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                                                      To be the global leader in the wire rope industry by delivering customer delight, adopting modern technology and ensuring sustainable growth for all of its stakeholders. Usha Martin's business model is primarily to stock and sell the through their own distribution centers worldwide in SE Asia, Australia, Europe, US, UAE and also do some direct sales from plant. In the past, Usha Martin was involved in the steel making business which was impacted due to the severe downturn in the industry and high leverage of the Company. To overcome these challenges, they undertook divestment of the steel business by way of a slump sale.  This exercise enabled the Company to significantly deleverage and turnaround our financial and operational position. While it was a tough decision at that time, this helped us transform from a commodity business to a value-added high ROC business. It is important to note that the Company never defaulted, did no

  Xpro India Limited is a diversified, multi-divisional, multi location company focused on polymer processing with strong governance standards. The company is family-led and professionally managed, an arm of India's largest and most reputed industrial house, the Birla family.  They currently have manufacturing facilities in Greater Noida - UP, Ranjangaon - Maharashtra,  Barjora -   West Bengal. The operating units have built up special skills and competencies in the specialised field of co-exclusion with application in the manufacture of oriented films, multi layer plastic sheets, and multi layer cast plastic films. Thermoforming supports downstream operations for sheets. Biax Division (enjoys a leadership position in Dielectric/capacitor films) Only manufacturer in India and meets about 33% of domestic needs and rest is imported thus provide natural market. Capacitors essential to electricity distribution and consumption; A growing market with added thrust on infrastructure.

  Management Commentary -  First talking about the flexible packaging business. Although Quarter 4 was a fairly challenging quarter primarily for the commodity part of the business, however, the company could still post 10% EBITDA on the back of the specialty film portfolio. The results are clearly outperforming the industry.  Entire industry for BOPP and BOPET is under pressure due to over supply - During the quarter, commodity films’ margins, both on the BOPP and BOPET witnessed a further decline compared to the previous quarter impairing the profitability of the entire industry. The BOPP and BOPET industry faced excess supply scenario caused due to bunching of several new production lines. Although, the demand side continues to grow. The bunching of supply caused margin drop and impacted everyone in the industry. - Cosmo derive 2/3rd of the revenue from speciality films and 1/3rd from the commodity films (BOPP and BOPET) Margins are depressed compared to March 2022 - BOPP films’ mar