Your Directors have great pleasure in presenting before you the 43^rd Annual Report of your Company together with the audited financial statements (standalone and consolidated) and Auditors’ Report for the financial year ended 31^st March, 2024.

1.0 Performance Highlights:

1.1 Physical Performance:

(a) Panchpatmali Mines achieved highest ever Bauxite transportation of 75,27,016 MT in the financial year 2023-24, surpassing the previous highest of 75,11,075 MT achieved in the financial year 2021-22.

(b) Alumina Refinery achieved 21,24,000 MT of Alumina Hydrate production in the financial year 2023-24 against normative capacity of 21,00,000 MT, resulting into 101.15% capacity utilization.

(c) Aluminium Smelter plant achieved highest ever cast metal production of 4,63,428 MT in the financial year 2023-24.

2.0 Sales Performance:

A summary of sales achieved during 2023-24 is tabulated hereunder:

* Including Special Grade Hydrate.

Your Company achieved all time high total sales of Metal of 4,70,108 MT, registering a growth of 1.30% over the financial year 2022-23.

3.0 Financial Performance:

The details of financial performance are given below:

^Includes changes in inventories of finished goods and work-in-progress and finance costs

4.0 Future Outlook:

Market outlook for Alumina and Aluminium Industry is tabulated as under:

^Projected figures published by CRU for the period January to June, 2024 for Alumina and January to September, 2024 for Aluminium Metal have been extrapolated to arrive at 2024 figures (Source: June, 2024 CRU).

5.0 Dividend and Appropriations:

Your Company being a Govt. of India CPSE, pays dividend in compliance with DIPAM’s guidelines.

Your Company has paid interim dividend @ ' 3.00 per equity share amounting to ' 550.99 crore in two tranches for the FY 2023-24. In addition to above, the Company has also paid final dividend for the FY 2022-23 @ ' 1.00 per equity share amounting to ' 183.66 crore. Thus, total dividend payout is 35.66% of the PAT of the financial year 2023-24.

6.0 MoU Performance:

Based on physical, financial performance and achievement of other parameters, your Company is rated “Good” as per the Memorandum of Understanding (MoU), signed by your Company with the Government of India for the financial year 2022-23.

MoU score for financial year 2023-24 from DPE is awaited.

7.0 Raw Material Securitisation:

7.1 Bauxite:

Your Company is sourcing the primary raw material i.e. Bauxite ore from its captive mines at Panchpatmali, Koraput, Odisha. Bauxite ore is the main raw material for Alumina Refinery. The Bauxite mining leases of the captive mines at Panchapatmali for both the Central & North Block and South Block have all statutory clearances with lease validity up to 16.11.2032 and 19.07.2029 respectively. Hence the Company is secured for its primary raw material Bauxite.

Bauxite for the upcoming 5^th Stream of Refinery will be sourced from South Block till operationalization of Pottangi Mines.

7.2 Caustic Soda:

Caustic Soda, being the principal chemical input, is sourced from the GNAL (JV Plant of NALCO and GACL) and partially from the domestic sources through open tender. Operation of the Caustic Soda Plant set up by the aforesaid JV Company has securitised chemical input by the backward integration.

7.3 Coal:

7.3.1 Captive Steam and Power Plant (SPP), Damanjodi:

As against annual coal requirement of 1.4 million MT, your Company has Fuel Supply Agreement (FSA) for a quantity of 0.873 million MT with M/s. MCL and said FSA has been renewed for further period of five years from April, 2023. Shortfall quantity is sourced through participation in coal e-auctions inclusive of auctions conducted by M/s. CIL for coal linkages.

7.3.2 Captive Power Plant, Angul:

Your Company requires about 6.8 million MT of coal per annum for running its Captive Power Plant to generate and supply uninterrupted power for the Smelter Plant. As against aforesaid annual coal requirement, your Company has renewed FSA with M/s. MCL for 4.716 million MT for further period of five years effective from April, 2023.

Your Company was sourcing balance coal through e-auction from different subsidiaries of M/s. CIL to meet the annual coal requirement of the CPP. However, consequent upon operationalisation of Utkal-D Coal block of your Company, 2 million MT of coal has been supplied to the CPP from the aforesaid captive coal mine in the financial year 2023-24, replacing the costly e-auction coal.

8.0 Projects under implementation:

8.1 Capacity Addition Refining & Mining:

Your Company has undertaken projects for capacity addition both in Refinery and Bauxite mines as an integrated project. The project includes 5^th stream addition (capacity 1 million MT per annum) to the existing Alumina Refinery (having four streams of 2.1 million MT) and operationalisation of Pottangi Bauxite Mines with total estimated capital outlay of ' 8,254.40 crore. Brief particulars of the individual projects are stated below:

(a) As on date, about 65% physical progress of the 5^th Stream brown field Alumina Refinery expansion has been completed and your Company is quite hopeful to commission the same by September, 2025. With commissioning of the said expansion, Alumina Refining capacity will increase from the existing 2.1 million MT to 3.1 million MT per annum.

(b) Your Company has executed the mining lease of Pottangi Bauxite Mines (having mineable reserve of 75 million MT) with the State Government of Odisha on 13.06.2024 for a period of 50 years. Steps have been taken to obtain clearances such as forest land handover, surface right transfer, obtaining mining opening permission etc., as required for development and operationalisation of the said mine, are in progress. All out efforts are being taken to obtain all the requisite permissions/clearances within 3-4 months and take measures for development and operationalisation of the said mines synchronising with Refinery expansion.

8.2 Alternate sourcing of Bauxite for 5^th Stream:

Sourcing of bauxite for 5^th Stream expansion of Alumina Refinery has been envisaged from Pottangi Mines. However, measures taken to have alternate sourcing of bauxite from existing Panchpatmali Mines South Block has been planned through setting up of a crushing and conveying system having estimated capital outlay of ' 483 crore. M/s. DCPL has been engaged as the EPCM consultant for the project. Order for major packages such as Over Land Conveyor, Crusher Plant, Water System, Electrical System and Site and Infrastructure packages have been completed. Site construction activities are under progress. The project is scheduled to be completed by May, 2025.

