Nippon Life India Asset Management Ltd Management Discussions

1. INDIAN ECONOMIC OVERVIEW

Economy: The Indian economy continued to grow robustly for third consecutive year. Despite the tight monetary policy (both domestically and globally) and rising global uncertainty (on the back of the prolonged Russia-Ukraine war and conflict in Middle East), India grew buoyantly at 7.6% YoY in FY24 after growing 7% / 9.8% YoY in FY23 / FY22 respectively. As a result, India has emerged as one of fastest growing economies in the world for three years in a row. The robust growth is driven by double-digit growth in capital expenditure (capex) from the industry on the demand side as well as broad-based robust services growth from the supply side.

Inflation: After rising to an average of 6.7% YoY in FY23 (in the backdrop of Russia-Ukraine war and sharp acceleration in commodities), the inflation in FY24 eased to 5.4% aided by muted fuel and core prices. That said, headline inflation trajectory during the year was a function of food prices volatility. After easing to below 5% YoY on average in Q1, headline inflation rose sharply to ~6.5% YoY average in Q2 due to acceleration in vegetable prices. Inflation in H2 FY24 eased, driven by lower food prices (seasonality), favourable base effect and muted fuel and core inflation.

Monetary Policy: After aggressively raising policy rates in FY23, RBI left the policy rates unchanged in FY24. Despite the improvement in rupee liquidity during the year, the RBI actively managed the system liquidity for effective transmission of policy rates.

Fiscal Policy: FY24 saw robust gross tax collections driven by improved compliance and formalisation of the economy, while expenditure growth was muted. Although government revenue spending growth was flattish, capex continued to grow in higher double-digits. In the latest budget, the finance minister has improved FY24 fiscal deficit projection and put fiscal consolidation on fast track in FY25 - with promise to adhere to medium term fiscal consolidation target of 4.5% by FY26. According to the budget, FY24 fiscal deficit (as % of GDP) is estimated at 5.8% of GDP (BE: 5.9%). This, despite, moderation in nominal GDP. This is expected to be achieved via strong revenue growth (tax + non-tax revenue) and controlled expenditure. In FY25, fiscal deficit is expected to improve to 5.1% of GDP (against market expectations of 5.2-5.4%) aided mainly through rapid compression of revenue expenditure.

External Sector: After concerns over the external balances in FY23 (in the backdrop of war, sharp acceleration in across-board commodity prices and tight financial conditions), the current account deficit in FY24 is expected to have eased to ~1% of GDP (FY23: 2% of GDP). Lower trade deficit (on the back of muted commodity prices, improved supply chain etc.), robust services surplus and strong NRI remittances helped in improving current account dynamics. Despite muted FDI flows, buoyant FPI flows (equity and debt) during the year helped in improving the overall balance of payments.

Outlook: The Indian economy is expected to grow at a robust 6.5%-7.0% in FY25, despite rising global geo-political uncertainties and a tight monetary policy since FY23. Government driven capex push should continue into FY25, with expectations of private capex likely to pick up soon (as reflected by high-capacity utilization ratio and capex intentions announced). This, along with improved external dynamics (PLI, net services exports) is likely to support growth. That said, the recent rise in crude oil prices, if sustained, can have implication on external balances, fiscal and inflation. While policy rates in India have already peaked, the expectations of policy rate easing might take longer than expected to play out. General expectations are of shallower rate cuts in the current cycle, starting from the second half of FY25.

2. MUTUAL FUND SECTOR

Industry Overview

The Mutual Fund Industry has been witnessing robust growth. Over the last 10 years, the assets under management (AUM) of the industry grew at a CAGR of 20% and was at 54.1 Lakh Crore as of March 2024. This rate of growth is a result of various factors including Indias high nominal GDP growth, increased financialization with investors choosing financial assets over physical assets, improved awareness levels through campaigns such as ‘Mutual Funds Sahi Hai, the credibility of products with high transparency, liquidity, diversification, and professional management, and the digitalization of investments.

FY24, was a very strong year the industry. AUM growth was 34% YoY, as against 6% YoY in FY23. This performance was driven by a sharp growth in Equity AUM at 49% YoY, which also led to the mix of Equity AUM increasing to 58% of total MF

QAAUM. The Equity category (excluding index funds and arbitrage funds) witnessed a gross inflow of 6,23,690 Crore and a net inflow of 2,00,448 Crore – higher by 40% / 28% on a YoY basis respectively in FY24. Highest inflows were witnessed across Sectoral/Thematic funds, Small Cap funds and Multi Asset Allocation funds, while Multi Cap funds, Large & Mid Cap funds and Mid Cap funds also witnessed strong flows. Monthly SIP flows touched 19,271 Crore in March 2024 (up 35% YoY), while SIP AUM at 10.72 Lakh Crore grew by 57% in the year. The Fixed Income category i.e. (debt + liquid), witnessed a net inflow of 215 Crore in FY24 versus a net outflow of 2,00,883 Crore in FY23. The ETF category had a net inflow of 48,142 Crore.

Source: AMFI, Data as of Q4 for the FY

Equity markets in FY24 showed a robust performance as compared with the prior year. The NIFTY moved up by 29% YoY, while the NIFTY

Mid and Small Cap indices rose by 56% and 63% respectively. The RBI held the repo-rate steady at 6.50%, while the 10 Year G-Sec yield moderated by 26 bps YoY to 7.06%.

Participation from Individual Investors

Individual investor participation continues to be robust. The number of unique MF investors increased from 3.73 Crore in FY23 to 4.46 Crore in FY24 i.e. a growth of 20% YoY. The industry also added 3.21 Crore folios in the year to reach a total of 17.79 Crore folios, as compared to 1.62 Crore folio addition in the previous year. The interest in ETFs continued to be strong with an addition of ~0.21 Crore folios.

Asset Mix

Equity AUM, as a proportion of total AUM, rose from 52% to 58% in the year aided both by market appreciation as well as high net flows. The share of fixed income schemes declined, with share of debt schemes declining from 22% to 19% and liquid schemes declining from 14% to 11%. The share of ETFs was broadly stable YoY at 12.3% of AUM despite high growth, owing to higher growth in Equity AUM.

AUM Break Down (%)

Equity

A high-risk fund that invests primarily in equity securities with the goal of capital appreciation over the medium to long term. The returns are linked to the performance of the capital markets. There are different types of equity funds diversified funds, sector-specific funds, and index-based funds. In addition to equity funds, balanced/hybrid funds invest both in equity and debt instruments and strive to provide growth as well as regular income. Equity AUM contributes 58% to the total industry assets and saw a 49% increase in the year.

