Dear Stakeholders,

Reflecting upon the bygone year, I am filled with a sense of pride for what your company has achieved in FY2024 and it is with this optimism that I am writing to you.

While the global growth landscape remained tepid with geopolitical tensions in the Middle East and Europe, India continued to be the fastest-growing economy with the GDP growing by 8.2 % in FY2024 as per the National Statistical Office (NSO). This has propelled the Indian economy to $3.5 Trillion and has set the stage for achieving the $5 Trillion target. The emphasis on infrastructure development by the Government is reflected in India's resilient economy and has contributed to it being an attractive destination for investors. In FY2025, with the new Government in place, a continuation of infrastructure-based schemes such as Bharatmala, Sagarmala, National Infrastructure Pipeline (NIP), PM Gati Shakti and Dedicated Freight Corridors will speed up.

Led by our transformation initiatives, prudent project selection, and execution excellence, FY2024 saw the Company turning around its financial performance. Not just that, these initiatives have also set the foundation for sustained growth and value creation for our stakeholders.

In FY2024, we delivered marquee projects that will shape the future of India in the years to come. This includes India's New Parliament House – a place where aspirations of 140 Crore Indians will fructify; India's longest sea bridge – Atal Setu (MTHL); several hundred kilometres of Dedicated Freight Corridor (DFC) which would give a fillip to the way goods are transported across the country; Trisonic Wind Tunnel for Indian Space Research Organisation (ISRO); and a solar manufacturing plant for US' leading renewable energy firm First Solar Inc. With these projects, we continue to build a new and powerful India.

In line with our Mission, Vision, and Values, we are committed to embedding sustainability at the core of our businesses. Aligned with the Group’s approach to planetary resilience and the Net Zero by 2045 targets, we have set baselines for all of our Sustainability Key Performance Indicators across each Business Line for FY2024. This foundational work is essential for developing our Net Zero roadmap in FY2025. Decarbonising our construction sites remains a key priority. We have introduced pioneering initiatives at our sites, which we plan to replicate in future projects, alongside maximising the use of renewable power. We are leveraging innovative technologies to minimise construction waste and amplify the circularity of generated waste and water, thereby reducing our impact on biodiversity.

Optimising design, use of latest construction methods and change of material mix are allowing us to reduce the embodied carbon in the Infra that Tata Projects is building. We are working closely with Tata Steel on the use of low-carbon steel and some of the leading cement manufacturers for low-emission cement, with our aspirations to be one of the Global Leaders in Sustainability for the construction industry.

A Health Safety Environment (HSE) and a culture of caring are at the core of everything we do at Tata Projects, and we are committed to providing a consistently safe workplace to all. We have a 'Zero Harm' goal when it comes to our operations and are proud to be a benchmark within the industry when it comes to safety. This has won us several awards and accolades. We are committed to enhancing gender diversity and inclusion across our organisation. Through targeted recruitment efforts, gender sensitivity training, and fostering a more inclusive workplace culture, we aim to create opportunities for women at all levels. Our CSR programmes, centred on skill-building, health, and water management, are designed to enhance the quality of life in the communities within identified aspirational districts.

As India travels on its path to net zero, the construction sector will play an important role in achieving it. Guided by Tata Group’s Alingana programme to drive decarbonisation in our business, sustainability remains at the core of our infrastructure development, and we are engaging with technology partners, bringing customers and vendors on the same page, and taking measurable steps.

Our focus on innovation, technology, and safety drives us to deliver projects with unparalleled speed and efficiency. We envision India @100 as a self-reliant nation where technological advancements and innovation will drive our progress. As we march towards the 2047 target of Viksit Bharat, the Government of India’s commitment to infrastructure development will continue to be an important driver to build an Atmanirbhar Bharat.

With this, I extend my heartfelt gratitude to our dedicated team, our investors, and all stakeholders. Your unwavering support and confidence have been instrumental in our success. Together, we will continue to build a prosperous and resilient India.

Warm regards,

Dr. Praveer Sinha

Chairman – Tata Projects Limited