8.3 Wind Power Project of 25.5 MW:

In pursuit of being a harbinger for harnessing green and clean energy, your Company has established 198.40 MW Wind Power Plants in various states of India. In this noble endeavour, your Company is in the process of augmenting its wind power generation capacity to 223.90 MW by adding another wind power project of capacity 25.5 MW at Kayathar, Tamil Nadu at a capital expenditure of ^ 163 crore through M/s. REGen Powertech Pvt. Limited. Substantial progress (65%) has been made on supply and erection of the equipment. However, the job is not completed, as M/s. REGen has been referred to NCLT. The final resolution order has been issued by NCLT in February, 2022. As the terms of the approved resolution plan are not favourable in the interest of project execution, your Company has filed a petition at NCLAT for review of approved resolution plan. In October, 2023, NCLAT disposed the earlier approved resolution plan and instructed NCLT to finalise a fresh resolution plan, which is awaited.

8.4 Utkal-D and E Coal Blocks:

Your Company was allotted two Coal blocks namely Utkal-D and E each having peak rated production capacity of 2 million MT per annum. Utkal-D coal mine has already been operationalised. Your Company has applied for consolidation of statutory clearances of both Utkal-D & E so as to operate both the aforesaid leases as a single mine to reap economic advantage of scaled up production of both the mines and to gain the barrier coal of the common boundary of both the blocks. Your Company is quite hopeful to obtain the requisite permissions and to achieve 4 million MT peak rated production in the near future.

9.0 Capital Expenditure (CAPEX):

On a standalone basis, the Company has achieved a CAPEX of ' 1,957.06 crore. Considering the capitalization done by joint venture companies, on a consolidated basis, the CAPEX of the Company stands at ' 1,997.55 crore.

10.0 Risk Management Policy:

A Risk Management Policy has been formulated and approved by the Board of Directors and the same is available in the Company’s website

www.nalcoindia.com

11.0 Human Resources Management:

11.1 Presidential Directives on SC/ST reservation:

Your Company complies with all applicable presidential directives and other guidelines in the matter of reservations of SC/ST/OBC/EWS and other categories like PWD and Ex-servicemen.

Your Company’s manpower strength is 4,874 as on 31^st March, 2024 compared to 5,190 manpower as on 31^st March, 2023. Out of these employees, 322 were women employees. As on 31.03.2024, there were 753 SC employees (15.45%), 934 ST employees (19.16%), 825 OBC employees (16.93%), 91 PWD employees (1.87%), 13 EWS employees (0.27%), 171 Minority employees (3.51%) and 07 Ex-servicemen employees (0.14%) on roll of the Company.

11.2 Industrial Relations:

Your Company continued to maintain a conducive and cordial Industrial Relation climate during the year 2023-24. The healthy practice of sorting out and settling issues through discussions with trade unions/workers’ representatives enabled the Company in ensuring workers’ participation at different levels and establishing a peaceful industrial relations climate. Employees are the driving force behind the sustained stellar performance of your Company and they contributed significantly in achieving highest ever production of the Company during 2023-24. As a commitment towards your Company’s core values, employees’ participation in management was made effective based on mutual respect and trust. Compliance of applicable Labour Laws, adherence to Government Guidelines and consultative decision making, continued to be the core strengths in dealing with employee benefits and welfare issues. Zero tolerance to indiscipline continued to remain the hallmark of the Company’s IR philosophy.

11.3 Social Accountability 8000:

For developing and maintaining a decent workplace, your Company has adopted the International Standard, Social Accountability 8000 (SA-8000) since 2009-10. The Certification helped the Company in becoming more transparent in the areas of child labour, forced labour, safe and healthy work environment, working hours, remuneration, freedom of association, collective bargaining process, discrimination and disciplinary practices to all stakeholders of the Company including employees, owner, customers, suppliers and other interested parties.

All the units of your Company are certified to the latest version of SA 8000 i.e. SA 8000:2014. All the Production Units including Corporate Office are certified to SA 8000:2014 Standard since 2017 (New Version). Certification of all Production Units and Corporate Office are being renewed every 3 years.

12.0 Corporate Social Responsibility (CSR):

Your Company’s CSR has proved through the years how a company can grow sustainably by contributing to the nation’s economic development on the one hand and improving the quality of life of the people residing in the communities and society at large on the other. Contributing to the society and working for the welfare of the underprivileged is ingrained within NALCO’s corporate values and it is their constant endeavor to maximize the positive impact of their initiatives and make sure that it reaches to all beneficiaries.

Your Company has been following the mandates of the Companies Act, 2013 while considering CSR project. All the ideas and intended developmental actions have been evaluated against Schedule-VII of the Act. The initiatives are also taken up by consulting a wide range of stakeholders, including local people and local administration. The projects are prioritized as per needs of the community and continuous monitoring is done to improve their impacts.

Your Company has spent ' 50.53 crore in the financial year 2023-24 on various CSR projects against the mandated CSR obligation of ' 48.15 crore complying with the requirements of its CSR policy in line with Companies Act, 2013.

The thrust areas of implementation are Healthcare, Education, Drinking water, Rural development, Environmental sustainability and development of Iconic city, Puri.

Your Company primarily focuses on identifying gaps in the existing system of delivery to society and intervening meaningfully with them, so as to create a long-term, sustainable impact rather than creating parallel system.

12.1 Some of the major CSR initiatives undertaken during financial year 2023-24:

(a) Health Care Initiatives:

i. Door step primary healthcare facility with free medicine to local community of 250 periphery villages of the Company’s operational areas in Angul & Koraput district of Odisha through Mobile Health Units (MHUs) Services covering around 1.18 lakh beneficiaries during the year.

ii. OPD center with specialized services and free medicines at S&P Complex, Angul addressing the health needs of people in the periphery villages covering around 18,000 beneficiaries during the year.

iii. Financial support towards upgradation of Community Health Centers (CHCs) in Koraput district.

iv. Financial support for procurement of battery operated ambulance to SCB Medical College & Hospital, Cuttack for transportation of patients within the medical campus.

v. Financial support to SCB Medical College & Hospital, Cuttack for procurement of Mortuary Freezer Cabinet to preserve dead bodies.

vi. Financial support to State Wild Life Organization for procurement of wild animal rescue vehicles.