Debt Funds

Debt Funds/Fixed Income Funds invest predominantly in debt and money market instruments, i.e. corporate bonds, debentures,

Government Securities, Certificates of Deposits,

Commercial Papers, etc. Debt AUM makes up 19% of total industry assets and increased by 16% in the year.

Liquid Funds

Also known as Money Market Funds, these funds invest in highly liquid money market instruments and provide easy liquidity. Liquid funds are short-tenure investments and typically used by corporate houses, institutional investors, and high net worth individuals to deploy surplus liquidity. Liquid AUM contributes 11% to total industry assets and saw an increase of 5% YoY.

ETF

Exchange Traded Funds track an index, a commodity, or a basket of assets as closely as possible but trade like shares on the stock exchanges. ETF AUM contributes 12% to total industry assets and grew by 31% YoY.

Top 10 AMCs AUM Trends

The Indian MF industry has over 40 AMCs and that includes private sector companies, joint ventures with foreign entities and NBFC/bank-sponsored AMCs.

The industry remains largely consolidated in the top 10 AMCs, which managed 42.3 Lakh Crore as of Q4 FY24, which accounted for ~78% of the industry AUM.

AUM Market Share (%)

Geographic Mix

Historically, AUM has been concentrated in the Top 30 (T-30) cities due to presence of institutional investors as they have a higher concentration of assets in non-equity schemes. The T-30 cities hold the majority of MF assets with a share of 82%, while the B-30 cities, or beyond the T-30, held 18% of the assets as of March 2024. AUM from B-30 has a higher composition of equity assets compared to T-30 cities.

Geography-wise AUM (%)

Investor-wise break-up of AUM

The industrys investors base can be broadly categorized as Retail, High Net-Worth Individuals

(HNI) and Institutional. In FY24, Retail and HNI segments grew by 48% and 39%, respectively, while Institutional AUM grew 29%. Institutional accounts for 39% of the industry AUM, whereas

HNI AUM is at 34% and Retail AUM is at 27%.

Consistent Growth in SIP Inflows

Systematic Investment Plan or SIP, as it is commonly known, is an investment plan offered under Mutual Funds where a fixed amount can be invested in a scheme periodically, at fixed interval, like, once in a month.

Source: AMFI, Data as of last month of the FY

SIP inflows remained strong through the year. Quarterly SIP flows for the industry have been an increasing trend for 14 straight quarters up to Q4 FY24. This indicates the mature behaviour and the long-term investment horizon of individual investors and realisation that is a sustainable mode for wealth creation. The total gross inflows from SIPs were 1.99 Lakh Crore for the year which was a growth of 28% YoY. The breadth of the investor base continued to expand, with the total number of SIP accounts at 8.40 Crore as on March 31, 2024, with an addition of 2.04 Crore accounts during the year. The gradual increase in participation from the retail segment, and the rising prominence of SIPs bring in a sense of stability to industry inflows.

Outlook

The Indian economy continues to remain robust supported by demographic tailwinds, policy, and structural reforms. Key lead indicators remain buoyant reflecting the robust economic activity Moderating inflation, pick up in private sector capex are also positive drivers. India is emerging to be destination of choice for global investors given the favorable macros, expectations of policy continuity etc. However geopolitical challenges persist and this combined with uncertainties over timing of policy pivot across the developed world, political shifts due to allocations across multiple geographies can lead to higher volatility. From a domestic context while the larger construct looks positive in India, valuations continue to remain elevated at a broad level and the pricing expectations need to be matched by the corporate earnings. While the medium-term equity outlook continues to be optimistic, near term could be more volatile as sentiment is likely to be influenced by evolving global growth/macros, oil prices, domestic earnings, and demand scenario.

Improved macros (growth, current account balances, inflation and fiscal) are also expected to support fixed income markets in FY25. Further, strong commitment to rapid fiscal consolidation, lower than expected market borrowing calendar and bond inclusion lined up in FY25 (JP Morgan

Bond Index, Bloomberg Bond index) are likely to support markets.

Given the current low levels of penetration, the Indian mutual fund industry has a long growth runaway ahead. Indias mutual fund penetration (AUM to GDP) is in mid-teens, which is much lower than the world average of over 60%. However, there are some key drivers that are likely to unlock the fundamental and sustained growth potential of the industry, and these include Indias favourable demographic dividend, the formalisation of the economy, growing financial inclusion, greater disposable income and investable surplus, increasing financial savings, higher investor awareness, investor-friendly regulations, wide range of transparent and investor-friendly products, ease of investing, tax incentives, expanding distribution coverage, digitalisation, and perception of mutual funds as long-term wealth creators.

The mutual fund industry, with its several advantages, such as the ability to offer professionally managed, diversified portfolios, with high levels of transparency, liquidity and relatively low cost stands to continue to benefit from the structural growth opportunities over the long term.

3. ALTERNATIVE INVESTMENT FUNDS

Alternative Investment Funds (AIFs) are pooled investment vehicles that collect funds from sophisticated investors (both domestic and

. international) to make investments in non-traditional investment assets (in accordance with a defined investment policy) for the benefit of its investors. The minimum investment amount by any investor in an AIF is 1 Crore.

SEBI has identified three categories of AIFs based on investments as below: Category I: Funds that have positive spill-over effects on the economy for which certain incentives/concessions might be considered, e.g., venture capital funds, angel funds, SME funds, social venture funds, infrastructure funds, etc.

Category II: Predominantly includes funds that invest in unlisted securities and includes funds like PE/VC funds, Private Debt funds, etc., and represent the largest AIF category.

Category III: Include funds that deploy diverse or complex trading strategies, including the use of debt/leverage through investment in listed or unlisted securities, e.g. hedge funds or funds that invest with a view to earn short-term returns comprise a large part of this segment.

The investment commitments received by AIFs in India have crossed the 10 Lakh Crore mark for the first time, amid a rising demand from investors seeking to generate returns higher than conventional investment sources. As of

December 2023, the investment commitments stood at 10.84 Lakh Crore, up 13.6% QoQ and over 40% YoY.

Following the change in taxation of debt mutual funds and market-linked debentures in the Union Budget 2023-24, AIFs that invest in private credit have gained significant traction. The AIF industry has also undergone a slew of regulatory changes in the last year, with dematerialization for fund units above a particular threshold, revamp in the fee structure, benchmarking, and valuation norms, among others.

4. PORTFOLIO MANAGEMENT SERVICES

Portfolio Management Services (PMS) is an investment management service offered by asset management companies, brokerage houses and wealth managers to wealthy investors, such as HNIs and institutions. It is one of the most versatile investment vehicles and is best suited for concentrated, benchmark-agnostic, bottom-up stock picking.

