Your Directors take pleasure in presenting the Nineteenth Annual Report ("Integrated Annual Report") of the Company, together with the Standalone
and Consolidated Audited Financial Statements for the Financial Year("FY") ended 31^st March 2025.

1. COMPANY PERFORMANCE
Financial Results

(if in rrnro'i

Performance Highlights

Standalone

• Total Income of the Company for FY 2024-25 stood
at ' 1,183.86 crore as against ' 950.84 crore for
FY 2023-24, showing an increase of 24.51%.

• EBIDTA for the FY 2024-25 stood at ' 845.99 crore as against
' 620.93 crore for the FY 2023-24, showing an increase of
36.25%.

• Profit after Tax for the FY 2024-25 stood at ' 391.39 crore
as against ' 287.21 crore for the FY 2023-24, showing an
increase of 36.27%.

• The Net Worth of the Company for the FY 2024-25 stood at
' 5,144.35 crore as against ' 4,796.56 crore for the FY 2023¬
24, showing an increase of ' 7.25%.

Consolidated

• Total Income of the Company for the FY 2024-25 stood
at ' 4,829.09 crore as against ' 4,032.30 crore for the
FY 2023-24, showing an increase of 19.76%.

• EBIDTA for the FY 2024-25 stood at ' 2,615.13 crore as
against ' 2,233.97 crore for the FY 2023-24, showing an
increase of 17.06%.

• The Profit after Tax for the FY 2024-25 stood at is ' 1,521.48
crore as against ' 1,160.69 crore for FY 2023-24, showing
an increase of 31.08%.

• The Net Worth of the Company for the FY 2024-25 stood at
' 9,329.20 crore as against ' 7,966.37 crore for the FY 2023¬
24, showing an increase of 17.11%.

2. OPERATIONS KEY HIGHLIGHTS

During the period under review, the total cargo handled by the
Company was 116.91 million tonnes per annum (MTPA), showing
a growth of 9% as compared to previous FY. The increase in
the volume is primarily on the incremental volumes from the
acquired assets (Fujairah Liquid Terminal and PNP Port) and
increased capacity utilisation across the coal terminals at the
Paradip, Ennore and Mangalore. The third-party volumes stood
at 57.3 million tonnes, implying a healthy growth of 34% Year on
Year. As a result, the share of third-party in the overall volumes
increased to 49% as compared to 40% a year ago. The higher
volume translated to 20% growth in the total income including
consolidation of Navkar Corporation Limited from 11^th October,
2024, which stood at '4,829.09 crore. Increased income, the
benefit of operating leverage and cost control meant EBITDA of
'2,615.13 crore ( 17% YoY) with a strong margin of 54.2%. As
a result, PBT grew at 23% to '1,803 crore, while PAT stood at
'1,521 crore representing a 31% year-on-year growth.

The Company operates in two segments.

For further details about Company's performace, operations and
strategies for growth, please refer to the Management Discussion
and Analysis section as well as Our Ports and Terminals section
which forms part of this Integrated Annual Report.

3. PROJECT/NEW VENTURES:

a) Slurry Pipe line project from Nuagaon to Jagatsinghpur
in the state of Odisha

During the year under review, the Company's Board approved
takeover of 30 MTPA "Under Development Slurry Pipeline
Project" ('Project') from JSW Utkal Steel Limited, a wholly-owned
subsidiary of JSW Steel Limited and also to enter into a 20-
year long-term take-or-pay agreement for using the pipeline to
transport iron ore. The project is of 302 km slurry pipeline, running
from Nuagaon to Jagatsinghpur in the state of Odisha and it
will connect directly to the upcoming Jatadhar Port in Odisha.
Work on 122 km of the project has already been completed.
The project's development is scheduled for completion in early
2027 and commercial operations are expected to commence
in April 2027. An independent valuation expert firm has set the
transfer price for the slurry pipeline currently being developed.
This Project aligns with the Company's growth strategy, offering
robust annual cash flows and lucrative mid-teens Project IRR
(Internal Rate of Return).

Moreover, the Project offers a sustainable solution for
transporting iron ore underground, significantly reducing carbon
emissions and providing substantial environmental benefits.

The aforesaid transaction being a Related Party Transaction,
consent of the Members of the Company was obtained vide
Postal Ballot on 26^th January, 2025 for the following:

(a) the Acquisition of slurry pipeline business for the
transportation of iron ore from Nuagaon mines to
Jagatsinghpur in the State of Odisha, by way of Slump Sale

from JSW Utkal Steel Limited, a wholly owned subsidiary of
JSW Steel Limited and

(b) entering into a long term take or pay agreement with
JSW Steel Limited for the transportation of iron ore slurry
from Nuagaon mines to Jagatsinghpur through the slurry
pipeline, for a period of 20 years by the Company.

The Company executed the Business Transfer Agreement on
25^th March, 2025 completing the acquisition of slurry pipeline
business from JSW Utkal Steel Limited for a consideration of
' 1,617 crore (subject to closing adjustments).

As on 31^st March 2025, work on 180 km (lowering) has been
completed of the Project.

Further, the Company also entered into a long term take or
pay agreement on the same date with JSW Steel Limited for
the transportation of iron ore slurry from Nuagaon mines
to Jagatsinghpur.

b) Logistics & Connectivity

i. Contract for Construction & Operation of Gati Shakti
Multi-Modal Cargo Terminal (GCT) at Arakkonam,
Chennai.

During the year under review, the Company bagged Letter
of Acceptance from Southern Railway, Chennai Division for
"Contract for Construction a Operation of Gati Shakti Multi¬
Modal Cargo Terminal (GCT)" at Arakkonam, Chennai, Tamil
Nadu. The Company intends to complete the construction
within 18 months of the grant of approval of construction
of GCT. The Railway land shall be licensed for a period of
35 years.

ii. Container Train Operator License/Concession (CTO
License)

CTO license is a key requirement for development of Inland
Container Depos, Container Freight Stations, Multi-Modal
Logistics Park connecting to Port/Stockyard a providing
end to end logistics solutions. This also allow carrying out
of Pan-India container train operations a could generate
container volumes for future container port/terminals
operated by the Company.