(b) Safe Drinking water:

i. Supplying drinking water through tanker to 27 water scarcity peripheral villages of Angul district during summer.

ii. Provision of drinking water through RO water purifier at Jagannath Ballav Matha, Puri.

(c) Initiatives on Swachhata:

Your Company has taken multiple initiatives under “Swachhata Hi Seva” campaign at Damanjodi, Angul, Bhubaneswar and Puri.

(d) Education Initiatives:

i. Providing education to periphery students in vernacular medium schools at Angul and Damanjodi.

ii. Residential education to 1,191 poor and tribal children of Koraput district since implementation of the program in 2012 under “Indradhanush Scheme”.

(e) Promotion of traditional Art & Handicraft:

Your Company has taken initiatives to promote traditional art and handicraft in collaboration with district administration of Angul & Koraput through financial support for organizing annual tribal festival “PARAB” at Koraput and “Zilla Mahotsav” at Angul.

(f) Development of Swachha Iconic Site, Puri:

i. Operation of battery operated vehicles for easy transportation of senior citizens, persons with disability, women etc. at railway stations of Puri, Cuttack and Bhubaneswar & from Jagannath Ballav Math to Shree Jagannath Temple at Puri.

ii. Horticulture Development, infrastructure development & maintenance of Gandhi Park at Puri.

(g) Skill Development and Livelihood Initiatives:

Various SHGs have been revived, strengthened and facilitated to start alternative income generating activities through promotion of jackfruit chips making as an alternative livelihood option in Pottangi region of Koraput district. The process is supporting women of 18 priority & peripheral villages of your Company in Pottangi and Semiliguda blocks in Koraput district to enhance their socio-economic situation with adopting enterprise skills on Jackfruit value addition.

A detailed report on CSR activities prepared in line with various applicable provisions of the Companies Act, 2013 is attached at Annexure-I.

13.0 Visit of Parliamentary Committees:

During the year 2023-24, study visit of the Department related Parliamentary Standing Committee on Industry on the subject “Implementation of 25% prescribed procurement from MSE by NALCO under the Pubic Procurement Policy and Review of release of payment to MSEs”, Parliamentary Standing Committee on Coal, Mines and Steel on the subject “Self-reliance in Minerals and Metals with specific reference to Aluminium and Copper Industries”, Committee on Petitions of Rajya Sabha on Petition praying to “conserve and revitalize the dying rivers across the country”, Committee on Sub-ordinate legislation on “various aspects (implementation and monitoring) of Rules and Regulations pertaining to environmental and safety issues of mining”, Draft and Evidence sub-committee of Parliamentary Committee on Official Language, Standing Committee on Labour, Textiles and Skill Development on the “Contractual Appointments/ Deployments and Implementation of Labour Laws concerning the welfare of Contract/ Casual Workers in NALCO”, Committee on Welfare of Other Backward Classes and inspection of Mumbai Regional Office by Parliamentary Committee on Official Language are undertaken.

14.0 Management Discussion & Analysis Report:

Management Discussion & Analysis Report in line with Regulation 34(3) read with Schedule-V of the SEBI (LODR) Regulations, 2015 is placed at Annexure-II to this report.

The report also contains:

(a) Various initiatives undertaken to further business development.

(b) The details in respect of adequacy of internal financial controls with reference to the financial statements and risk management practices.

(c) Various initiatives taken up in the field of environment management at different units of the Company.

15.0 Information Technology for Digital Transformation:

15.1 Role of IT in NALCO’s Business Functions:

IT serves as a fundamental pillar in your Company’s business operations, significantly contributing to enhancing efficiency, promoting transparency and fostering innovation throughout the organization.

15.2 Digital Enablement:

Since 2010, your Company has undertaken a digital transformation journey, spearheaded by the implementation of Enterprise Resource Planning (ERP). This comprehensive system integrates all core business functions, including sales and distribution, finance and controlling, materials

management, human resources and production planning. The ERP system ensures uniformity in processes, enhances information availability and fosters transparency, empowering informed decision-making.

Additionally, your Company has made significant strides in digitalizing its operational workflows. The implementation of Plant Maintenance solution has optimized asset utilization, while the adoption of an electronic file handling system (e-Office) across all plants and offices has streamlined document management processes, paving the way towards a paperless office environment. The e-Office Knowledge Management System further enhances accessibility to digitized documents, ensuring secure and controlled sharing of critical information.

15.3 Employee Self-Service:

Your Company has prioritized enhancing employee experience through digitally-enabled self-service applications. Employees can conveniently manage various aspects of their work-life, including payroll, attendance, income tax, appraisal, leave, loans, perquisites, tour, medical reimbursements and probation confirmation. Moreover, the deployment of a Computerized Hospital Management System at company-owned hospitals in Angul and Damanjodi ensures prompt medical care for employees and associates, fostering a healthy and supportive work environment.

15.4 Digital Enablement for Stakeholders:

Recognizing the importance of engaging stakeholders, your Company has introduced several online platforms and mobile applications tailored to their needs. These include:

• Customer Mobile App “NAGINAA” for Customers focused information.

• Vendor Mobile App “NAMASYA” for micro and small enterprise vendors.

• Citizen Mobile App “NISARG” for sharing information on NALCO’s Corporate Social Responsibility (CSR).

• Retired Employees Mobile App “Hamesha NALCOnian”, providing access to relevant resources and updates.

• “Suraksha” Mobile App, streamlining safety inspection reporting at plants, ensuring a secure work environment.

15.5 Cloud-Based Services:

Your Company leverages cloud-based services for efficient procurement and invoice management. E-procurement of goods is seamlessly conducted through platforms such as Supplier Relationship Management (SAP SRM), Central Public Procurement Portal (CPPP) and the Government e-Marketplace (GeM). Integration with the Invoice Registration Portal (IRP) enhances transparency and compliance in financial transactions.

15.6 Governance and Monitoring:

The organization has implemented various online web-based applications to enhance governance and monitoring. These applications enable realtime monitoring of capital expenditure, fund utilization, compliance management and vigilance complaint resolution. Such initiatives ensure timely decision-making and effective resource management and statutory compliances.

15.7 Analytics:

Your Company harnesses the power of data analytics and visualization tools to monitor and optimize production, sales and distribution and human resource management processes. Data-driven insights drive strategic decision-making and operational efficiency.