PMS is broadly divided into discretionary and non-discretionary/advisory. The PMS industry AUM as of February 2024 was at approximately 32.48 Lakh Crore in total and 6.23 Lakh Crore excluding EPFO.

5. COMPANY OVERVIEW

True Blue Asset Management Player

Nippon Life India Asset Management Limited (NAM India, or the Company) is one of the largest asset management companies in India, with a track record of over 28 years, and a total AUM of 5.24 Lakh Crore as on March 31, 2024. The

Company is involved in managing

(i) Mutual funds including Exchange Traded Funds (ETFs) (ii) Managed accounts, including Portfolio

Management Services (PMS), Alternative

Investment Funds (AIF) and pension funds (iii) Offshore funds and advisory mandates The Company is promoted by Nippon Life Insurance Company, one of the leading private life insurers in Japan, with assets of over JPY 87 trillion as on March 31, 2023. The following table illustrates the closing AUM of the Companys respective offerings:

Mutual Fund

Nippon India Mutual Fund (NIMF) offers a well-rounded portfolio of products, i.e. Equity, Debt, Liquid as well as ETF for investors to meet varying requirements. The Company started its mutual fund operations in 1995. It constantly endeavours to launch innovative products and customer service initiatives to increase value to investors.

As of Q4 FY24, the Company managed QAAUM of 4,31,308 Crore. With 2.43 Crore folios, the Company has the largest base of investors in the industry. As of March 31, 2024, NIMF manages 99 schemes, of which 86 are open-ended (43 active and 43 passive).

Business Strengths

Strong Base of Retail investors and Assets

NIMF has been known for its strength in the retail segment. Over the last two decades, the

Company has meticulously built its assets in this category and created long-term wealth for its retail investors. It will continue to enhance these offerings to further expand its investor base.

NIMFs retail AAUM contribution to total AAUM is amongst the highest in the industry at 30%.

Also, the Company has the largest base of retail investors in the industry, with retail folios crossing

2.32 Crore as on March 31, 2024. The Company plans to ramp up its efforts in this segment with a mix of on-ground presence in smaller locations and evolving digital assets to improve experience and to on-board new investors.

Higher Share of AUM from B-30 Locations

NIMF continues to be amongst the leaders in the

‘Beyond Top 30 cities segment (B-30 locations). These locations have a higher share of equity assets compared to non-equity assets. This segment contributed an AUM of 86,204 Crore, with a share of 19.5% of total assets, which is higher than the industry average. In smaller locations, there is a need for face-to-face communication to get new investors into the MF industry. NIMF has one of the largest on-ground presences 263 locations pan India and we endeavour to provide an all-round interface for our online and offline investors.

Long Term and Stable Systematic (SIP & STP)

Inflows

SIP and STP are among the strongest pillars of the industry, and in addition to providing long-term sustainable inflows, they also instil a ‘savings habit among investors and ensure steady disciplined investing rather than ad-hoc investment. NIMF received 21,081 Crore in inflows from systematic transactions in FY24, up 92% YoY. In the month of March-2024, NIMF received 2,329 Crore in inflows from systematic transactions which is a recurring monthly inflow, resulting in annualised inflows of over ~ 28,000 Crore. The book has 78.2 Lakh SIP and STP folios that have grown by 61% in FY24.

Leadership Position in the Passive Category

The company offers the most diverse range of passive products in the industry with 25 ETF schemes and 18 Index funds. Passive AUM crossed 1,00,000 Crore during the year. The ETF segment had assets of 1,11,542 Crore and has the largest volume market share in the Industry.

Approximately, 61% of the exchange volumes are contributed by NIMFs ETF schemes (as of Q4 FY24). With 1.13 Crore folios, NIMF holds 60% of the industrys folio market share, and added about 11 Lakh folios in FY24. There has been a consistent participation of HNI segment in passive products, indicating greater adoption by an evolved class of investors.

De-risked Distribution Model

Mutual Fund Distributors (MFDs), foreign banks,

Indian private and public sector banks, national distributors, and digital platforms make up the Companys multichannel distribution network.

On March 31, 2024, the company had more than 1,01,400 empanelled distributors in India, among the highest in the industry. NIMF is also far less reliant on the banking channel versus most other large AMCs.

Making Deeper In-roads into India

Currently, NAM India has a pan-India network of 263 locations, which is amongst the highest in the industry. The Company continues to focus on B-30 cities, as assets from smaller locations have higher persistency and are more profitable.

Managed Accounts AIF

Our subsidiary, Nippon Life India AIF Management Limited (NIAIF) is one of the prominent investment managers in the Indian Alternative Investment

Industry. It has 20 Schemes of AIFs across Category II and Category III. It offers various strategies under Listed Equity, High Yield Real

Estate Debt, Private Credit and Venture Capital Fund of Funds.

Key highlights of FY24:

• As of FY24 the commitments raised by the Company crossed 6,000 Crore and closed the year at over 6,100 Crore.

• Closing AUM grew 39% YoY.

• Continued to deliver consistent long-term investment performance across all asset classes.

• Gross sales of over 550 Crore during the year through Listed Equity, Real Estate and Private Credit AIFs.

• Successfully launched and made initial closing of "Nippon India Credit Opportunities AIF Scheme 1" a domestic Performing Credit Fund.

• Commenced marketing activities for "Nippon India Digital Innovation Fund-2" a follow-on fund to the Nippon India Digital Innovation

Fund (FoF).

• Continued investment activities of Nippon

India Digital Innovation Fund (FoF); till date the fund has invested across 12 underlying VC funds, deployed ~80% of commitments raised.

Your Company is looking forward to FY25 with optimism and with a healthy pipeline of new fund opportunities in the following areas:

• Long-Short Fund for domestic investors.

• Follow-on long only Equity Funds for domestic investors.

• Follow-on funds in the Technology / Venture Capital space for Japanese and domestic investors.

• Follow-on funds under existing real estate mandates for Japanese investors.

• Follow-on funds in Private Credit in the performing credit and adjacent spaces.

PMS

The Company provides portfolio management services to high-net-worth individuals and institutional investors. It is one of the few AMCs in India who have won and managed various prestigious government mandates in the past.

The Company continues to manage the two prestigious government mandates, i.e. Post

Office Life Insurance and Rural Post Office Life Insurance. Currently, there are four equity strategies offered to investors, and all investment strategies under PMS continue to outperform their benchmarks and peer groups over the long term. As on March 31, 2024, the Companys total

AUM was 72,884 Crore, as part of the PMS and managed accounts business.