The Company entered into a Concession Agreement on
3^rd January, 2025, with Railway Administration (Northern
Railway), Government of India for purchase of Container
Train Operator Licence/Concession (CTO License) from Sical
Multimodal a Rail Transport Ltd ('SMART') and Rail Transport
Limited. The CTO License is of Category I which was issued
to SMART by Railways in 2008 for 20 years, which can be
extended for additional 10 years. Purchase of the same is
based on long term strategies of the Company a will help
to expand its footprint in logistics space.

c) Acquisition of Navkar Corporation Limited (Navkar)

The Company through its wholly owned subsidiary, JSW Port
Logistics Private Limited, acquired 70.37% of shareholding in
Navkar, from its Promoters and Promoter Group. The shares of
Navkar are listed on BSE Limited and National Stock Exchange
of India Limited. Further details about operations of Navkar is
provided under the head 'Acquisition/Merger/Amalgamation' at
serial number 4. of this report.

d) Port/Terminals

i. Murbe Port

In October 2024, the Company received Letter of Intent from
Maharashtra Maritime Board ("MMB") for "Development,
Operation, Management and Maintenance of an All Weather
and Multipurpose Port at village Murbe in Palghar District
of Maharashtra" on Public Private Partnership (PPP) basis
- Design, Built, Own, Operate and Transfer (DBOOT) Model.
The proposed Murbe port is designed to be an all-weather,
multi-cargo commercial port. The proposed port is located
near major highways such as the National Highway 8 a the
State Highway (Boisar Road) and Rail Corridors such as the
Delhi-Mumbai trunk rail route and the Dedicated Western
Freight Corridor. The hinterland of the proposed port is
vibrant, with the port set to meet the rising demands of
the Company's anchor customer cargo and support the
EXIM Cargo operations of existing and rapidly expanding
industries in the area. This development could significantly
enhance economic activity and create a large number of
jobs in the region.

Pursuant to a tender process followed, inviting offers as per
Swiss challenge process from the interested bidders, and
further approval by State Government on 3^rd October, 2024,
a Letter of Intent ("LOI") has been awarded by MMB for
"Development, Operation, Management and Maintenance
of an all Weather and Multipurpose Port at village Murbe
in Palghar District of Maharashtra" on PPP basis - DBOOT
Model ("Project"). This LOI is an "In Principle" approval for the
said Project which is subject to fulfillment of the terms and
condition stipulated therein. The LOI is valid for the period
of 24 months, with a further extension clause. The royalty
payable is based on per metric ton which will be escalated
in the block period of 5 years. The remaining terms and
condition will be governed as per the Maharashtra Maritime
Development Policy-2023.

ii. Terminal at Chidambaranar Port

I n February 2024, the Company received Letter of Award
from V.O. Chidambaranar Port Authority for "Mechanization
of North Cargo Berth-III (NCB-III) for Handling Dry Bulk cargo
at V.O. Chidambaranar Port on Design, Build, Finance,
Operate and Transfer (DBFOT) Basis through PPP basis.
JSW Tuticorin Multipurpose Terminal Private Limited, a
wholly owned subsidiary of the Company, had entered
into a concession agreement on 2^nd July, 2024 with V.O.
Chidambaranar Port Authority, Tamil Nadu of Mechanize a

new 7 MPTA Cargo Berth III at the V.O. Chidambaranar Port.
It will leverage its operational capabilities of handling bulk
products and increase its cargo share on the East Coast.
The asset provides access to the rich hinterland with a
diverse cargo profile including dry bulk, coal, limestone,
gypsum, rock phosphate a copper concentrate.

4. ACQUISITION/MERGER/AMALGAMATION
Acquisitions of Navkar Corporation Limited:

On 27^th June, 2024, the Company approved the acquisition of
Navkar Corporation Limited ("Navkar"), through JSW Port Logistics
Private Limited("JSW Port"), a wholly owned subsidiary of the
Company. The approval was for acquiring 70.37% (10,59,19,675
fully paid up equity shares @ ' 95.61 per Equity Share) Equity
Shares in Navkar held by its Promoters and Promoter Group. The
transaction triggered a mandatory open offer by JSW Port under
the provisions of the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations,
2011. On 11^th October, 2024, Navkar became a step-down
subsidiary of the Company.

The key operating facilities of Navkar are as follows:

• One Container Freight Station (CFS) and Gati Shakti
Cargo Terminal at Somathane, Pavnel and Two CFS at
Ajivali, Panvel.

• An Inland Container Depot (ICD) and Gati Shakti Cargo
Terminal (GCT) at Morbi, Gujarat.

Navkar also has a Container Train Operator License of Category 1
and Category 2.

Navkar has established a foothold with facilities in the Western
India industrial belt across the states of Maharashtra and Gujarat
and leveraged its railway capability to extend its service network
to Pan India. The acquisition aligns with the Company's strategy
to pursue value-accretive organic and inorganic opportunities
in the port and related infrastructure sector. The acquisition
resulted in Company's foray into logistics and other value
added services. It facilitates the business to offer improved
port connectivity and streamlined supply chain solutions to its
customer. The acquisition also marks a first step towards the
Company's long-term vision of building and scaling an efficient
pan-India logistics network for last-mile connectivity. Further, it
complemented the growth strategy of increasing the Company's
share of port-related container cargo driven by India's strong
economic fundamentals.

Except as aforesaid, there were no other material event having
impact on the affairs of the Company.

5. TRANSFER TO RESERVES

The Company does not propose to transfer any amount (previous
year Nil) to reserves from the surplus. An amount of ' 1,773.37
crore (previous year ' 1,337.38 crore) is proposed to be held as
Retained Earnings.

6. DIVIDEND

Directors have recommended a dividend of ' 0.80 per share for
the FY 2024-25 (previous FY '. 0.55 per share) for the approval of
the Members at the forthcoming Annual General Meeting (AGM).

The dividend payout is in accordance with the Dividend
Distribution Policy of the Company.

7. FINANCIAL STATEMENTS

The audited Standalone and Consolidated Financial Statements
of the Company, which form a part of this Integrated Annual
Report, have been prepared in accordance with the provisions
of the Companies Act 2013("The Act"), Regulation 33 of the
Securities and Exchange Board of India (Listing Obligation
and Disclosure Requirement) Regulations 2015 ("Listing
Regulations") and the Indian Accounting Standards. There is no
change in the financial year.

