Your Directors are pleased to present the Annual Report along with the Audited Financial Statements of your
Company for the financial year ended on 31^st March, 2025.

1. FINANCIAL RESULTS:

The summarised financial highlight is depicted below:

(' In Million)

2. COMPANY PERFORMANCE:

During the year the Company Revenue from operations on Consolidated basis for FY 2024-25 is '5,298.97
Million compared to '3,767.71 Million in the previous year. Net Profit After Tax on Consolidated basis for the
current year is '2,160.57 Million as against '1,577.51 Million earned in the previous year.

On standalone basis, revenue from operations for the current year stands at '4,238.14 Million compared to
'3,054.70 Million in the previous year and Net profit attributable to the Shareholder of the company for the
current year is '2,154.41 Million as against '1,573.29 Million earned in the previous year.

3. DIVIDEND:

For FY 2024-25, based on the Company’s performance, the Directors have declared interim dividend of ' 0.25
per share (@ 25% on equity shares of FV '1/-), total amounting to '44 Million. The Dividend Distribution
Policy, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) is available on the Company’s
website at https://dolatalgotech.in/investor-relations

4. SHARE CAPITAL:

The paid up equity share capital as on March 31, 2025 was '176.00 Million. During the year under review, the
Company has neither issued shares with differential voting rights nor granted stock options /sweat equity.

5. TRANSFER TO RESERVES:

The closing balance of the retained earnings of the Company for FY 2025, after all appropriation and
adjustments was '9,747.17 Million.

6. DEPOSITS:

The Company has not accepted any deposits from public and as such, no amount on account of principal or
interest on deposits from public was outstanding as on the date of the balance sheet.

7. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Details of Loans, guarantees and investments covered under the provisions of Section 186 of the Companies
Act, 2013, as may be applicable, have been disclosed in the financial statements.

8. RELATED PARTY TRANSACTIONS:

All the related party transactions entered into during the financial year were on an arm’s length basis and
were in the ordinary course of business. Your Company had not entered into any transactions with related
parties which could be considered material in terms of Section 188 of the Companies Act, 2013. Accordingly,
the disclosure of related party transactions as required under Section 134(3)(h) of the Act in Form AOC 2 is
not applicable.

During the year under review, your Company has entered into transactions with related party which are
material as per Regulation 23 of the SEBI Listing Regulations and Company has taken necessary approvals
from members.

The policy governing the related party transactions has been adopted by the Company and is placed on the
Company’s website (https://dolatalgotech.in/investor-relations).

9. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

During the year under review, Company has not incorporated any subsidiary, Joint venture or Associate
Companies. A statement containing the salient features of financial statements of subsidiary(ies) companies
of the Company in the prescribed Form AOC - 1 forms a part of Financial Statements in compliance with
Section 129 (3) and other applicable provisions, if any, of the Act read with Rules.

The Company’s Policy for determining material subsidiaries may be accessed on the website of the Company
at (https://dolatalgotech.in/investor-relations).

10. CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of the Act, Regulation 33 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “Listing
Regulations”) and applicable Accounting Standards, the Audited Consolidated Financial Statements of the
Company for the financial year 2024-25, together with the Auditors’ Report form part of this Annual Report.

In accordance with Section 136 of the Act, the audited financial statements, including the Consolidated
Financial Statements and related information of the Company and the financial statements of the subsidiary,
are available on our website, (https://dolatalgotech.in/investor-relations).

11. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW:

During the financial year 2024-25, 10 (Ten) meetings of the Board of Directors were held. For details of the
meetings of the board, please refer to the corporate governance report, which forms part of this report.

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL :

The composition of the Board of Directors of the Company is in accordance with the provisions of Section 149
of the Act and Regulation 17 of the SEBI Listing Regulations, with an appropriate combination of Executive,
Non-Executive and Independent Directors.

Mr. Shailesh D. Shah retires by rotation and being eligible, offers himself for re-appointment. A resolution
seeking shareholders’ approval for his re-appointment forms part of the Notice.

Mr. Sunil Parmanand Shah (DIN 00010068) ceased to be an Independent Director of the Company with effect
from closure of business hours on 18th September '24 on completion of his second consecutive term of office
as independent director.