Offshore Funds and Advisory mandates

The Company manages offshore funds and distribution through its subsidiary Nippon Life

India Asset Management (Singapore) Pte. Ltd. (NAM Singapore) in Singapore, and has a representative office in Dubai, UAE.

The overseas subsidiary helps to cater to institutional and high net worth investors across

Asia, Middle East, UK, US, Latin America, and Europe. As on March 31, 2024, NAM Singapore managed a total AUM of $1,610 million or 13,421 Crore as part of its international offshore managed portfolio.

NAM Singapore serves the requirement of overseas retail, institutional and high-net worth investors who are keen to invest into India, by offering both the Equity and the Fixed Income offerings investing into India.

The Company also acts as an Investment Advisor for India-focused equity and fixed income funds in Japan. Further, as on March 31, 2024, the

Company had a total AUM of $261 Million or

2,176 Crore as international advisory mandates. NAM Singapore acts as an investment manager for the fixed-income fund ‘Xtrackers India Government Bond Fund, which was launched in collaboration with Xtrackers (DWS)- one of the largest European AMC.

Key highlights of FY24:

• Managed AUM grew by 50% YoY.

• Added new geographies in Asia, Europe and Latin America to our distribution network.

• Our UCITS Equity Fund: RAMS India Equities Portfolio Fund II - USD Institutional Class is now a 5-star rated share class according to

Morning Star.

• Scheduled to launch new strategies in the UCITS space to further expand our product offerings to International Investors.

6. OPPORTUNITIES AND THREATS

Opportunities

• Under-penetration of mutual funds in India

• Ongoing financialisation of savings in India

• Increasing per capita GDP

• Increase in investors for SIPs

• Larger allocation by informed investors towards passive products

• Rise in flows from smaller cities/towns

• A strong owned distribution network with extensive reach across India

• Deepening digital channel distribution contributing to disintermediation and de-risking of sales and distribution

• Leveraging Nippon Life Japans global network for international tie-ups and partnerships

• New frontiers of growth in emerging areas of business such as AIF and international markets

Threats

• Impact of rising Inflation on household savings and corporate earnings

• Rise in the culture of direct investing may have a short-term impact on equity flows

• Intense competition amongst MFs to garner higher AUMs can lead to increase in commissions, and consequently impact revenue

• Impact of regulatory intervention on fees, charges, reduction of exit loads

7. FINANCIAL PERFORMANCE

The financial statements of the Company for the year ended March 31, 2024, have been prepared in compliance with the Companies Act, 2013 and Indian Accounting Standards, Rules 2015.

The Company has adopted Indian Accounting

Standards (Ind AS) – IFRS Converged Standards.

Consolidated Financial Performance Revenue

The Companys consolidated total revenue stood at 2,037 Crore compared to 1,517 Crore in the previous year. Other income stood at 394 Crore compared to 167 Crore in the previous year.

Expenditure

Total consolidated total expenditure for the year increased by 16%, to 685 Crore, as against 589

Crore in the previous year. Fee and Commission expenses for the year amounted to 62 Crore as against 50 Crore in the previous year a increase of 24%. Employee benefit expenses for the year were 336 Crore as against 303 Crore in the previous year, up by 11%.

Depreciation for the year recorded a 3% decrease to 29 Crore, as against 30 Crore in the previous year. Other expenses for the year were 252 Crore as against 202 Crore in the previous year an increase of 25%. Profit for the year stood at 1,107 Crore as against 723 Crore in the previous year a increase of 53%. Total Comprehensive Income for the year saw a 53% increase and stood at 1106 Crore as against

721 Crore in the previous year.

Utilisation of IPO Proceeds

As part of the IPO conducted in October 2017, NAM

India had raised 617 Crore from fresh issue of equity shares. These funds were to be utilised towards various objectives, including branch network expansion, IT infrastructure, advertising, brand building, seed investment in AIF schemes and MF schemes, and inorganic growth as well as strategic initiatives.

The Company utilised 393 Crore out of these proceeds by March 31, 2024, as per the specified objectives. The amounts raised, utilised till date and pending utilisation, is detailed in Note no. 40 in the Notes to the Accounts of the Consolidated

Financial statements.

Due to the dynamic and evolving nature of the industry and ever- evolving digital ecosystem,

NAM India has been prudent in deploying its

IPO funds. Also, the opportunities for inorganic growth and strategic initiatives have been limited. Due to the exponential surge in digital transactions after the IPO, there has been a diminishing need for rapid expansion in physical presence and opening of new branch offices.

Hence, the Company continues to be vigilant with regards to branch expansion in Tier 3 and Tier 4 cities.

Given the lack of inorganic openings at a reasonable cost, which could support NAM

Indias current business, the Company has been constantly evaluating multiple opportunities for potential synergies. However, no actual acquisitions have come to fruition. The Company remains open to evaluate opportunities for strategic partnerships.

Against this backdrop, NAM India will continue to explore the deployment of its IPO proceeds towards value accretive and strategic initiatives in the future. However, unless the opportunities have value-accretive potential for shareholders, add to the profitability, or complement the existing businesses, it will not take risks with the available resources. NAM India will review the strategy on the deployment of these funds in the light of these factors, without diluting the stated intent that any utilisation must have value accretion for shareholders at the forefront.

8. COMPLIANCE

In the context of NAM India, compliance plays a very significant role. On the one hand, it acts as an interface between the Company and various regulators; on the other, it serves as the Companys compliance and legal conscience.

With a steadfast focus on strong compliance and robust corporate governance principles and processes, the Company remains a completely compliant corporate citizen by choice. NAM Indias compliance team keeps itself as well as the organisation duly updated on new regulatory requirements and developments. For many years now, the Compliance team has concentrated on imparting training and spreading awareness on various aspects that are relevant to the organisation. As a part of its periodic training initiatives, the Compliance team engages with employees to educate, sensitise, and educate them about their obligations under the Companys codes/policies.

The Companys management is not only committed but has always been fully geared up to comply with the applicable laws in letter and spirit, and strictly follow the ethical principles that govern business. Being fully aware of the stated regulatory requirements, the Company strives to remain ahead of the curve when it comes to compliance and governance. The interests of its unitholders, shareholders, and other relevant stakeholders are always at the forefront while taking decisions regarding business planning and execution.

The Board of Directors of the Company as well as that of the Trustee company also have a strong sense and flair towards compliance and governance standards. The Board periodically reviews and approves the various policies and processes of compliance, which forms an integral part of the organisational DNA. Matters of compliance and governance are given undivided and focused attention at the meetings of the Board. In addition to this, the

Company continues to improve its underlying policies, documentation, and internal processes through a seasoned and experienced in-house Compliance Team that has an independent line of reporting to the Board.