8. CAPITAL STRUCTURE

The Company's Authorized Share Capital for the FY 2024-25,
remained same at '1113,28,51,500 (Rupees One Thousand
One Hundred Thirteen Crore Twenty-Eight Lakhs Fifty-One
Thousand Five Hundred Only) divided into 516,64,25,750 (Five
Hundred Sixteen Crore Sixty Four Lakhs Twenty Five Thousand
Seven Hundred a Fifty Only) Equity Shares of ' 2/- each (Rupees
Two) and 8,00,00,000 (Eight Crore) Preference Shares of ' 10/-
(Rupees Ten) each.

The Paid Up Share Capital of the Company as on 31^st March,
2025 stands at ' 4,20,00,03,134 (Four Hundred a Twenty Crore
Three Thousand One Hundred a Thirty Four Only) consisting of
2,10,00,01,567 (Two Hundred and Ten Crore One Thousand Five
Hundred a Sixty Seven) Equity Share of ' 2 each.

There was no change in Authorized a Paid Up Share Capital of
the Company during the FY. Further, during the year under review
the Company has not issued any:

a. shares with differential rights

b. sweat equity shares

c. preference shares

The shares of the Company are listed on BSE Limited (BSE) and
National Stock Exchange of India Limited (NSE).

9. SUSTAINABILITY LINKED FOREIGN CURRENCY BONDS
(FCB)

The Company had issued USD 400 million 4.95% Senior
Secured Notes (FCB), in the FY 2021-22, which are due for
redemption in the FY 2028-29. These Notes are issued in the
International Market and are listed on the India International
Exchange (IFSC) Limited.

10. COMMERCIAL PAPER

The Company on 9^th October, 2024 issued a allotted Commercial
Paper (CP) aggregating to an amount of '1000 crore. The CP
were redeemed on its maturity date on 18^th March, 2025.

The Company on 15^th April, 2025 issued a allotted CP aggregating
to an amount of '1000 crore. The same is due for maturity on 30^th
September, 2025.

11. CREDIT RATING

On 21^st February, 2024, CARE Ratings Limited assigned "CARE
AA " with a Stable outlook as an Issuer rating. They have
reaffirmed the rating for long-term bank facilities to "CARE AA "
with a stable outlook and short-term bank facilities to "CARE A1 .

Fitch Ratings on 27^th August, 2024, affirmed the Company at
'BB ; Outlook Positive. Fitch has also affirmed the Company's
USD 400 million senior secured notes due in the FY 2028-29 at
'BB ' with a Positive Outlook. Moody's Ratings in 18^th October,
2024, affirmed the Long Term Corporate family rating at 'Ba1;
Outlook Stable. Moody's Rating has also affirmed the Company's
senior secured notes at 'Ba1' with a Stable Outlook.

On 28^th August, 2024, CARE Ratings Limited assigned CARE A1
for Commercial Papers, issued by the Company.

12. ESG RATING

The global ESG risk rating agency, Morningstar Sustainalytics
has rated the Company with "Low Risk" on ESG with a Risk Rating
score of 12.3. A score of 10-20 is rated as Low Risk. This rating
places the Company at a rank of 35 out 175 companies in the
Transportation Infrastructure industry group globally. This is a
significant improvement from the high-risk rating given by the
same agency in April 2024 and is a testament to our good ESG
practices and commitment to work towards a sustainable world.

13. DISCLOSURE UNDER THE EMPLOYEES STOCK OPTIONS
PLAN AND SCHEME

The Company has formulated the JSW Infrastructure Limited
Employee Stock Ownership Plan 2016 ("ESOP 2016") and the
JSW Infrastructure Limited (JSWIL) Employees Stock Ownership
Plan - 2021 ("ESOP 2021") which were implemented through
the JSW Infrastructure Employees Welfare Trust, with an
objective of enabling the Company to attract and retain talented
human resources by offering them the opportunity to acquire
a continuing equity interest in the Company, which will reflect
their efforts in building the growth and the profitability of
the Company.

The applicable disclosures as stipulated under the Securities
and Exchange Board of India (Share Based Employee Benefits
and Sweat Equity), Regulations, 2021 ('SEBI SBEB Regulations')
and the Act for the FY 2024-25, with regard to ESOP 2016 and
ESOP 2021 are available on the website of the Company at
https://www.jsw.in/infrastructure.

Voting rights on the shares, if any, as may be issued to employees
under the Plans, are to be exercised by them directly or through
their appointed proxy. Hence, the disclosure stipulated under
Section 67(3) of the Act, is not applicable. There is no material
change in the ESOP 2021 and the aforesaid Schemes are in
compliance with the SEBI SBEB Regulations, as amended from
time to time. The Certificate from the Secretarial Auditor of the
Company, that the aforesaid Scheme have been implemented
in accordance with the SEBI SBEB Regulations along with the
Resolution passed by the Members, would be available for
electronic inspection by the Members at the forthcoming AGM.

14. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

As on 31^st March, 2025, the Company has 22 subsidiaries.
Pursuant to the provisions of Section 129(3) of the Act read
with the Companies (Accounts) Rules, 2014 and in accordance
with applicable Accounting Standards, a statement containing
the salient features of financial statements for FY 2024-25 of the
Company's subsidiaries in the prescribed Form AOC-1 is annexed
as Annexure - A to this Report.

In accordance with Section 136 of the Act, the audited Financial
Statements, including the Consolidated Financial Statements
and the related information of the Company as well as the
audited accounts of each of its subsidiaries, are available on the
website of the Company at https://www.isw.in/infrastructure.

During the year under review, the name of the following
subsidiaries were changed:

i. JSW Shipyard Private Limited to JSW Tuticorin Multipurpose
Terminal Private Limited w.e.f. 16^th May, 2024

ii. Masad Infra Services Private Limited to JSW Keni Port
Private Limited w.e.f. 6^th August, 2024.

iii. Nandgaon Port Private Limited to JSW Murbe Port Private
Limited w.e.f. 4^th December, 2024.

During the year under review, the Company incorporated
following subsidiaries:

i. JSW Port Logistics Private Limited on 19^th June, 2024; and

ii. JSW Overseas FZE on 13^th December, 2024 , through JSW
Terminal (Middle East) FZE , wholly owned subsidiary of
the Company.

Further, during the year under review, on 11^th October, 2024,
Navkar Corporation Limited became a stepdown subsidiary of
the Company.

Pursuant to the provisions of Regulation 16(1) (c) of the Listing
Regulations, the Company has adopted a Policy for determining
Material Subsidiaries, laying down the criteria for identifying
material subsidiaries of the Company. The Policy is available on

the Company website at: https://www.isw.in/infrastructure/isw-
infrastructure-policies.

