part of the Board's Report as per
the requirements of Regulation 34 of Listing Regulations is enclosed at Annexure-3.

25. Business Responsibility and Sustainability Report

The Business Responsibility and Sustainability Report (BRSR) of your Company for the Financial
year 2024-25, which forms part of this Board's Report as required under regulation 34 (2) (f) of listing
regulations is enclosed at Annexure-4.

26. Listing at Stock Exchanges

The equity shares of your Company continue to be listed and traded on the BSE Limited and National
Stock Exchange of India Limited. The Annual Listing fee for the Financial year 2025-26 has been paid
to both the Stock Exchanges.

27. Internal Controls Systems and Adequacy

The Company has in place an adequate system of internal controls. The details of the internal controls
System are given in the MDA Report which forms part of this Board's Report.

The internal financial controls with reference to the Financial Statements for the Financial year
ended 31^st March, 2025 commensurate with the size and nature of business of the Company.

The measures implemented for internal financial controls include multiple authority levels for
approval of expenditures, budgetary controls and internal audit etc.

28. Audit and Auditors

a. Independent Auditors, their Report and Notes to Financial Statements

M/s. Tukaram and Co. LLP, Chartered Accountants (Firm Registration No. 004436S/S200135)
were re-appointed as Statutory Auditors of the Company at the 29^th AGM held on 12^th August,
2022, to hold office till the conclusion of the 34^th AGM.

The report of the Independent Auditors along with notes and Schedules are annexed to this
Board's Report.

There were no qualifications, reservations or adverse remarks or disclaimers made by
Independent Auditors i.e. Tukaram and Co., LLP, Chartered Accountants, Hyderabad, in their
report.

b. Internal Auditor

In terms of Section 138 of the Act, and the relevant Rules, the Company re-appointed
M/s. Manohar Chowdhry and Associates, Chartered Accountants as Independent Internal
Auditors of the Company for a further period of three years. The Internal Auditor directly reports
to the Audit Committee.

c. Secretarial Auditor

In terms of Section 204 of the Act and the Rules made thereunder, M/s. V. Bhaskara Rao and Co.,
Hyderabad, Practicing Company Secretaries have been appointed as the Secretarial Auditors of
the Company for the Financial year 2024-25. The report of the Secretarial Auditor is annexed to
this Report. There were no qualifications, reservations or adverse remarks or disclaimers made
by the Secretarial Auditors.

In terms of Section 204 of the Act and Regulation 24A of SEBI (LODR) Regulation, 2015, it is
proposed to appoint M/s. V. Bhaskara Rao and Co., Practicing Company Secretaries, Hyderabad
as the Secretarial Auditors of the Company for a term of 5 years (i.e., from FY 2025-26 to
FY 2029-2030) in the ensuing 32^nd Annual General Meeting.

d. Annual Secretarial Compliance Report

The Annual Secretarial Compliance Report for the Financial year ended 31^st March, 2025,
on compliance of all applicable SEBI Regulations and circulars / guidelines, issued by
M/s. V. Bhaskara Rao and Co., Company Secretaries, was submitted to BSE Limited and National
Stock Exchange of India Limited.

29. Compliance with Secretarial Standards

The Company complies with the applicable Secretarial Standards issued by the Institute of Company
Secretaries of India (ICSI).

30. Director's Responsibility Statement

Pursuant to the requirement Section 134 (3) (c) of the Act, your Directors confirm that:

a. in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;

b. the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the Profit of the
Company for that period;

c. the directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities;

d. the directors had prepared the annual accounts on a going concern basis;

e. the directors, had laid down internal financial controls to be followed by the Company and that
such internal financial controls are adequate and were operating effectively; and

f. the directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

31. Details of Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo

a. Conservation of Enerav

b. Technology absorption: Not applicable.

c. Foreign Exchange Earnings and Outgo:

During the year under review, the details of Foreign Exchange Earnings and outgo are as under:
Inflow - '1,253.96 Lakhs
Outflow - '5,817.08 Lakhs

32. Public Deposits

During the period, the Company has not accepted any deposit(s) within the meaning of Section
73 & 74 of the Act, read the Companies (Acceptance of Deposits) Rules, 2014.

33. Significant and Material Orders Passed by the Regulators

During the period under review, there have been no significant and material orders passed by the
Regulators, Courts, or Tribunals which would impact the going concern of the Company.

34. Particulars of Employees

In terms of the provisions of Section 197 (12) of the Act read with Rules 5 (2) and 5 (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the
names of the top ten employees in terms of remuneration drawn and names and other particulars
of the employees drawing remuneration in excess of the limits set out in the said rules forms part
of this Report. Disclosures relating to remuneration and other details as required under Section 197
(12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 forms part of this Report. Having regard to the provisions of the second proviso
to Section 136 (1) of the Act, the Annual Report excluding the aforesaid information is being sent to
the members of the Company. Any member interested in obtaining such information may write to the
Company at investors@avantifeeds.com.

35. Disclosure as for Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the
Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual
harassment. All employees (permanent, contractual, temporary, trainees) are covered under this
policy.

During the Financial year ended 31^st March, 2025, the Company has not received any complaints
pertaining to Sexual harassment of Women at the Workplace. The Company has complied with
provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

36. General

Your Directors state that no disclosure or reporting is required in respect of the following matters as
there were no transactions on these matters during the year under review:

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme
save and except Employees' Stock Options Schemes referred to in this Report.

• the Whole-time Directors of the Company receive any remuneration or commission from any of
its subsidiaries.

• No instances of frauds reported by Auditors under Section 143 (12) of the Act.

• There are no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

• There was no instance of one time settlement with any Bank or Financial Institution.

37. Acknowledgements

Your Directors take this opportunity to express their deep and sincere gratitude and appreciation for
co-operation extended by the Governmental Agencies, Shareholders and Banks from time to time.
Your Directors also place on record their appreciation for the contributions made by the employees
through their dedication, hard work and commitment. Your Directors also convey thanks and
appreciation to the valued customers and dealers for their continued patronage.

For and on behalf of the Board
AVANTI FEEDS LIMITED

A. Indra Kumar

Place : Hyderabad Chairman and Managing Director

Date : 28^th May 2025 DIN: 00190168