We strongly believe that a world-class ethics and compliance program not only protects an organisation from internal and external threats, but also enhances its brand and strengthens its relationships with all stakeholders.

9. RISKS AND CONCERNS

NAM India is exposed to specific risks that are particular to its businesses and the environment in which it operates, including credit risk, operational risk, competition risk, regulatory risk, human resource risk, outsourcing risk, information security risk, cyber security risk, and macro-economic risk.

Competition risk

The financial sector industry is becoming increasingly competitive, and the Companys growth will depend on its ability to keep up with competition effectively. The Companys main competitors are Domestic Mutual Funds,

Portfolio Management Services, Alternate Investment Funds, investment products offered by insurance companies, savings schemes operated by Government as well as bank Fixed Deposits. Further liberalisation of the Indian financial sector could lead to a greater presence or entry of new foreign asset managers offering a wider range of products and services. This could significantly toughen the competitive environment. With its strong brand image, wide distribution network, diversified product offering, and quality management, the Company has a strong competitive advantage.

Market risk

The Company has quoted and unquoted investments in equity, debt, and mutual funds, all of which are exposed to fluctuations in the prices of underlying assets. The portfolios are reviewed for market risks on a periodic basis. The Company also applies stress-testing to the portfolio monitor to manage the market risks.

Credit Risk

The Company has quoted and unquoted investments in bonds and debt-oriented mutual funds. Therefore, there is a risk of default or failure on the part of borrowers in meeting their financial obligations towards repayment of principal and interest. Hence, credit risk is a loss because of non-recovery of funds both on principal and interest counts. This risk can be addressed through diversification, by spreading investments into multiple bonds and mutual funds across multiple issuers.

Liquidity and Interest Rate Risk

The Company is exposed to liquidity risk principally due to the investments for periods that may differ from those of its funding sources. However, this risk is mitigated as all the investments are made though accumulated surpluses and equity infusion.

The Company has quoted and unquoted investments in bonds and debt-oriented mutual funds, thus the risk arising out of interest rate movements exists. This risk is comprehensively addressed by duration management across the portfolio.

Human Resource Risk

The Companys success depends largely upon the quality and competence of its management team and key personnel. Attracting and retaining talented professionals is therefore a key element of the Companys strategy and a significant source of competitive advantage. While the

Company has a salary and incentive structure designed to encourage employee retention, a failure to attract and retain talented professionals, or the resignation or loss of key management personnel, may impact the Companys business and its future financial performance.

Operational Risk

The Company may encounter operational and control difficulties when venturing into new markets. In new markets, the rapid development and establishment of financial services businesses may pose unexpected risks. Such risks could have a materially adverse effect on the Companys financial position and the results of its operations.

The Companys operations have been automated to a great extent, which minimises the risk arising out of human errors and omissions. A robust system of internal controls is adhered to by NAM India (ISO 9001:2008 certification). This ensures all its assets are safeguarded and protected against loss from unauthorised use or disposition, and all its transactions are authorized, recorded, and reported accurately. The Company conducts Risk & Control Self-Assessment (RCSA) periodically, whereby all potential risks are identified, and mitigating controls are put into place.

The Audit Committee of Board reviews the adequacy of the internal controls regularly. The Company is focused on quality parameters and has a dedicated quality team to proactively identify and address operational issues. The mandate of the quality team is also to work closely with various business teams to achieve operational efficiencies and effectiveness through Six Sigma initiatives.

Information and Cyber Security Risk

NAM India has robust Information Security

Risk monitoring systems and tools to protect sensitive customer data and guard against potential leaks. The Board of Directors have constituted a Technology Committee that comprises experts proficient in technology to oversee and review the information security and cyber security aspects on a regular basis. Robust governance, controls and sophisticated technology is adopted across lines of business to ward off cyber threats and protect information. Information security has been brought under the Enterprise Risk Management Framework to enhance data protection, thereby making the overall Risk, Control and Governance framework more resilient.

Regulatory Risk

As an entity in the financial services sector, the Company is subject to regulations by

Indian governmental authorities, including the

Securities and Exchange Board of India. The laws and regulations impose numerous requirements on the Company, and any future changes in the regulatory system or in the enforcement of these regulations could have adverse effects on the Companys performance.

Outsourcing Risk

The Company has outsourced certain activities that are non-core in nature. This has been done to provide better services to clients and provide the benefit of lower transaction costs to them.

Outsourcing does not diminish or eliminate the Companys obligations to customers and regulators, as a thorough evaluation and due diligence on the partners is done before outsourcing critical services. Thereafter, performance of the outsourced partner is monitored through the Service Level Agreements.

Pandemic risk

While Covid-19 is largely under control, the company still maintains a Business Continuity

Policy that enables remote working for employees, should the need arise. The necessary internal controls to facilitate the same are in place.

10. TRAINING AND INVESTOR EDUCATION

The Company has active in raising awareness on mutual funds through its Investor Awareness/ Education Programmes. These initiatives aim to create awareness about mutual funds across the country to attract new investors.

NIMF has adopted 19 districts in India as part of SEBIs adopt districts programme. A total of 42 of Investor Awareness Programmes were conducted across these 19 districts covering 2,500+ investors.

During FY24, the Company conducted

322 Investor Awareness and Engagement programmes reaching approximately 22,000+ investors across India. In a mission to reach more locations, 49 programme were conducted in the at various CBSE Schools for teachers. fourteen states (Bihar, Chhattisgarh, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand,

Karnataka, Madhya Pradesh, New Delhi, Orissa, Punjab, Rajasthan, Telangana & Uttar Pradesh) were covered and a total 4,100+ attendees were reached.

11. DIGITAL BUSINESS – FUTURE READY, CATALYSING SUCCESS AND DRIVING GROWTH

The Indian mutual fund industry experienced substantial growth, fuelled by favourable trends & positive sentiments, making mutual funds a top choice for retail investors. Increased financial literacy, rising incomes, and a shift towards systematic investing drove strong inflows. Moreover, innovative offerings, coupled with advancements in technology, enhanced distribution channels and digital platforms facilitated greater market penetration and accessibility.

Unveiling the Next Chapter in Digital Business Growth – Key Results

At Nippon India Mutual Fund (NIMF), building a robust digital-first business has been a strong focus area. We constantly adapt to the ever-changing digital horizons to stay relevant to growing consumer expectations. Our ingrained digital focus enables continuous improvement, ensuring readiness for the future while delivering a seamless online experience for investors and franchises. This commitment is evident in our impressive digital business results, supported by the key pillars of strong distribution, best-in-class user acquisition framework, and seamless digital assets.