JSW Jaigarh Port Limited, South West Port Limited, JSW Dharamtar
Port Private Limited, JSW Paradip Terminal Private Limited and
Navkar Corporation Limited are the material subsidiaries of the
Company for the FY 2024-25.

For more details about operating subsidiaries, in addition to
Form AOC-1 annexed as Annexure - A, Members are requested
to refer to the Management Discussion and Analysis section as
well as our Ports and Terminals section which forms part of this
Integrated Annual Report.

Except as mentioned above, no other company became/ceased
to be Subsidiary/JV/Associate company, during the year.

15. DEPOSITS

The Company has not accepted or renewed any amount falling
within the purview of provisions of Section 73 of the Act read
with the Companies (Acceptance of Deposit) Rules, 2014, during
the year under review. Hence, the details relating to deposits as
required to be furnished in compliance with Chapter V of the Act
are not applicable.

16. MATERIAL CHANGES AND COMMITMENTS

In terms of Section 134(3)(l) of the Act, no material changes and
commitments that could affect the Company's financial position
have occurred between the end of the FY of the Company and
date of this report.

17. CHANGE IN THE NATURE OF BUSINESS

Except addition of logistic business of Navkar Corporation
Limited, there was no change in the nature of the business of
the Company during the FY 2024-25.

18. SIGNIFICANT AND MATERIAL ORDERS PASSED BY
REGULATORS OR COURTS OR TRIBUNAL

No significant and material orders have been passed by any
Regulator or any Court or any Tribunal that can have an impact
on the going concern status and the Company's operations in
the future.

19. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS,
AND SECURITIES

Particulars of loans given, investments made, guarantees given,
and securities provided, along with the purpose for which the
loan or the guarantee or the security is proposed to be utilized
by the recipient, are provided in the notes to the standalone
financial statement.

20. INTERNAL FINANCIAL CONTROLS OVER FINANCIAL
STATEMENTS

Internal Control and Internal Audit

A robust system of internal control and audit, commensurate
with the size and nature of the business, forms an integral
part of the Company's policies. Internal control systems are an
integral part of the Company's corporate governance structure.
The Board of Directors of the Company is responsible for ensuring
that the Company has laid down the Internal Financial Control
and that such controls are adequate and operating effectively.
The internal control framework has been designed to provide
reasonable assurance with respect to recording and providing
reliable financial and operational information, complying with
applicable laws, safeguarding assets from unauthorized
use, executing transactions with proper authorization, and
ensuring compliance with corporate policies. A well-established
multidisciplinary Internal Audit & Assurance Services of JSW
Group consists of qualified finance professionals and engineers
experienced in working in an SAP environment. They carry out
extensive audits throughout the year across all functional
areas and submit their reports to the Audit Committee about
compliance with internal controls, efficiency & effectiveness of
operations, and key processes and risks.

The internal auditor reports to the Audit Committee. The Company
extensively practices delegation of authority across its team,
which creates effective checks and balances within the system
to arrest all possible gaps.

21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES

During the year under review, the Company has revised its Policy
on dealing with Related Party Transactions in accordance with the
amendments to applicable provisions of the Listing Regulations.

The Company's Policy on Dealing with Related Party Transactions,
as approved by the Board, is available on the Company website
at: https://www.isw.in/infrastructure/isw-infrastructure-policies.

The Related Party Transactions which are in the ordinary course
of business and on an arm's length basis, of repetitive nature and
proposed to be entered into during the FY are placed before the
Audit Committee for prior omnibus approval. A statement giving
details of all Related Party Transactions, as approved, is placed
before the Audit Committee for review on a quarterly basis.

Related Party Transactions that were entered into during the year
were at arm's length basis and predominantly in the ordinary
course of business. Specific approvals as required under the
provisions of Section 188 of the Companies Act, 2013, have
been obtained for transactions that were not in the ordinary

course of business as stated in AOC-2 as Annexure - B forming
part of this Report.

During the year, the material related party transactions pursuant
to the provisions of Regulation 23 of the Listing Regulations
had been duly approved by the Members of the Company.
The Company did not enter into any related party transactions
during the year under review, which could be preiudicial to the
interest of minority shareholders.

Pursuant to the provisions of Regulation 23 of the Listing
Regulations, your Company has filed half yearly reports with the
stock exchanges, for the related party transactions.

22. DISCLOSURES RELATED TO POLICIES

A) Nomination Policy

The Company has adopted a Nomination Policy to identify
persons who are qualified to become Directors on the Board of
the Company and who may be appointed to senior management
positions in accordance with the criteria laid down, and
recommend their appointment and removal and also for the
appointment of Key Managerial Personnel (KMP) of the Company,
who have the capacity and ability to lead the Company towards
achieving sustainable development.

In terms thereof, the size and composition of the Board
should have:

• an optimum mix of qualifications, skills, gender, and
experience as identified by the Board from time to time;

• an optimum mix of Executive, Non-Executive, and
Independent Directors;

• minimum six number of Directors or such minimum number
as may be required by Listing Regulations and/or by the Act
or as per Articles;

• maximum number of Directors as may be permitted by the
Listing Regulations and/or by the Act or as per Articles; and

• at least one Independent Woman Director.

While recommending a candidate for appointment, the
Nomination & Remuneration Committee shall assess the
appointee against a range of criteria, including qualifications, age,
experience, positive attributes, independence, relationships,
gender diversity, background, professional skills, and personal
qualities required to operate successfully in the position and
has the discretion to decide the adequacy of such criteria
for the concerned position. All candidates shall be assessed
on the basis of merit, skills, and competencies without any
discrimination based on religion, caste, creed, or sex.

The Nomination Policy of the Company is available on the
website of the Company at: https://www.isw.in/infrastructure/
isw-infrastructure-policies

B) Remuneration Policy

The Company regards its employees as the most valuable and
strategic resource and seeks to ensure a high-performance work
culture through a fair compensation structure, which is linked
to Company and individual performance. The compensation, is
therefore, based on the nature of the iob, as well as the skill and
knowledge required to perform the given job in order to achieve
the Company's overall objectives.