15.8 IT Infrastructure:

To ensure uninterrupted service delivery, your Company has invested in robust IT infrastructure, including:

• Primary Data Center located at Corporate Office, Bhubaneswar, equipped with server virtualization technologies and hosts all Centralized Applications including ERP and e-Office. Disaster Recovery Data Center is located in a separate seismic zone.

• For increased network availability across locations, a state-of-the-art SDWAN technology for an intelligent provisioning of application policies that align to business intent.

• Dual MPLS circuits connecting plants and offices to the Corporate Data Center, ensuring uninterrupted access to applications and services.

• Gigabit Ethernet LAN with Firewall at each plant location and Corporate Office, ensuring network security and integrity.

• Multichannel video conferencing solution facilitating effective communication across all business units.

15.9 Cyber Security:

Your Company prioritizes data security and compliance with the Data Centre and Disaster Recovery site certified as ISO 27001:2013 compliant. Robust IT security measures including network gateway and endpoint security solutions, ensure protection against cyber threats. Regular audits and adherence to government-mandated cyber security guidelines uphold the integrity and confidentiality of organizational data.

15.10 Adoption of emerging technologies - Blockchain Integration Project:

In line with its commitment to innovation, your Company is currently spearheading a Blockchain Integration Project. This initiative, by leveraging blockchains immutable ledger technology, aims to integrate blockchain technology with the organization’s recruitment app, ensuring tamper-proof records, enhancing transparency, security and efficiency in the hiring process.

16.0 Total Quality Management:

16.1 Integrated Management System (IMS):

In all units of the Company i.e. Mines, Alumina Refinery, CPP, Smelter and Port Facilities, Integrated Management System based on ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 continued to be effectively implemented with regular external audits, internal audits and Management Review Meetings. Recertification of ISO 45001:2018 of Smelter, CPP, Alumina Refinery, Mines and Port Facilities were done during this reporting year. At the closure of the financial year, certification status of all the Units w.r.t. ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 remained intact.

16.2 Energy Management System (EnMS):

The EnMS continued to be effectively implemented with regular external audits, internal audits and management review meetings in three units of the Company i.e. CPP, Smelter and Refinery which are included in the Perform, Achieve and Trade Scheme of BEE. During the financial year, recertification of ISO 50001:2018 of Smelter was done successfully. At the closure of the financial year, certification status of all three units w.r.t. ISO 50001:2018 remained intact.

16.3 Quality Circles:

In the financial year, total 37 quality circle projects were completed whereas, several more were in-progress. Further, 15 Quality Circle Teams participated in the National Convention NCQC 2023 of QCFI, out of which 4 nos. received Par-excellence award. Also, 8 Quality Circle teams participated in the CII State Industry carnival, out of which 2 teams were selected and participated in CII East Zone Finals.

16.4 Kaizen by SGA Groups:

As per the Kaizen by SGA scheme, total no. of 2,719 Kaizens were completed during the reporting year. During the year, Kaizen on-line portal was developed for facilitating paperless registration and completion of Kaizens.

16.5 Quality Improvement Projects:

At Smelter, as a part of problem solving through structured approach and Advance Statistical Techniques, 7 nos. of cross functional Quality Improvement Project teams were formed. At the close of financial year, 2 projects had been completed and remaining 5 were under progress at various stages of DMAIC cycle.

16.6 Business Excellence:

(a) Alumina Refinery won the prestigious CII-EXIM Bank Business Excellence Award in recognition of its outstanding and sustained progress on the journey towards business excellence at the CII Excellence Summit, 2023.

(b) Panchpatmali Bauxite Mines secured the prestigious “Platinum” category recognition in the CII EXIM Bank Award for Business Excellence, 2023.

(c) Smelter plant secured the prestigious “GOLD plus” category recognition in the CII EXIM Bank Award for Business Excellence, 2023.

16.7 5S System:

5S-Work Place Management System continued to be effectively implemented at Smelter, CPP, Alumina Refinery and Bauxite Mines with regular internal assessments and review meetings by Unit Management. At Refinery and Bauxite Mines, in addition to regular internal assessments and review meetings, external audits have also been done.

17.0 Implementation of Official Language Policy:

(a) Progressive use of Hindi is being implemented as per provision of Official Language Act, 1963 and Official Language Rules, 1976.

(b) NALCO also holds the Chairmanship position of TOLIC, Bhubaneswar and Angul. Scheduled meetings have been organized at both the locations involving all local PSUs Offices. In this regard, Company’s efforts have been appreciated in the meetings by the representatives of RIO, Government of India.

(c) Hindi workshops were organised on 26.04.2023 with faculty support of Shri Nirmal Kumar Dubey, Office In-charge of Regional Implementation Office (East), MHA, Kolkata.

(d) Workshops and quiz competitions were organised for the members of TOLIC(U), Bhubaneswar under the banner of TOLIC(U) on 26.06.2023 and 20.02.2024.

(e) On the occasion of World Hindi Day, ‘Sumitra Nandan Kavya Path’, competition was organised on 10.01.2024 for the members of TOLIC(U), Bhubaneswar under the banner of TOLIC(U).

(f) The website of the Company is being regularly updated in bilingual; Hindi and English.

(g) In order to encourage the member offices for implementation of the official language, while ensuring the participation of the member offices; review of Hindi Training was done by the support of Deputy Director (East) - Training.

(h) Hindi Fortnight 2023 was observed at Corporate Office, Production Units and Regional Offices of the Company to encourage the use of Hindi in official work and various competitions were organised among employees and students.

(i) Inspection of NALCO [TOLIC (U), Bhubaneswar Chairman Office] and some of its members offices by Draft and Evidence Sub-committee of Parliamentary Committee on Official Language conducted with satisfactory remarks.

(j) Inspection of NALCO [S&P Complex, Angul, Office of Chairman TOLIC Angul] and some of its members offices by Draft and Evidence Sub-committee of Parliamentary Committee on Official Language conducted with satisfactory remarks.

(k) Inspection of Regional Office (West), Mumbai by Third Sub-committee of Parliamentary Committee on Official Language conducted with satisfactory remarks.

(l) During the Hindi Fortnight celebrations 2023, ‘Kavi Sammelan’ was organised at Mines and Refinery Complex, Damanjodi.