Dominance in Digital in Transaction Share:

Digital Business continues to excel, representing 60% of NIMFs New Business Transactions (Lumpsum Purchase + New SIP Registrations). Impressively, about 55% of new SIP registrations come from digital channels, underscoring the effectiveness of digital initiatives in acquiring and engaging investors. NIMFs robust digital distribution framework and effective campaign management strategies cement its online leadership.

Unprecedented Growth in Digital Transactions:

NIMF saw a remarkable 2X increase in digital transactions, totalling 6.6 million transactions

(Lumpsum + new SIPs). This reflects investors growing preference for digital channels and our ability to swiftly adapt to dynamics. NIMF witnessed 19 new transactions per minute initiated through its digital platforms.

Significant Rise in SIP Registrations: SIP registrations soared threefold compared to the same period last fiscal year, reaching an impressive 2.8 million registrations for FY23-24. This surge highlights the increasing popularity of SIPs as investors preferred investment avenue, showcasing their trust in our offerings.

Go where the Traffic is: We at NAM India, prioritized partnerships with major Fintech platforms, tapping into the burgeoning new-age retail investor base. By creating prominent mind-space through focus on SIPs as the ideal investment option for these newcomers and, our robust Fintech alliance framework and targeted activities within the Fintech ecosystem significantly boosted new SIP acquisitions, securing a substantial double-digit market share.

Strategic Collaborations: Co-branded acquisition campaigns with Adobe, alongside external campaigns with Google and Facebook, played a pivotal role, contributing to a 36% share of overall digital business. These partnerships expanded NAMs reach and attracted new investors to its platforms.

MFD Digital Engagement: Over 20% of active MFDs continued to enhance our digital presence through the Business Easy ecosystem. This reaffirms the dedication of our distribution partners towards embracing digital transformation, further strengthening our digital footprint in the market.

Building New Digital Capabilities like NIMF on WhatsApp and Investor Portfolio Log-in Dashboard:

WhatsApp: We expanded our footprint onto WhatsApp, a preferred platform for investors and distributors, enabling them to kickstart their investment journeys effortlessly. Our WhatsApp capability offers seamless end-to-end transactions and services, thereby acting as a formless, standalone digital channel.

Investor Portfolio Dashboard: A note-worthy digital innovation is the revamp of our login section of our website, which offers investors a holistic, 360o view of their investments with an array of thoughtful features, seamless e-commerce like experience, contemporary interface, advanced tools and planners, and intelligent nudges and AI-backed insights facilitating informed decision-making.

Helming these digital initiatives and ensuring outstanding business performance is a young, vibrant, and skilled team. They work diligently to uncomplicate traditional financial jargons through lucid content, build moon-shot journeys, drive collaborations across all spheres and bring self-serve for investors on NIMFs Mobile First offerings. All this being done prudently keeping all ethical and conformance perspectives intact with utmost data security and regulator guidance.

Adapting for Tomorrow – Navigating the Era of Digital Democratization

In the era of digital democratization, the internet and advancing technology have revolutionized mutual fund investments, particularly for Gen Z and Millennials. Streamlined access to investment platforms and mobile apps along with user-friendly interfaces and educational resources simplifies the investment process. Through online communities and social media, individuals can gain and share knowledge, feeling empowered to make informed financial decisions. This democratization expands access to investment opportunities and promotes financial literacy and empowerment across generations, encouraging everyone to take control give shape to their financial futures.

Embracing the New – Empowering Gen Z and Millennials to Usher in a Digitally Driven Shift in Investment Habits:

Being a future-ready mutual fund business, we at

NIMF have embraced technological innovation and adapted to changing consumer preferences to thrive in this era of democratized mutual fund investments. We are continuously reshaping traditional financial services delivery, embracing a new identity as a forward-thinking Digitech enterprise. Our core mantra has been to leverage a three-pronged strategy to Build, Engage & Distribute to unlock value for business and reimagines investments for the modern investor.

Build Digital Products and Platforms – Diverse, Ahead-of-the-Curve and Intelligent at Core

Building distinct, seamless, and user-friendly Digital experiences is core for us in creating a Digital first business focused on catering to the needs and preferences of Gen Z and Millennials. Our simplistic yet futuristic, zero-friction Digital platforms stand as pillars of agility and robustness with innovative and out-of-the-box features and fluid journeys. Built with mobile-first ethos, our web and mobile applications dish out personalized experiences and intelligent nudges that not only help and guide investors at various junctures but also empower them to make critical decisions and take essential steps with confidence and ease.

By understanding and adapting to the evolving preferences of our investors, we have strategically integrated channels such as WhatsApp into our framework, thereby bolstering our efforts to serve our investors via a multitude of avenues. This concerted effort has not only expanded our reach but also enhanced investor accessibility, allowing them to engage with us effortlessly and securely via platforms of their choice.

Engage for User Growth – Foster Relationships for Long Term Sustenance and Progress

Borrowing a leaf from the e-commerce playbook,

NIMF is spearheading an unprecedented digital engagement model in the mutual funds industry through its well-defined acquisition and retention framework targeting the tech-savvy Gen Z and Millennial cohorts. With online purchase adoption soaring, our 360o framework ensures seamless acquisition, onboarding, engagement, and re-engagement of investors. Behind this is a science that has evolved over time thanks to the product suites from behemoths like Google,

Meta, and Adobe.

As trusted partners of these tech giants, we have been whitelisted for their innovative Beta products that has helped in better and sharper targeting, thus resulting in an overall superior campaign output. While such Betas have helped us build and test new to market campaign tools before these have been opened for the world,

Adobes best in class product suite has helped us in superior campaign optimization and sharper geo-localized & real time targeting.

Understanding our core target groups, we create relevant and contemporary content which is delivered through popular social media channels, leveraging influencers, memes, and podcasts to simplify investment concepts. This approach fosters affinity towards NIMF and breaks down barriers to investing for Gen Z and

Millennials. NIMFs strategic digital outreach drives substantial user growth and transactions, propelled by innovative campaigns like the AMP

Goal Planner and real-time fund performance pages. These initiatives reflect our commitment to leveraging technology for sustainable business growth.

Distribute Digitally – Virtual Storefronts to Enable Presence at Places Where Our InvestorsGo

Partnering with Mutual Fund Distributors (MFDs) grants valuable insights into local markets and preferences, ensuring relevance and resonance within specific regions. Through diverse product campaigns and targeted communication via email, app push notifications, and WhatsApp, we comprehensively engage our extensive partner network. Successful vernacular and regional campaigns have broadened our reach, catering to diverse audiences, and enhancing accessibility to our investment solutions.