The Company has devised a Policy relating to the remuneration
of Directors, KMPs, and senior management employees with the
following broad obiectives:

i. Remuneration is reasonable and sufficient to attract,
retain, and motivate Directors;

ii. Remuneration is reasonable and sufficient to motivate
senior management, KMPs, and other employees and to
stimulate excellence in their performance;

iii. Remuneration is linked to performance.

iv. Remuneration Policy balances fixed and variable pay and
short and long-term performance obiectives.

The Remuneration Policy of the Company is available on the
website of the Company at: https://www.isw.in/infrastructure/
isw-infrastructure-policies

C) Whistle Blower Policy/ Vigil Mechanism

The Board has, in confirmation with Section 177 of the Act and
Regulation 22 of Listing Regulations framed "Whistle Blower
Policy/Vigil Mechanism.

The Company believes in the conduct of the affairs of its
constituents in a fair and transparent manner by adopting the
highest standards of professionalism, honesty, integrity, and
ethical behavior.

This Policy has been framed with a view to providing a mechanism
interalia enabling stakeholders, including Directors and individual
employees of the Company and their representative bodies, to
freely communicate their concerns about illegal or unethical
practices and to report genuine concerns or grievances as also
to report to the management concerns about unethical behavior,
actual or suspected fraud or violation of the Company's code of
conduct or ethics policy.

The Whistle Blower Policy/Vigil Mechanism of the Company is
available on the website of the Company at: https://www.isw.
in/infrastructure/isw-infrastructure-policies.

D) Risk Management Policy

The Board of Directors of the Company has designed S adopted
a Risk Management Policy.

The Policy aims to ensure Resilience for sustainable growth
and sound corporate governance by having an identified
process of risk identification and management in compliance
with the provisions of the Companies Act, 2013 and the
Listing Regulations.

The Company follows the Committee of Sponsoring Organisations
(COSO) framework of Enterprise Risk Management (ERM) to
identify, classify, communicate, and respond to risks and
opportunities based on probability, frequency, impact, exposure,
and resultant vulnerability.

Pursuant to the requirement of Regulation 21 of the Listing
Regulations, the Company has constituted a sub-committee
of Directors called the Risk Management Committee to
oversee the Enterprise Risk Management framework. The Risk
Management Committee periodically reviews the framework
including cyber security, high risks items, mitigation plans
and opportunities which are emerging or where the impact
is substantially changing. There are no risks which, in the
opinion of the Board, threaten the existence of the Company.
Key risks of the Company and response strategies are set out
in the Management Discussion and Analysis section which
forms a part of this Integrated Annual Report. The details of the
meeting held in the Financial year 2024-25 is mentioned in the
Corporate Governance Report of the Company forming part of
this Integrated Annual Report.

The Risk Management Policy of the Company is available on the
website of the Company at: https://www.isw.in/infrastructure/
isw-infrastructure-policies

E) Board Evaluation Policy

Pursuant to the provisions of the Act, and Listing Regulations,
the Company has framed a Policy for Performance Evaluation of
Independent Directors, Board, Committees, and other individual
Directors, which includes criteria for performance evaluation of
the Non-Executive Directors and Executive Director on the basis
of the criteria specified in this Policy, the Board evaluated the
performance of the individual Directors, Independent Directors,
their own performance, and the working of its committees during
the FY 2024-25.

During the year under review, the Board Evaluation Policy was
reviewed and amended by the Board to ensure its continued
relevance. The Board Evaluation Policy, of the Company is
available on the website of the Company at: https://www.isw.
in/infrastructure/isw-infrastructure-policies

F) Material Subsidiary Policy

Pursuant to the provisions of Regulation 16(1) (c) of the Listing
Regulations, the Company has adopted a Policy for determining

Material Subsidiaries laying down the criteria for identifying
material subsidiaries of the Company.

Accordingly, JSW Jaigarh Port Limited, South West Port Limited,
JSW Dharamtar Port Private Limited, JSW Paradip Terminals
Private Limited and Navkar Corporation Limited has been
determined as the material subsidiaries of the Company for the
FY 2024-25. The Material subsidiary Policy of the Company is
available on the website of the Company at: https://www.isw.
in/infrastructure/isw-infrastructure-policies.

5) Dividend Distribution Policy

Pursuant to Regulation 43A of the Listing Regulations, the
Board has approved and adopted a Dividend Distribution Policy
which provides:

a. the circumstances under which shareholders may or may
not expect dividend;

b. the financial parameters that shall be considered while
declaring dividend;

c. the internal and external factors that shall be considered
for declaration of dividend;

d. manner as to how the retained earnings shall be utilized.

During the year under review, the Dividend Distribution Policy
was reviewed by the Board to ensure its continued relevance.

The Dividend Distribution Policy of the Company is available on the
website of the Company at: https://www.isw.in/infrastructure/
isw-infrastructure-policies.

t) Corporate Social Responsibility (CSR) Policy

Pursuant to Section 135 of the Act, the Board of Directors of
the Company has adopted a Corporate Social Responsibility
(CSR) Policy on the recommendation of the CSR Committee and
the CSR Policy has been amended from time to time to ensure
its continued relevance and to align it with the amendments
to applicable provisions of law. CSR activities are undertaken
in accordance with the said Policy. The Company undertakes
CSR activities through JSW Foundation. The Company gives
preference to the local areas in which it operates for taking
up CSR initiatives. In line with the Company's CSR Policy and
strategy, the Company supports interventions, inter alia, in the
fields of health and nutrition, education, water, environment S
sanitation, agri-livelihoods, livelihoods and other initiatives.

The Corporate Social Responsibility Policy of the Company is
available on the website of the Company at: https://www.isw.
in/infrastructure/isw-infrastructure-policies.

>3. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, following are the changes in the
Directors S Key Managerial Personnel of the Company:

• Dr. Anoop Kumar Mittal (DIN: 05177010) was appointed
as an Additional and Independent Director of the

Company for a term of 3 consecutive years from
15^th April 2024. The approval of the Members of the
Company for the said appointment was received through
Postal Ballot on 8^th June, 2024.

• Mr. Arun Maheshwari (DIN: 01380000) was re-appointed
as the Joint Managing Director and Chief Executive Officer
(Jt. Managing Director S CEO) and consequently as Key
Managerial Personnel of the Company for a period of three
years from 18^th April 2024. He stepped down from the
position of Jt. Managing Director S CEO of the Compnay
and consequently as Key Managerial Personnel of the
Company w.e.f. 7^th November, 2024. He continues to act
as Non Executive Director of the Company.