(m) A quiz competition and workshop of member offices of TOLIC was organised on 20.02.2024.

(n) Faculty assistance on Unicode and tools and techniques of Hindi computing was provided to the member offices of TOLIC, Bhubaneswar.

18.0 Sports:

NALCO has always supported the promotion and development of sports. From the beginning, your Company has been passionate about it and proud to recruit talented sports personnel from different fields like Cricket, Hockey, Athletics, Chess, and football. These sports stars have contributed a lot to promote sports in State as well as in the country. They have become coaches and selectors for state and national teams. Their achievements inspire others and make a big impact in the sports world.

Shri Shiv Sunder Das is one such sports star, who has played an important role for Indian cricket. From February to June, 2023, he led the Indian Men’s Cricket Team as the interim Chairman of the senior selection committee. He helped pick players for important tournaments like the World Test Championship and the Asia Cup. Even though India came second in the 50-over World Cup, Shri Shiv Sunder Das’s choices made a difference in many international games and series. He’s been a strategic force in Indian cricket.

Shri Debasish Mohanty is another star in cricket. He has made a big change in Jharkhand cricket during 2023-24. He coached the team in major tournaments like Ranji Trophy and Vijay Hazare Trophy. Shri Debasish Mohanty did not stop there, he also took coaching courses at the National Cricket Academy (NCA) and organized special camps. His dedication has improved cricket in Jharkhand and helped new talents to grow.

Ms. Ranjita Mohanty has made a huge impact on women’s football. As a goalkeeping coach in 2023-24, she played key roles in tournaments like the SAFF Championship U-17 and AFC Championship qualifiers U-17 for the Indian women’s team. Her commitment to nurturing talent has made her a driving force in women’s football.

Ms. Aparajita Gochhikar shines in the world of chess. In 2023-24, she has achieved many milestones, like being the first Indian woman to represent as Fair Play Expert of FIDE at the World Youth Chess Championship. She has won titles like Women’s Champion in the Mark Doversky FIDE Rapid Chess Tournament and held important roles at the Asian Junior Chess Championship. Aparajita does not just play chess, she is also involved in fair play initiatives in the Game.

Ms. Sradhanjali Samantaray has been instrumental in elevating women’s football. In 2023-24, she led the Indian team to victory in major championships like the SAFF U-19 Women’s Championship and AFC U-17 Women’s Asian Cup qualifiers. Her role as an Assistant Coach in the Indian Women’s League and as an observer for the Odisha Senior Women’s Football Team shows her dedication to advancing women’s football in India.

Ms. Sunita Lakra, the former Captain of Indian Women’s Hockey team has shown exceptional performance in hockey. During 2023-24, she won awards at the 13 th Senior National Championship and the 37 ^th National Games. Her consistency and contributions to Indian women’s hockey highlight her as a key figure in the sport.

Olympian Ms. Anuradha Biswal’s contributions to Indian sports governance and management during 2023-24 were diverse and impactful. From serving as Team Manager at the National Athletic Championship to being part of selection committees for events like the Khelo India University Games and the World University Games, Ms. Anuradha’s leadership continues to make a significant impact on Indian sports. Additionally, her role as a brand ambassador for initiatives like the Swachh Bharat mission underscores her commitment to leveraging sports for societal benefit.

Ms. Namita Kabata, a former sprinter, has played a vital role as an Assistant Coach, guiding talented athlete Ms. Srabani Nanda to victory in various championships. Under Ms. Kabata’s mentorship, Ms. Nanda achieved remarkable success, contributing significantly to the growth and success of aspiring athletes under her guidance.

NALCO remains dedicated to empowering sports and nurturing talent. Your Company’s association with renowned sports personalities continues to be a source of immense pride and inspiration. Through ongoing dedication to sports, they aim to contribute significantly to the growth and development of sports in the country.

19.0 Vigilance:

The Vigilance Department was established in your Company in the year 1981. Your Company has a well-established Vigilance Department headed by a Chief Vigilance Officer (CVO) who is appointed in consultation with Central Vigilance Commission, a Statutory Body by Government of India. 12 nos. of Vigilance Officers, who assist the CVO are selected on deputation-basis in consultation and concurrence of CVO.

Your Company has its Vigilance set up at three locations:

• Corporate Office at Bhubaneswar.

• S&P Complex at Angul.

• M&R Complex at Damanjodi.

Functioning of Vigilance Department, headed by official nominated by CVC facilitate working in compliance with CVC guidelines, GoI directives etc.

19.1 Various activities of Vigilance Department in 2023-24:

(i) Effective Complaint Handling:

(ii) Timely Completion of Investigations - 30 nos.:

(iii) Capacity Building and Training Programs -29 nos.:

Topics Covered in Capacity Building/ Training Programs-29 Nos.

(iv) Surprise Checks: 17 Nos.

(v) Periodic / Regular Checks: 18 Nos.

(vi) CTE ‘Type’ Checks: 04 Nos.

(vii) Ensuring compliance to various regulations and guidelines as defined by CVC / Ministry of Mines / CBI / NALCO Corporate Guidelines / any other Regulatory and Statutory requirements.

(viii) Assistance to CBI

(ix) Preventive Vigilance which includes conducting Capacity Building and Training Programs, Outreach Activities etc.

(x) Vigilance Campaign as per the guidelines of CVC and Observation of Vigilance Awareness Week.

Apart from the above activities, the Vigilance Department of your Company is also putting strong emphasis on the following areas:

(a) Whistle Blower Policy:

Your Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behaviour. The purpose of this policy is to provide a framework to promote responsible and secure whistle blowing culture. It protects employees wishing to raise a concern about serious irregularities within the Company. Details of the policy are available in the Company’s website www.nalcoindia.com.

(b) Corruption Risk Management Policy:

Corruption is a special category of risk. Corruption Risk Management policy of your Company has been implemented to determine the key principles and requirement aimed at preventing corruption and compliance of anti-corruption law of India. The policy reflects commitment of your Company and management to high ethical standards at carrying on business in an open, transparent and honest manner, aimed at improving corporate culture, compliance with the best practices in corporate governance and maintaining the business reputation in your Company.