Collaborating with the new-age Fintech partners and targeting investors aged 25 to 45, particularly the Gen Z and Millennial demographics, has yielded significant benefits for us. This collaboration, leveraging data insights and learnings, helps us in achieving deeper market penetration, especially in tier 2 and tier 3 markets.

While customer preferences and habits have evolved, advice and guidance remain an invaluable and irreplaceable commodity in the realm of financial investments. Being aware of this nuance, we had long acknowledged that our Mutual Fund Distributors (MFDs) are a vital cog in our Digital machinery. Over the years, we have not only digitally empowered our MFDs through our Digital infrastructure but have also consciously made efforts to develop a Digital acumen amongst this fraternity.

Our industry first, Business Easy 2.0 suite is a full spectrum, business enabling digital solutions suite that acts as a complete Customer Relationship Management tool. Comprising of a mobile app, a website, and a full-fledged WhatsApp interface, it works as a Digital branch offering end-to-end onboarding, transaction, and servicing capabilities. While managing their business virtually, MFDs get a dashboard view of their shop with intelligent insights about their business and deep-dive related to their audience, product-segment fit, sales strategy, etc., along with the capability to take requisite actions, run business campaigns and undertake retention measures.

Overall, our commitment to digital innovation positions us as leaders in the financial services landscape. Leveraging technology, we serve investors effectively, driving financial inclusion and empowering Gen Z and Millennials to achieve their financial goals in the digital era.

Awards & Accolades Won at Prestigious Digital and e-Commerce Forums

NIMF Digital continues to set benchmarks not only in the Indian BFSI sector, but also across Industries and on Global Platforms with its Fintech endeavours. Yet another year on the trot, our Digital prowess has been recognized once again across forums. In FY24, NIMFs Digital innovations and efforts bagged 13 Awards at prestigious Awards and Recognition platforms:

12. INTERNAL CONTROLS

The Company maintains a system of internal controls designed to provide a high degree of assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguarding of assets, the reliability of financial controls, and compliance with applicable laws and regulations.

The organisation is well structured, and the policy guidelines are well documented with pre-defined authority. The Company has also implemented suitable controls to ensure that all resources are utilized optimally, financial transactions are reported with accuracy and there is strict adherence to the laws and regulations.

The Company has put in place systems to ensure that assets are safeguarded against loss from unauthorised use or disposition and that transactions are authorised, recorded, and reported. There is also an exhaustive budgetary control system in place to monitor all expenditures against approved budgets on an ongoing basis.

The Company uses information technology extensively in its operations. It ensures effective controls besides economy and helps the Company providing accurate MIS and prompt information/services to its customers and other stakeholders. The Company has implemented enhanced level of Information System Security controls with monitoring systems to address technology risks.

The Companys internal audit function is dedicated to assessing the suitability of policies, plans, regulations, and statutory requirements. Furthermore, audits follow a risk-based approach. Internal audit also evaluates and suggests improvement in effectiveness of risk management, control, and governance process. The Audit Committee of Board provides necessary oversight and directions to the internal audit function and periodically reviews the findings and ensures corrective measures are taken.

13. HUMAN RESOURCES

We are delighted and proud to share that our company has won the Kincentric Best Employer Award for 2023! This #SuperSIX is all the more special as it is a Hat-trick for us and we are the only AMC to win it!

Amongst only 16 Best Employers for 2023 in the country, recognized across all the sectors. We share this elite platform with such top organisations as DHL, Britannia Industries, DBS Bank, Bajaj Allianz, Axis Bank, Tata AIA, Marico Industries, Vedanta, and others who have won this recognition.

We continue retaining the elite Club Membership

"Kincentric Best Employers Club- 2024"!

Our focus on gender diversity continues to be at the center of our talent management and sourcing strategy. This is evident in our gender diversity numbers growing from 16% to 20% in the last four years and we plan to take this to 25% by the end of FY25.

Our hiring philosophy is simple: We are an equal opportunity employer, and we hire for what people can do and not what they have done. We assess talent based on their potential and not past results. The impact of this approach is seen in the successful succession and management pipeline we have created.

This year we sought to train and equip our talent in product knowledge with initiatives such as ‘Pitch IT and peer-to-peer learning programmes; also providing training in behavioural, communication and leadership skills, strategic planning, and team management for success. At an organization level, our employees underwent more than 18,000 hours of training and development interventions with an average of 14-man hours of training in the year. This is in addition to the on-the-job and peer-to-peer learning and training interventions that all employees of NAM India experience. Bravo Launch We had triumph launch for the Engagement portal for SPOT recognition of peers and Colleagues.

We continue with the Family Support Plan where below pointers is getting covered for employees.

• One-time 2X CTC paid in Cash

• Jobs assistance to spouse of deceased employees

• School fees assistance

• Mediclaim coverage

Mediclaim: Employee Parents and in-laws cover, Sibling Cover, 2X Critical Illness Cover

Introduction of Flex benefits like Critical Illness cover, OPD

Term Insurance revised to 1.5 times.

Young Achievers Awards: Like every year, we felicitated our young achievers with immense proud who have secured 85% and 90% in their Xth and XIIth board. Following are glimpses captured with employees family and our CHRO.

Learning & Development:

• Leadership Development by Prof. Krishna Palepu from Harvard Business School for all leadership team members via year- long engagement with a mix of classroom and online sessions

N LI Exchange programme for NAM India Employees

• Annual 5-day knowledge exchange program Aimed at learning Best practices on Business process, Risk & Governance, ESG, CSR and others

Continued focus on Learning, Development, Grooming and Upskilling

PANKH sessions @ IIM Lucknow and S P Jain Global FOR WOMEN TALENT

Other learning MDPS, Workshops, programmes @ IIT Delhi, IIMs, SPJ Global etc

Celebrations and engagements: Diwali Celebration Week:

Diwali 2023 - Extreme fun for NAM India as we had entire week plan for Diwali Celebration where employees got opportunity to engage in the activities like Desk Decoration, Diya making and game activities followed by a Tarot Card session with Traditional wear for the Grand Celebration Day of Diwali.

Stepathlon

NAM India F1 Stepathlon Championship started in December where in a Month our employees go with 82 teams with 830 Employees participated via team formed across Pan Idia and daily steps were captured on daily, weekly basis . Steps challenges gets completed by our employees on our Ekincare E-health platform .

Christmas Celebrations

At NAM India, we celebrated Christmas and gifts distribution for all the employees in the office. Same energy was observed across Locations. "Secret Santa" initiative, like every year for all employees.

Key Highlights of the event list for FY24

• #NAM India Sports League – Cricket , Football,

Chess Tournament

• Concluded Stepathalon 2.0 for 2023

• Continued focus on employee care, health, and well-being.