• Mr. Rinkesh Roy (DIN: 07404080) was appointed as
a Jt. Managing Director S CEO and consequently as a
Key Managerial Personnel of the Company for a period
of three years w.e.f. 8^th November, 2024 effect from
8^th November, 2024. The approval of the Members of
the Company was received through Postal Ballot on
26^th January, 2025.

• Mr. Gerard Earnest Paul Da Cunha (DIN: 00406461) retired
from the office of Independent Director with effect from
close of business hours on 27^th March, 2025 on account
of completion of his term as an Independent Director.

• Mr. Amitabh Kumar Sharma (DIN: 06707535) was
reappointed as an Independent Director of the Company for
a second term of one year w.e.f. 28^th March, 2025, subiect
to the approval of the Members of the Company.

• Ms. Anita Belani (DIN: 01532511), was appointed as an
Additional and Independent Director of the Company
for a first term of three consecutive years w.e.f. 27^th
March, 2025, subiect to the approval of the Members of
the Company.

In accordance with the provisions of Section 152 of the Act and
in terms of the Articles of Association of the Company, Mr. Saiian
Jindal (DIN: 00017762) retires by rotation at the forthcoming
AGM, and being eligible, offers himself for re-appointment.
Necessary Resolution for approval of the reappointment
of Mr. Saiian Jindal has been included in the Notice of the
forthcoming AGM of the Company. The Directors recommend
the same for approval by the Members.

The Profile of Mr. Sajjan Jindal as required under Regulation 36(3)
of the Listing Regulations and Clause 1.2.5 of the Secretarial
Standard - 2, is given in the Notice of the AGM, which forms part
of this Integrated Annual Report.

The Company has received declarations from all the Independent
Directors under Section 149(7) of the Act, that they meet the
criteria of independence as laid down under Section 149(6)
of the Act and Regulation 16(1)(b) of the Listing Regulations.

In terms of Regulation 25(8) of the Listing Regulations, the
Independent Directors have confirmed that they are not aware of
any circumstance or situation that exists or may be reasonably
anticipated that could impair or impact their ability to discharge
their duties with an objective, independent judgment and
without any external influence.

The Independent Directors have complied with the Code
for Independent Directors prescribed under Schedule IV of
the Companies Act, 2013 and the Listing Regulations. The
Board is of the opinion that the Independent Directors of the
Company possess requisite qualifications, experience including
proficiency and expertise and they hold the highest standards
of integrity.

The Company familiarizes its Independent Directors with their
roles, rights, responsibilities in the Company, nature of the
industry in which the Company operates, business model
and related risks of the Company, etc. Monthly updates on
performance/ developments are sent to the Directors. The
brief details of the familiarisation programme are put up on the
website of the Company at: https://www.jsw.in/infrastructure/
jsw-infrastructure-policies.

Mr. Rinkesh Roy (DIN: 07404080), Jt. Managing Director
& CEO, Mr. Lalit Singhvi, Whole Time Director & CFO and
Ms. Gazal Qureshi, Company Secretary & Compliance Officer are
Key Managerial Personnels of the Company as on 31^st March,
2025. Except as stated above, there was no other change in the
Directors and Key Managerial Personnel of the Company during
the year.

24. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

The Company firmly believes that in order to be a responsible
corporate citizen in its true sense, its role is much more
than providing port services. As such, the Company aims
to continuously foster inclusive growth and a value-based,
empowered society. For this, the Company engages in such
initiatives for the welfare of society through the JSW Foundation.

The Company continues to strengthen its relationship with the
communities by engaging itself in rural development activities
and promoting social development as per the categories
provided in the Act.

Strategy

• The Company administers the planning and implementation
of all CSR interventions. It is guided by the CSR Committee
appointed by the Board, which reviews the progress from
time to time and provides guidance as necessary.

• Taking note of the importance of synergy and
interdependence at various levels, the CSR programmes
are carried out directly as well as through strategic
partnerships and in close coordination with the concerned
State Governments.

Thematic Areas

The Company has aligned its CSR programmes under education,
health, nutrition, waste & sanitation management, environment
& water, and skill enhancement. This helps the Company cover
the following thematic interventions as per Schedule VII of
the Act:

• Improving Living Conditions (Health Initiatives)

• Promoting Social Developments

• Addressing social inequalities

• Education Initiatives

• Waste Management & sanitation initiatives

As per Section 135 of the Act, all Companies having a net worth
of '500 crore or more, or turnover of '1000 crore or more, or a
net profit of ' 5 crore or more during the immediately preceding
financial year are required to spend 2% of the average net
profit of their three immediately preceding financial years on
CSR related activities. Accordingly, the Company was required
to spend '3.96 crore on CSR activities. During the current FY
the Company has spent an amount of '3.96 crore towards
CSR Expenditure.

In view of the solid foundation laid for the long-term projects in
this FY and the envisioned scaling up of the ongoing CSR projects,
the Company will continue to create value for its stakeholders.

The disclosure as per Rule 8 of Companies (Corporate Social
Responsibility Policy) Rules, 2014 and Companies (Corporate
Social Responsibility Policy) Amendment Rules, 2021, which
forms part of this Report is annexed as Annexure - C.

25. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Act, it
is hereby confirmed that:

(a) i n preparation of the annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;

(b) the Directors 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
at the end of the financial year and of the profit of the
Company for the year under review;

(c) the Directors 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) the Directors have prepared the annual accounts for the
year under review on a 'going concern' basis;

(e) the Directors have 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) t he Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.

26. MEETINGS OF THE BOARD

During the year, 12 Board Meetings were convened and held, the
details of which are given in the Corporate Governance Report,
forming part of this Integrated Annual Report. The intervening
gap between the Meetings was within the period prescribed
under the Act and Regulations 17 of the Listing Regulations.

27. COMMITTEES OF THE BOARD

The Board of Directors of your Company has constituted the
following Committees in line with the applicable provisions of
the Act and SEBI Listing Regulations:

a) Audit Committee

b) Nomination & Remuneration Committee

c) Stakeholders' Relationship Committee

d) Corporate Social Responsibility Committee

e) Risk Management Committee

More information on all of the above Committees, including
details of their composition, scope, meetings, and attendance,
are provided in the Corporate Governance Report, which forms
part of this Integrated Annual Report.

The Board of Directors confirm that, during the year under
review, they have accepted all recommendations received from
its Committees.