(c) Fraud Reporting Policy:

During the year, no fraud by the Company or any material fraud on the Company by its officers or employees has been reported by the Auditors in their report under section 143(12) of the Companies Act, 2013. Your Company has a Board approved Fraud Prevention Policy and the same is placed in the Company’s website www.nalcoindia.com

20.0 Right to Information:

In order to address the provisions of Right to Information Act (RTI), one Appellate Authority, one Public Information Officer and nine Assistant Public Information Officers responsible for providing information sought by stakeholders, have been nominated.

The following are the details of the RTI applications and appeals during the year 2023:

Third party Transparency Audit for the year 2022-23 of your Company has been carried out by M/s. National Institute of Secondary Steel Technology, Mandi, Punjab with satisfactory remarks.

The RTI requests and appeals are received and replied through both physical and online mode. Your Company is aligned with online RTI portal of Department of Personal and Training (www.rtionline.gov.in) with effect from January, 2017.

21.0 Listing in Stock Exchanges and Payment of Listing Fees:

The equity shares of your Company continued to be listed on BSE Limited and National Stock Exchange of India Ltd., the premier Stock Exchanges of the country, having nationwide trading terminals. The listing fees for the financial year 2023-24 have been paid on time to the Stock Exchanges.

22.0 Payment of Annual Custody/Issuer Fees to Depositories:

Annual connectivity fees and custody fees/issuer fees for the financial year 2023-24 have been paid on time to both M/s. National Securities Depository Ltd. and M/s. Central Depository Services (India) Ltd.

23.0 Service to Shareholders:

All matters relating to transmission of shares, issue of duplicate share certificates, payment of dividend, de-materialization and re-materialization of shares and redressal of investors grievances were carried out by the Company’s old RTA i.e. M/s. KFin Technologies Limited, Hyderabad from 01.04.2023 to 14.03.2024 and thereafter by M/s. Bigshare Services Pvt. Ltd., Mumbai (New RTA) w.e.f. 15.03.2024.

24.0 Business Responsibility and Sustainability Report:

In line with SEBI circular no. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10.05.2021, a Business Responsibility and Sustainability Report (BRSR) for 2023-24 describing various initiatives taken by the Company on social, environmental and governance perspective, is attached as Annexure-III which forms part of this Annual Report.

24.1 Reports on Sustainable Development:

(a) The mandatory report on sustainability i.e. the Business Responsibility and Sustainability Report (BRSR) addressing the environmental, social and governance aspects, as required by SEBI is completed and published.

(b) In addition to the above report, a standalone report is prepared on voluntary basis in accordance with Global Reporting Initiative (GRI) Universal Standards.

25.0 Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

25.1 Research and Development:

(a) Gallium is a strategic metal with high commercial importance in both civil and defence sectors. Your Company has initiated action to explore the possibilities of extraction of Gallium metal from sodium aluminate liquor of its alumina refinery plant situated at Damanjodi. In this direction, a collaborative project is ongoing with BARC to extract Gallium from Bayer liquor. Successful test work has generated a Gallium-rich eluate through an ion exchange process. Further, efforts are underway to produce Gallium metal from elute. A pilot plant is planned to be set up at Alumina Refinery plant for the purpose.

(b) In order to find a viable solution for treatment of red mud for its further utilisation, a research work under the aegis of Niti Aayog is in progress with three national level R&D institutes i.e. CSIR IMMT BBSR, NML Jamshedpur, JNAARDDC Nagpur involving three industries NALCO, VEDANTA and HINDALCO. The collaborative project is focused on the “Holistic Utilization of Red Mud’ and is currently in its concluding phase. Following the extraction of iron and aluminium values, sludge enriched with scandium and titanium has been produced. Final work is going on to extract titanium and scandium.

(c) 44 patents have been filed since inception, out of which 31 have been granted, 8 have been commercialized and 4 patent applications were granted in the financial year 2023-24. 5 technical papers were presented and published in the proceedings of national and international conferences, during the year.

(d) Research Advisory Committee (RAC) meetings are being held periodically to review the R&D activities of the Company.

(e) 18 collaborative projects are in progress with various reputed institutes like IIT Bhubaneswar, IIT, Kharagpur, CSIR-IMMT, JNARDDC, CSIR-CECRI etc. 9 collaborative projects were awarded during the year.

(f) Ministry of Mines (MoM) under Satyabhama portal during 2023-24 has approved the pilot plant project to come up at NRTC, Gothapatana for “Recovery of Alumina and REE from Fly ash”, jointly submitted by CSIR-Institute of Minerals and Materials Technology (IMMT) and Kalinga Institute of Industrial Technology (KIIT) and NALCO as the industrial partner.

(g) Development of Process for 4N High pure Alumina (99.99%) and substrate making for its validation in LED application project with JNARDDC, IIT-Bhubaneswar and Anna University is in progress.

(h) Under the umbrella MOU with BARC, Bauxite certified reference material, CRM BARC - B1201 has been developed successfully and the same has been launched for sale from NALCO website. Development of Alumina CRM is in progress. Also project on “Development of sacrificial bricks from red mud for core catcher of nuclear thermal power plants” is under progress.

(i) Studies are in progress to identify bauxite fractions enriched with silica.

(j) Studies are continuing with CSIR-CSMCRI to synthesize Zeolite-13X with NALCO Liquor and commercially procured sodium silicate.

(k) In-house R&D trial completed with production of grain refined EC grade Al wire rods for Electrical Application in wire rod facility of Cast House of Smelter Plant.

(l) In-house R&D scale-up trial taken up with production of high thermal conductivity Al-Si alloy at the Alloy Ingot facility of Cast House of Smelter Plant.

(m) More than 5,540 samples of bauxite, aluminium metal, alumina, coal etc. were tested in NRTC Laboratory.

(n) Development of a bench scale process for Spent Pot line Carbon (hazardous waste) treatment and recovery of valuables has been completed.

(o) Phase-I project on Aluminium air battery development has been completed with CSIR-CECRI.

(p) Investment decision for setting up of Pilot Aluminium Alloy Casting plant at NRTC has been obtained. Appointment of Consultant for the same is in progress.

(q) Successful casting of 5 kg Al-Li alloy conducted in collaboration with IIT, Kharagpur.

