Dividend distribution is encompassed by the financial strategy of the Company, which primarily aims at enhancement of long-term shareholder value and sustainable growth, in a way that the shareholders can participate equitably in the Company's growth, while maintaining a strong financial foundation for the Company.

The declaration and distribution of dividend to the shareholders will be subject to internal and external factors, such as fresh investments in subsidiaries / associates, expansion, diversification, growth, new projects, brand / business acquisitions, long-term strategic plans, joint-venture plans, meeting unforeseen contingencies and other circumstances, which in the opinion of the Board, requires retained earnings.

The Company shall endeavor that the dividend amount in every financial year will be stable and steady. The actual quantum of dividend pay-out each year will be guided by the Company's financial performance and cash flow position and will take into account the requirements of funds to sustain the business and growth plans of the Company, as well as the economic and market conditions then prevailing.

The Company currently has only one class of shares, i.e. equity shares. Final dividend will be recommended by the Board for approval of the shareholders in a general meeting, while interim dividend may be declared by the Board at their discretion.

This Policy is subject to review from time to time.

This policy shall be effective from May 17, 2019.