28. AUDITORS AND AUDITORS REPORTS

A) Statutory Auditors and Audit Report

As recommended by the Audit Committee and the Board of
Directors of the Company and in accordance with Section 139
of the Act and the Rules made thereunder, M/s. Shah Gupta &
Co., Chartered Accountants (Firm Registration no. 109574W),
were appointed as the Statutory Auditor of the Company by
the Members of the Company at the AGM held on 22^nd August,
2022, from the conclusion of the 16^th AGM till the conclusion
of the 21^st AGM. The Company has received confirmation from
Statutory Auditors to the effect that they are not disqualified
from continuing as Auditors of the Company.

The Notes on financial statement referred to in the Statutory
Auditors' Report are self-explanatory and do not call for any further
comments. The Statutory Auditors' Report on the standalone
and consolidated financial statements of the Company for the
FY 2024-25, forms part of this Integrated Annual Report and

does not contain any qualification, reservation, adverse remark
or disclaimer.

There was no instance of fraud during the year under review,
which required the Statutory Auditor to report to the Audit
Committee and / or Board of Directors under Section 143(12) of
the Act and Rules framed thereunder.

B) Cost Records and Cost Audit

The Company has made and maintained cost accounts and
records as specified by the Central Government under Section
148(1) of the Act. The Company has appointed M/s Kishore
Bhatia and Associates (Firm Registration No. 00294) as the
Cost Auditors of the Company to undertake the audit of the cost
records of the Company for the FY 2024-25.

The Board of Directors of the Company, on the recommendation
made by the Audit Committee, re-appointed M/s Kishore Bhatia
and Associates as the Cost Auditors of the Company to conduct
the Cost Audit for the FY 2025-26 at a remuneration of ' 90,000
(Rupees Ninety Thousand only) plus taxes as applicable and
reimbursement of actual travel and out-of-pocket expenses
incurred in connection with the cost audit.

M/s Kishore Bhatia and Associates, being eligible, have
consented to act as the Cost Auditors of the Company for the
FY 2025-26 and have confirmed that they are not disqualified
to be appointed as such. The resolution for ratification of the
proposed remuneration payable to M/s Kishore Bhatia and
Associates to audit the cost records of the Company for the
FY 2025-26, is being placed for the approval of the Members of
the Company at the forthcoming AGM.

C) Secretarial Auditor and Secretarial Audit

Pursuant to the provisions of Section 204 of the Act, read with
the Rules made thereunder, and Regulation 24A of the Listing
Regulations, the Company has appointed Mr. Sunil Agarwal,
Company Secretary in Practice, (Membership No. FCS:8706;
Certificate of Practice No.: 3286) to undertake the Secretarial
Audit of the Company for the FY 2024-25. The Secretarial Audit
Report in Form MR-3 is annexed as Annexure - D and forms a
part of this Report.

SEBI vide notification dated 12^th December, 2024, amongst
other, amended Regulation 24A of the Listing Regulations. The
said amended Regulation 24A stipulates that listed companies
and its material unlisted subsidiaries incorporated in India shall
undertake secretarial audit by a secretarial auditor who shall be
a peer reviewed company secretary.

Further, as per Regulation 24A, the appointment/ re-appointment
of an individual as a secretarial auditor cannot be for more than
one term of five consecutive years and in case the secretarial
auditor is a secretarial audit firm, it cannot be for more than two
terms of five consecutive years and such an appointment/re-
appointment shall be approved by the members of the company
at its AGM.

In view of the aforesaid, the Board of Directors of the Company, on
the recommendation of the Audit Committee at its meeting held
on 30^th April, 2025, appointed M/s. SR Agarwal and Associates,
Company Secretaries (FRN NO. P2021MH087900) (Peer Review
No. 3600/2023), as the Secretarial Auditor of the Company,
for a period of five consecutive financial years commencing
from FY 2025-26 to the FY 2029-30, subject to approval of the
Members of the Company at the forthcoming AGM.

Secretarial Audit Report of Material Subsidiaries

As per Regulation 24(A)(1) of the Listing Regulations, the material
subsidiaries of the Company are required to undertake secretarial
audits. JSW Jaigarh Port Limited, South West Port Limited, JSW
Dharamtar Port Private Limited, Paradip Terminal Private Limited
and Navkar Corporation Limited were material subsidiaries of the
Company for the FY 2024-25 pursuant to Regulation 16(1)(c) of
the Listing Regulations.

Equity Shares of Navkar Corporation Limited are listed on BSE
and NSE.

Accordingly, M/s. Sunil Agarwal & Co., Company Secretaries
carried out the secretarial audit for JSW Jaigarh Port Limited,
South West Port Limited, JSW Dharamtar Port Private Limited.
M/s. SR Agarwal & Associates carried out secretarial audit of
Paradip Terminal Private Limited. These Secretarial Audit Reports
do not contain any observation or qualification. Respective
reports of unlisted material subsidiaries in Form MR-3 are
annexed as Annexure - D1, D2, D3 and D4 which forms part of
this Report.

29. COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, the Company has complied
with Secretarial Standards 1 and 2, issued by the Institute of
Company Secretaries of India.

30. EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Sections 134(3)(a) and 92(3) of the
Act the Annual Return as on 31^st March, 2025 can be accessed
on the Company's website at: https://www.jsw.in/infrastructure/
annual-return.

31. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report for the year
under review, as stipulated under the Listing Regulations is
presented in a separate section, forming part of this Integrated
Annual Report.

32. CORPORATE GOVERNANCE REPORT

The Company has complied with the requirements of the Listing
Regulations regarding Corporate Governance. A report on the
Company's Corporate Governance practices and the requisite
Certificate from the Company's Statutory Auditor regarding
compliance with the conditions of Corporate Governance forms
a part of this Integrated Annual Report.

33. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

The Company believes that transparent, accurate, and
comprehensive disclosure practices not only aid in strategic
decision-making but also help demonstrate the incremental
value created for all groups of stakeholders.

The Business Responsibility and Sustainability Report (BRSR)
for the year under review, as stipulated under Regulation 34(2)
(f) of the Listing Regulations, describing the initiatives taken by
your Company from the environment, social and governance
perspective forms a part of this Integrated Annual Report and is
also available on the Company's website at: https://www.jsw.in/
infrastructure

34. INTEGRATED ANNUAL REPORT

The Securities and Exchange Board of India (SEBI), in its
circular dated February 6, 2017, had advised the top 500 listed
companies (by market capitalization) to voluntarily adopt
Integrated Reporting from FY 2017-18.