(r) DSIR recognition renewed for NALCO R&D centres at NRTC, Bhubaneswar and both Plants at Angul and Damanjodi from 01^st April, 2024 till

31^st March, 2027.

(s) Benefits derived as a Result of the R&D (In-house and Collaborative), Based on completed R&D projects in 2023-24:

i. Production of grain refined EC grade Al wire rods for Electrical Application in wire rod facility of Cast House of Smelter Plant showed improvements in wire rod properties (% Elongation, Hardness).

ii. Development of a process for successful casting if Al Li alloy will be helpful in casting of commercial Al Li alloys.

iii. Innovative Process developed for treatment of hazardous waste spent pot lining carbon material generated in Potlines and patent granted on the process. Process has a potential for commercialization.

25.2 The particulars relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo, as required to be disclosed under the Companies Act, 2013 are given in the Annexure-IV to this report.

26.0 Directors’ Responsibility Statement:

Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Companies Act, 2013, your Directors hereby 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 and loss 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.

27.0 Corporate Governance:

A report on Corporate Governance in line with Regulation 34 read with Schedule-V of SEBI (LODR) Regulations, 2015 and DPE guidelines is prepared and placed at Annexure-V to this report.

The Statutory Auditors of the Company have issued a certificate on Corporate Governance which is appended to the Corporate Governance Report.

28.0 Contracts and Arrangements with Related Parties:

The Policy on Related Party Transactions has been approved by the Board and placed in your Company’s website which can be accessed at www.nalcoindia.com.

Your Directors draw the attention of the members to Note no. 41 of the financial statements which sets out related party disclosures.

A related party transaction was entered with M/s. GACL-NALCO Alkalies and Chemicals Private Limited (A JV Company of National Aluminium Company Limited and Gujarat Alkalies and Chemicals Limited) at arm’s length basis for procurement of Caustic soda lye as per Caustic soda supply agreement during the year under report. A report in Form AOC-2 is attached at Annexure-VI to this report.

29.0 Directors and Key Managerial Personnel:

29.1 Directors:

The following changes took place in the Board of Directors of your Company since the last report:

29.1.1 Appointment:

Shri Jagdish Arora was appointed as Director (P&T) w.e.f. 11.10.2023. Further, Ministry of Mines vide order dated 14.03.2024 has assigned Director (P&T) with the additional charge of Director (HR) w.e.f. 14.03.2024 during the suspension period of Director (HR) or until further orders, whichever is the earliest. Upon revocation of suspension of Shri Radhashyam Mahapatro vide Ministry of Mines Order dated 30.07.2024, the work of HR Department of the Company will continue to be looked after by Shri Jagdish Arora, Director (P&T) of the Company, until further order, as communicated vide Ministry of Mines Order dated 06.08.2024.

29.1.2 Cessation:

(a) Tenure of Shri Manasa Prasad Mishra as Director (P&T) ended on 31.07.2023.

(b) Upon appointment of Adv. George Kurian, Independent Director as Minister of State in the Union Govt. of India, Adv. Kurian has tendered his resignation vide letter dated 12.06.2024 effective from 09.06.2024.

29.1.3 Shri Radhashyam Mahapatro, Director (HR) was placed under suspension vide Ministry of Mines, Govt. of India Order dated 13.03.2024.

Ministry of Mines, Govt. of India vide Order no. A08/07/2023-Vig.-Part(1) dated 30.07.2024 has informed that, the President has revoked the suspension of Shri Radhashyam Mahapatro with immediate effect.

Further, keeping in view an immediate requirement of a senior officer to handle the co-ordination work with Ministry of Defence on the M/s. Utkarsha Aluminium Dhatu Nigam Limited (a Joint Venture of NALCO and MIDHANI) to fast track the project, Ministry of Mines, Govt. of India vide Order no. 3/1/2023-Metal-I dated 30.07.2024 has informed that, Shri Radhashyam Mahapatro is attached to NALCO Office, New Delhi, until further order. While communicating about continuance of Shri Jagdish Arora, Director (P&T) to look after the work of HR Department, Ministry of Mines vide its order dated 06.08.2024 has communicated that, Shri Radhashyam Mahapatro will look after the co-ordination work of M/s. Utkarsha Aluminium Dhatu Nigam Limited (a Joint Venture of NALCO and MIDHANI) at Company’s New Delhi Office, until further orders.

29.1.4 Key Managerial Personnel:

In accordance of the provisions of the Act, the following are the Key Managerial Personnel of your Company:

(a) Shri S. Patra, Chairman-cum-Managing Director

(b) Shri R. C. Joshi, Director (Finance)

(c) Shri S. Samantaray, Director (Commercial)

(d) Shri P. K. Sharma, Director (Production)

(e) Shri J. Arora, Director (P&T) & Director (HR)-Addl. Charge

(f) Shri N. K. Mohanty, Executive Director and Company Secretary

29.1.5 Declaration of Independence by Independent Directors:

Your Company has received declaration from the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

29.1.6 Meetings of the Board:

During the year, 7 (seven) Board meetings were held. Details of the meetings are available in the report on Corporate Governance (Annexure-V) placed in this Annual Report.

29.1.7 Various Sub-committees of the Board:

The details of various Sub-committees of the Board including Audit Committee, their composition, terms of reference, details of meetings held are given in the Corporate Governance Report (Annexure-V) placed in this report.

30.0 Annual Return:

In accordance with the Companies Act, 2013, the Annual Return for the financial year 2023-24 in the prescribed format is available in your Company’s website at https://d2ah634u9nypif.cloudfront.net/wp-content/uploads/2024/07/Draft-Annual-Return-2023-24.pdf

31.0 General:

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

(a) Details relating to deposits covered under Chapter-V of the Act.

(b) Issue of equity shares with differential rights as to dividend, voting or otherwise.

(c) Issue of shares, sweat equity shares and ESOS to employees of the Company.

(d) Neither Chairman-cum-Managing Director nor the Whole-time Directors of the Company received any commission from the Company.

(e) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future.

Your Directors also state that no disclosure or reporting is required in respect of the following areas as they are exempted for Government Companies by Ministry of Corporate Affairs vide notification dated 5^th June, 2015 and notification dated 5^th July, 2017.

