AFFLUENCE

During the year, your Company sold 92,005 units of electric scooters as compared to 23,441 units in the previous year. The Company’s electric scooter had excellent traction amongst the premium scooter buyers with ~82.7% of the total units sold being vehicle with top end features. The volume growth during FY 22-23 has been significant despite supply constrain situation in first half of the financial year which limited Company’s network expansion and considerable competitive pressures in the second half of the year.

(A) Conservation of Energy i. Energy conservation measures taken Installed with 36 nos. of IOT based Energy Meters across its plants to monitor energy consumption and control. Variable Frequency Drive (VFD) based Screw Air Compressor which consumes 15% lesser energy during operation Regenerative Battery Testing Equipments (Cyclers) and Vehicle Testing Equipment (Dyno Machines) which regenerates up to 7% of power consumed during testing. ii. Steps taken by the company for utilizing alternate sources of energy Roof top Solar Plant installation is in progress which will cater 18.5% of total power consumption during day time. iii. The capital investment on energy conservation equipment. Energy Meters: INR 7 Lacs VFD based Air Compressor: INR 14.5 Lacs Battery Testing (Cyclers): INR 70 Lacs Regenerative Kit (Dyno): INR 30 Lacs

(B) Technology Absorption. i. the efforts made towards technology absorption Scaling up of end-to-end Supply Chain and Operations to cater to larger demand by upgrading Technology and Innovations across the board. Development of a different Scooter variant. IOT based traceability and real time visualization for all Outbound Trucks. Development for visualization of Inbound Stock by implementation of Advanced Shipping Notice. ii. The benefits derived like product improvement, cost reduction, product development or import substitution. Significant cost reductions observed across purchase value and Operations Opex while improving on Quality performance as well iii. in case of imported technology (imported during the last three years reckoned from the beginning of the FY) - Technology imported - Year of import. - Has technology been fully absorbed? - If not fully absorbed, areas where this has not taken place, reasons there for and future plans of action Nil. iv. the expenditure incurred on Research & development INR 10,51,18,040

(C) Foreign exchange earnings and outgo Amount in INR Particulars FY2022-23 FY2021-22 Foreign Exchange inflows 2,22,09,198 4,26,921 Foreign Exchange outgo 5,71,79,91,989 91,09,36,180

Directors' Responsibility Statement In accordance with the provisions of section 134(5) the Board confirms and submits the Directors’ Responsibility Statement as follows: a) In the preparation of the annual accounts and the applicable accounting standards has 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 and loss of the company for that period; c) The directors have taken proper and sufficient care for the maintenance of adequate accounting records for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d) The directors have prepared the annual accounts on a going concern basis; and e) The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.