The Company has published its Integrated Annual Report to be
in line with the International Integrated Reporting Framework
laid down by the International Integrated Reporting Council
(IIRC). The framework pivots the Company's reporting approach
around the paradigm of value creation and its various drivers. It
also reflects the Company's belief in sustainable value creation
while integrating a balanced utilization of natural resources
and social development in its business decisions. An Integrated
Report intends to give a holistic picture of an organization's
performance and prospects to the providers of financial capital
and other stakeholders. It is thus widely regarded as the future
of corporate reporting.

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

The particulars, as required under the provisions of Section
134(3)(m) of the Act, read with Rule 8 of the Companies
(Accounts) Rules, 2014, in respect of Conservation of Energy,
Technology Absorption, Foreign Exchange Earnings and Outgo
are as under:

(A) Conservation of energy

Acknowledging the critical role of energy management in
combating climate change, the Company has integrated two key
levers into its sustainability strategy, viz. process improvements
and renewable energy. Our energy management initiatives are
focused on enhancing the energy efficiency of our operations
and transitioning towards renewable energy sources.

(i) the steps taken or impact on conservation of energy

Some of the initiatives are as enlisted below:

• Shore-based power supply for vessels berthed at two

of our ports was initiated in the previous year for all
Tugs and an MBC. This is being extended to other
MBCs as well at these two ports.

• Minimising idle-running time of the conveyor
belts and other equipment is being continued at
all locations.

(ii) the steps taken by the company for utilizing alternate

sources of energy:

Some of the initiatives are as enlisted below:

• Supply of renewable solar power through our Group
Captive Solar Projects for Mangalore and Ennore
locations has bee stabilized and this supply has been
made regular. Balance renewable power sourcing is
continuing through IEX and other third party sources.

• Total renwable power sourced in FY 2024-25 is
25,473 Mwh which constitutes 18.4% of the total
electrical power consumed at all locations.

• Installation of solar-powered streetlights in the port
premises at Mangalore.

(iii) the capital investment on energy conservation

equipment: Not Applicable

(B) Technology absorption

We recognize the importance of integrating technology in our
current operations to improve current management practices
and remain competitive in the evolving markets. We leverage
state-of-the-art technology in various aspects of our operations
resulting in faster turn-around times, cost savings, improved
risk management, better resource utilization, and lesser
carbon emissions.

(i) the efforts made towards technology absorption:

• Implementation / Upgradation of PMS at
Jaigarh location

• Eco Portal at Jaigarh Location

• BI & Analytics at Jaigarh Location

• Guard Patrolling System at Jaigarh, SWPL (Goa),
Dharamtar, Paradip Location

• Azure Cloud Server-PMS NEW ERA at Jaigarh Location

• Existing CCTV Hardware and software upgradation at
SWPL (Goa) Location

• Video Analytical Project at Dharamtar Location

• Training Data Recording at Dharamtar Location

• Asset Information Dashboard at Dharamtar Location

• Canteen Management System at Paradip Location

• Dredger Fuel Management System at Paradip
Location

• Energy Monitor System at Ennore Location

• CWMS System at Manglore Location

• Daily MIS Report at Manglore Location

• Vendor Search Engine at Dharamtar Location

• Digital Log Books for Operations, Marine and
Mechanical Departments at Dharamtar Location

• Safety Dashboard for Safety Department at Dharamtar
Location

• Analytics - Mechanical Department at Dharamtar
Location

• Analytics - Commercial Department at Dharamtar
Location

• Digital Log Book for Engineering and Operation
Departments at Jaigarh Location

(ii) the benefits derived like product improvement, cost
reduction, energy saving, product development or
import substitution:

• Improving Operational Efficiencies

• Cargo Accountability and reconciliation

• Correct information flow without manual intervention
to requisite members - Thereby faster decision and
reduced losses due to damage control.

• Customer frontage for data / document exchange
- reduction of footprint and time, reduction in
paper use

• Connectivity improvement

• Safe and secure working environment

(iii) i n case of imported technology (imported during
the last three years reckoned from the beginning of
the financial year): The Company has not imported any
technology.

(iv) the expenditure incurred on Research and
Development: NIL

(C) Foreign Exchange Earnings and Outgo:

Total foreign exchange used and earned during the year are

as under:

36. PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES

The disclosure pertaining to remuneration and other details, as
required under 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, forms a part of this Report.
However, as per the first proviso to Section 136(1) of the Act and
second proviso of Rule 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Report
and Financial Statements are being sent to the Members of the
Company excluding the said statement. Any Member interested

in obtaining a copy of the said statement may write to the
Company Secretary at the Registered Office of the Company.

The prescribed particulars of employees required under Section
197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,
2014, are attached as Annexure - E and form a part of this report.

37. PREVENTION, PROHIBITION, AND REDRESSAL OF SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE

The Company is dedicated to establishing and maintaining
a workplace that is free from all forms of discrimination and
harassment, including sexual harassment, for all employees.
The Company has ensured compliance with the regulations
concerning the formation of an Internal Complaints Committee
(ICC) as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition, and Redressal) Act, 2013, at all
its locations to address any complaints related to sexual
harassment. The Company has not received any complaints
pertaining to sexual harassment during FY 2024-25.

38. IBC CODE & ONE-TIME SETTLEMENT

There are no proceedings pending against the Company under the
Insolvency and Bankruptcy Code, 2016. There was no instance
of a one-time settlement with any Bank or Financial Institution.

39. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

There was no unclaimed dividend due for the transfer to IEPF
during the FY 2024-25.

40. ACKNOWLEDGMENTS

The Board wishes to place on record its sincere appreciation
to all employees for their hard work, dedication, commitment,
and efforts put in by them to achieve encouraging results under
difficult conditions during this year. The Board also wishes to
express its sincere appreciation and thanks to all customers,
suppliers, banks, financial institutions, solicitors, advisors, Bond
holders, shareholders & other stakeholders the Government of
India, concerned State Governments, and other regulatory &
statutory authorities for their consistent support and cooperation
extended to your Company during the year.

For and on behalf of the Board of Directors

JSW Infrastructure limited

Sajjan Jindal

Place: Mumbai Chairman

Date: 30^th April, 2025 (DIN: 00017762)