(i) Company’s policy on Director’s appointment and remuneration including criteria for determining qualification, attributes, independence, etc. as per Section 134(3)(e) and Section 178(2), (3) and (4) of the Companies Act, 2013 (“Act”).

(ii) Manner in which formal annual evaluation of performance of Board, its Committees and individual Directors has been carried out as per Section 134(p) read with Rule 8 (4) of Companies (Accounts) Rules of the Act.

(iii) Ratio of remuneration of each Director to the median remuneration of the employee and other prescribed details as per Section 197(12) read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules of the Act.

32.0 Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

Your Company is a model employer to provide equal opportunity and consciously strives to build a healthy work culture that promotes dignity to all employees. In pursuance of Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, Internal Complaints Committee have been constituted at the production units and the corporate office of the Company to redress complaints relating to sexual harassment. Awareness programmes were conducted across the Company to sensitize employees and uphold the dignity of their colleagues at the workplace, particularly with respect to prevention of sexual harassment.

33.0 Particulars of Loans, Guarantees and Investments:

Details of Loans, Guarantee and Investments covered under the provisions of Section 186 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014 are given in the Note nos. 9 and 11 to Standalone Financial Statements 2023-24.

34.0 Subsidiaries, Joint Venture Companies and Associated Companies:

In accordance with the provisions of Section 129 (3) of the Act read with the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the joint venture and associates and their salient features are given in the Note nos. 43 and 44 of the Consolidated Financial Statements for the year ended 31.03.2024 respectively. Salient features of JV/Associate companies in Form AOC-1 (Note 44) forms integral part of the consolidated financial statement of the Company.

35.0 Awards and Achievements:

(a) Your Company received the highest State Sports Award “Biju Patnaik Sports Award 2023” for Contribution towards Promotion of Sports & Games from Hon’ble Chief Minister, Odisha, on National Sports Day on 29^th August, 2024.

(b) Your Company received Commendation Certificate for SCOPE Meritorious Award 2016-17 in category of Good Corporate Governance.

(c) Your Company received the Top Exporter Gold Trophy under Large Enterprise category for 2019-20 & 2020-21 at EEPC’s 38 ^th & 39 ^th Eastern Region Export Awards ceremony held on 28^th July, 2024 at Kolkata.

(d) Your Company received State Export Award under Certificate of Excellence Category from Directorate of Export Promotion and Marketing, Govt. of Odisha.

(e) “Kalinga Environment Excellence Award-2022” to Aluminium Smelter and Captive Power Plant in the Five Star Category for the performance year 2022.

(f) Dun and Bradstreet Award-2023 to your Company for Business Excellence in the non-ferrous metals sector on 06^th October, 2023.

(g) Smelter Plant was adjudged as “Best performer in Odisha with 5 Star rating” recognition in CII ENCON Energy Conclave 2023 for its strong commitment towards Energy Efficiency.

(h) Smelter plant was adjudged with “Excellent Energy Efficient” unit in CII National Energy Conservation Award 2023 for its strong commitment towards Energy Efficiency.

(i) CII-EXIM Bank Business Excellence Award-2023 to NALCO’s Panchpatmali Bauxite Mines, Alumina Refinery and Smelter Plant.

(j) Captive Power Plant bagged Odisha State “Best Performance Award 2023” for energy conservation in the category of CPP from Govt. of Odisha.

(k) Your Company’s Panchpatmali Bauxite Mines received a number of awards for its Environment Concern, Sustainable development, overall performance during the 25 ^th Mines Environment and Mineral Conservation Week 2023-24, organised by IBM.

36.0 Comments of Comptroller and Auditor General of India on the Financial Statements of the Company:

Annual Financial Statements both standalone and consolidated, as approved by Board of Directors were submitted to the office of Director General of Commercial Audit for their comments. The Comptroller and Auditor General of India has issued ‘Nil’ comments on both the standalone and consolidated financial statements for the year ended 31.03.2024 vide their letter nos. 233/Co-ordn./01-10 (NALCO)/2024-25 and 235/Co-ordn./01-10 (NALCO-CFS)/2024-25 respectively, both dated 29.07.2024, issued by Office of Director General of Audit (Mines), Kolkata.

37.0 Auditors:

37.1 Statutory Auditors:

M/s. A.K. Sabat & Co., Chartered Accountants and M/s. P.A. & Associates, Chartered Accountants were appointed as joint Statutory Auditors of the company by the Comptroller and Auditor General of India for the financial year 2023-24.

The Statutory Auditors report on the Standalone and Consolidated Financial Statements have already been placed before the Board of Directors in its meeting held on 27.05.2024.

37.2 Cost Auditors:

In terms of the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014, Cost Audit is applicable to the Company for the financial year 2023-24.

In compliance with the Companies (Audit and Auditors) Rules, 2014, the Board of Directors of the Company have on the recommendation of the Audit Committee, appointed M/s. B.S.S. & Associates, Cost Accountants as the Cost Auditors for the year 2023-24.

The Company will submit its Cost Audit Report to the Ministry of Corporate Affairs within the stipulated time period.

37.3 Secretarial Auditors:

M/s. SKM & Associates, Practicing Company Secretaries were appointed for undertaking Secretarial Audit job of your Company for the financial year 2023-24 in terms of Section 204 of the Companies Act, 2013 and Rules made there under. The report of the Secretarial Auditors is enclosed as Annexure-VII to this report.

37.4 Internal Auditors:

Your Company has appointed the following Chartered Accountant firms for carrying out Internal Audit functions of the Company for the financial year 2023-24:

38.0 Acknowledgement:

Your Directors acknowledge the excellent support extended by the Government of India particularly Ministry of Mines, DIPAM, DPE and other Ministries/ Departments of the Government of India, various Ministries/Departments of the Government of Odisha, various PSUs in Company’s value-added chain, all stakeholders and investors and look forward for maintaining such mutually supportive business relationship in the coming years too.

Last but not the least, your Directors also place on record their deep sense of appreciation for the dedication and commitment shown by all employees, contractors, contract workers, trade unions and officers associations during the financial year. The Company’s consistent growth was made possible due to belongingness, solidarity, co-operation and support received from all fronts.

For and on behalf of Board of Directors

Place: Bhubaneswar (Sridhar Patra)

Date: 29.08.2024 Chairman-cum-Managing Director

DIN: 06500954