The members of the Company in their 43rd AGM held on 30th September, 2024 had appointed Mr. Thomas
Ritaldo Fernandes (DIN: 00286613) as an Independent Director of the Company for a period of five years
effective from 28th August '24 to 27th August '29.

The Company has received declarations from all the Independent Directors of the Company confirming that
they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the
Companies Act, 2013 and the SEBI Listing Regulations.

In terms of Regulation 25(8) of SEBI Listing Regulations there has been no change in the circumstances
affecting their status as Independent Directors of the Company.

During the year under review, the non-executive directors of the Company had no pecuniary relationship or
transactions with the Company, other than sitting fees, commission, if any and reimbursement of expenses
incurred by them for the purpose of attending meetings of the Board /Committee of the Company.

None of the Directors of the Company are disqualified for being appointed as Directors as specified under
Section 164(2) of the Act read with Rule 14(1) of the Companies (Appointment and Qualification of Directors)
Rules, 2014.

The Board recommends the appointment / re-appointment of above directors for your approval.

Brief details of Directors proposed to be appointed / re-appointed as required under Regulation 36 of the
SEBI Listing Regulations are provided in the Notice of the ensuing Annual General Meeting.

13. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm
that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and
there are no material departures;

b) they have 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 as at the end of the Financial year and of the profit of the Company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls to be followed by the Company and such internal financial
controls are adequate and operating effectively;

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.

14. BOARD EVALUATION:

The Board of Directors has carried out on an annual evaluation of its own performance, board committees
and individual directors pursuant to the provisions of the Act, SEBI Listing Regulations and the Guidance
Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The performance of the board was evaluated by the board after seeking inputs from all the directors on the
basis of criteria such as the board composition and structure, effectiveness of board processes, information
and functioning, etc.

The performance of the committees was evaluated by the board after seeking inputs from the committee
members on the basis of the criteria such as the composition of committees, effectiveness of committee
meetings, etc.

In a separate meeting of independent directors, performance of non-independent directors, the Chairperson
of board and the board as a whole was evaluated.

The Board and the Nomination and Remuneration Committee reviewed the performance of the individual
directors on the basis of the criteria such as the contribution of the individual director to the board and
committee meetings like preparedness on the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc. Performance evaluation of independent directors was done by the
entire Board, excluding the independent director being evaluated.

15. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, REMUNERATION AND OTHER DETAILS:

The Company’s policy on directors' appointment and remuneration and other matters provided in section
178(3) of the Act has been disclosed in the corporate governance report, which forms part of this report and
is also available on the Company’s website at (https://dolatalgotech.in/investor-relations)

16. RISK MANAGEMENT POLICY:

The Board has formed a Risk Management Committee (RMC) to frame, implement and monitor the risk
management plan for the Company. The RMC is responsible for reviewing the risk management plan and
ensuring its effectiveness. The Audit Committee has an additional oversight in the area of financial risks
and controls. The major risks identified by the businesses are systematically addressed through mitigation
actions on a continual basis.

17. INTERNAL FINANCIAL CONTROLS:

Internal Audit plays a key role in providing an assurance to Management with respect to the Company having
adequate Internal Control Systems. The Internal Control Systems provide, among other things, reasonable
assurance of recording the transactions of its operations in all material respects and of providing protection
against significant misuse or loss of Company’s assets. The Internal Auditors submit their Report periodically
which is placed before and reviewed by the Audit Committee.

18. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013

The Company has adopted a policy for prevention, prohibition and Redressal of sexual harassment at the
work place, in line with the provisions of the Sexual Harassment of women at workplace (Prevention,
Prohibition & Redressal) Act, 2013 and rules made thereunder. All employees including temporary and
trainee are covered under the policy. The Company has constituted an internal committee to inquire and
redress the complaints. The Company has not received any complaint during the FY 2024-25.

19. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to the Directors and
employees to report their concerns about unethical behaviour, unacceptable and improper practices or

suspected fraud. The Policy provides for adequate safeguards against victimisation of employees who avail
of the mechanism and also provide for direct access to the Chairman of the Audit Committee. It is affirmed
that no personnel of the Company has been denied access to the Audit Committee. The policy has been
uploaded on the company’s website (https://dolatalgotech.in/investor-relations)

20. CORPORATE SOCIAL RESPONSIBILITY:

The Company has constituted a Corporate Social Responsibility (CSR) Committee and has framed a CSR
Policy. The brief details of CSR Committee are provided in the Corporate Governance Report. The Annual
Report on CSR activities is set out in Annexure [A] to this report. The CSR Policy is available on the website
of the Company at (https://dolatalgotech.in/investor-relations).

21. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE:

The details pertaining to composition of audit committee are included in the Corporate Governance Report
which forms part of this report.

22. STATUTORY AUDITORS:

Based on the recommendation of the Audit Committee and the Board of Directors, Members of the Company
at the 41st Annual General Meeting held on September 30, 2022, appointed M/s. V. J. Shah & Co., Chartered
Accountants (Firm Registration No. 109823W), Mumbai, the statutory auditors of the Company, for second
term of 4 years commencing from the conclusion of the 41st Annual General Meeting of the Company until
the conclusion of the 45 th Annual General Meeting to be held in the year 2026. The requirement to place the
matter relating to appointment of auditors for ratification by Members at every AGM has been done away
by the Companies (Amendment) Act, 2017 with effect from May 7, 2018. Accordingly, no resolution is being
proposed for ratification of appointment of statutory auditors at the ensuing AGM.

23. AUDITOR'S REPORT AND SECRETARIAL AUDIT REPORT:

The statutory auditor's report and the secretarial auditor's report do not contain any qualifications,
reservations, or adverse remarks or disclaimer. Secretarial audit report is attached to this report as
Annexure B.

24. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

During the year under review, there were no significant and material orders passed by the regulators or
courts or tribunals, which may impact the going concern status of the Company and its operations in future.

25. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:

No material changes and commitments affecting the financial position of the Company occurred between the
end of the financial year to which these financial statements relate and on the date of this report.

26. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2025 is
available on the Company’s website on https://dolatalgotech.in/investor-relations

27. PARTICULARS OF EMPLOYEES

The information required under section 197(12) ofthe Act read with Rule 5(1) ofthe Companies (Appointment
and remuneration of Managerial Personnel) Rules, 2014, is given in Annexure C to the Board Report.

28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO

The company believes that energy provides the means for economic growth and hence, it is important to
conserve and use energy judiciously. Being a Company into trading of Stock, the scope of conservation of
energy and technology absorption are very limited. However, efforts are made to further reduce energy
conservation.

During the year, the company’s expenditure in foreign exchange was Rs.NIL (Previous Year Rs.NIL) as
mentioned in the notes to financial statement and the company did not have any foreign exchange earnings
during the year.

29. CORPORATE GOVERNANCE REPORT AND BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORTING

In compliance with Regulation 34 of the SEBI Listing Regulations, a separate report on Corporate Governance
along with a certificate from the Auditors on its compliance and a Business Responsibility and Sustainability
Report forms part of this Report.

30. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis as stipulated under the SEBI Listing Regulations is presented in a
separate section forming part of this Report.

31. DISCLOSURES

a) The Company is in compliance with the relevant provisions of all applicable Secretarial Standards issued
by the Institute of Company Secretaries of India and approved by the Central Government;

b) Details of various committees constituted by the Board of Directors, as per the provisions of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013, are
given in the Corporate Governance Report and forms part of this report.

c) None of the Auditors of the Company have reported any fraud as specified under the second proviso of
Section 143 (12) of the Act;

d) Your Directors state that no disclosure or reporting is required in respect of the following items as there
were no transactions pertaining to these items during the year under review:

• Details relating to deposits covered under Chapter V of the Act

• 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 ESOP or any
other scheme.

• Neither the Managing Director nor the Whole-time Director of the Company has received any
remuneration or commission from any of its subsidiaries.

32. ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to bankers, business associates, consultants, employees
and various Government Authorities for their continued support extended to your Company’s activities
during the year under review. Your Directors also acknowledges gratefully the shareholders for their support
and confidence reposed on your Company.

For And on Behalf of The Board of Directors

Pankaj D. Shah

Managing Director
DIN: 00005023

Harendra D. Shah

Place: Mumbai Director

Date: 13th August, 2025 DIN: 00012601