• Womens Day celebration across Branches and Corporate Office

• Festival Celebrations- Diwali, Navratri,

Christmas, Independence Day, Republic Day,

Holi, Womens Day,

Along with this, we have a list of awards NAM India and respective departments have won:

Award Name	Won By	Forum/Award Name and Year
Best Employer	Nippon India	Kincentric Best
Award 2023	Mutual Fund	Employer Award for
Kincentric Best		2023
Employers
Club- 2024
Top 60 CTOs in	Abhijit Shah	StartUp Lane 2023
India
Best Corporate	Nippon India	Morning star
Bond Fund	Mutual Fund	Award for Investing
		Excellence 2024
Best Large Cap	Nippon India	Navbharat BFSI Award
Fund	Mutual Fund	2023
Best Multicap	Nippon India	Navbharat BFSI Award
Fund	Mutual Fund	2023
Best Midcap	Nippon India	Navbharat BFSI Award
Fund	Mutual Fund	2023
Fund Manager	Ashutosh	Navbharat BFSI Award
Of The Year	Bhargava	2023
Fund House of the year	Nippon India	Navbharat BFSI Award
	Mutual Fund	2023
Best Digitization in Customer	Nippon India	Quantic 4th Annual
	Mutual Fund	BFSI Excellence Award
Experience
Investor App
Most Effective	Nippon India	E4M Maddies Awards
Email	Mutual Fund	2023
Campaign
for real time
Sensex
Most Effective	Nippon India	E4M Maddies Awards
Chatbot	Mutual Fund	2023
solution For
Whatsapp
Investor
Best Use of Martech customer	Nippon India	E4M Martech Awards
	Mutual Fund	2023
Engagement
Best use of	Nippon India	E4M Martech Awards
Marketing	Mutual Fund	2023
Automation
Best	Nippon India	2023 DMA ASIA ECHO
Promotional	Mutual Fund	AWARDS
Email
Campaign for AMP SIP
Calculator
Best promotional	Nippon India	2023 DMA ASIA ECHO
	Mutual Fund	AWARDS
Email
Campaign for AMP Goal
Planner
Best promotional	Nippon India	2023 DMA ASIA ECHO
	Mutual Fund	AWARDS
Email campaign for Real
Time Sensex
Campaign
Gold in Best	Nippon India	Sparkies Asia Awards
Promotional	Mutual Fund	2023
Email
Campaign
For AMP Goal
Planner
Gold in Best	Nippon India	Sparkies Asia Award
Promotional	Mutual Fund	2023
Email
Campaign for AMP SIP calculator
Silver in Best	Nippon India	Sparkies Asia Award
Promotional	Mutual Fund	2023
Email
Campaign for Real
Time Sensex
Campaign
Blue Award in Best	Nippon India	Sparkies Asia Award
	Mutual Fund	2023
Promotional
Email
Campaign for Real
Time Sensex
Campaign

14. CORPORATE SOCIAL RESPONSIBILITY

The Company continues to shape its strategy and action towards creating a long-term impact in the community. Through CSR initiatives, the Company has been facilitating diverse interventions to encourage the socio-economic upliftment of marginalised and vulnerable communities across India.

We adopt a multi-stakeholder approach covering social, environmental, and economic aspects. Our thematic areas are aligned with the activities mentioned in the Schedule VII

(Companies Act 2013). Some of the activities covered are promoting education and livelihood enhancement projects, rural development, promoting gender equalit y, ensuring environmental sustainability, support to armed forces veterans and training to promote sports. The Company contributed 16 Crore in FY24, inter-alia, through non-profit organizations engaged in the areas of healthcare, education, sports, rural development, and environmental sustainability.

Access to the Healthcare Facility and Treatment

In collaboration with Vision Foundation of India, the Company has supported eye surgeries for senior citizens and individuals from socioeconomically weaker sections of society. People from the rural belts of Maharashtra, West Bengal, Gujarat, Bihar, Karnataka, and Odisha have been benefitted.

In collaboration with the Adjutant Generals Branch of the Indian Army, through the Army Welfare CSR Fund, support has been given to the detection, diagnosis and treatment of birth defects and developmental delays among children of the armed forces. These early intervention centres (EICs) are supported in Pune, Secunderabad, Jammu, Jalandhar, Kolkata, and Jaipur.

Through Tata Memorial Centre-Advanced Centre for Treatment, Research and Education in Cancer (ACTREC), in Navi Mumbai, support was done to optimise the treatment given to children and other cancer patients. With Tata

Memorial Centres Homi Bhabha Cancer Hospital and Research Centre (HBCHRC), in Chandigarh, procurement of surgical navigation system was ensured, which would further assist in the treatment of cancers by offering precision and accuracy for the surgeries.

Need-based Livelihood Opportunities and Rural Development

The Company, in collaboration with NGOs such as The Energy and Resources Institute, Tata Institute of Social Sciences and Swades Foundation, extended support to the tribal and rural communities in Jharkhand and Maharashtra

Through a multidisciplinary strategy, the projects facilitated women empowerment, climate-resilient agriculture, improvement of education facilities in rural parts of the country, skill-building and micro-entrepreneurship. Initiatives were also taken to address prominent issues such as access to safe drinking water, healthcare facilities and government schemes and basic sanitation facilities.

Supporting Education

In collaboration with Ekam Foundation, the Company committed support for academic education of children from the lower economic strata. The assistance was also provided to nursing students and students pursing graduation from different colleges spread across the country. Besides supporting educational needs, the organization also assisted in digitizing classrooms across Maharashtra, Nagaland, and Andaman & Nicobar Islands.

Support towards Sports

In collaboration with the Foundation for Promotion of Sports and Games, we offered our support to Indian athletes and para-athletes through sports science, training, and coaching support. The support provided enables the athletes to participate at both national as well as international levels. The training centres are located across the country to facilitate trainings and to provide the desired support to our sportspersons.

Environmental Sustainability Initiatives

With the effects of climate change becoming evident year on year, we understand the importance of maintaining and increasing the green cover, providing sustainable solutions for problems that arise, work towards biodiversity and nature-based solutions. For accomplishing the same, we had collaborated with the Aga Khan Agency for Habitat, India for implementation of ecosystem-based projects in Goa, Gujarat, and Maharashtra. These projects are structured to increase green-cover through mangrove plantations as well as plantations of native and fruit-bearing trees through the Miyawaki method and to conserve water through multiple activities. Our offices are fitted out and maintained keeping in mind the mission of energy conservation and environment protection. Through several initiatives, our consistent and ongoing endeavour is to minimise our carbon footprint.