Escorts Kubota : Outcome/ Proceeding of AGM 2023

Mr. Satyendra Chauhan, Company Secretary of the Company, briefed about the procedure and other statutory requirements pertaining to the AGM to the Members of the Company.

Thereafter, The Chairman & Managing Director and Deputy Managing Director delivered their speech and gave detailed presentation about various initiatives taken, outlook and performance of the Company, during the FY 2022-23, the Speech is enclosed herewith as 'Annexure I'.

As the AGM Notice and the Annual Report was already circulated to all the Shareholders, therefore, AGM Notice convening the meeting, Board's Report and Auditor's Report were taken as read.

Thereafter, Speaker Shareholders who had registered with the Company were provided opportunity to express their views and/ or ask their queries about the Company and/ or about agenda items of the AGM. Queries were adequately responded by the Chairman.

The Shareholders appreciated the good performance, foreign collaboration with Kubota Corporation, efforts of the Chairman, Board of Directors and Management Team during the last financial year.

Thereafter, the following items of business as mentioned in the AGM Notice were transacted at the meeting:

The Chairman informed that the Members who had not casted their vote through remote e-voting were requested to cast their vote, through the Insta-poll facility, provided by National Securities Depository Limited ("NSDL"), in respect of the items stated in the Notice, which was open for 15 minutes after the proceeding of the AGM.

Scrutinizer, for the remote e-voting process and e-voting(Insta-poll) at the AGM was Mr. Jayant Gupta, Practicing Company Secretary.

Escorts Kubota Limited

(Formerly Escorts Limited)

Corporate Secretarial & Law

Registered Office - 15/5, Mathura Road, Faridabad-121003,Haryana, India

Tel.: +91-129-2250222 | E-mail: corp.secretarial@escortskubota.com| Website: www.escortsgroup.com

Corporate Identification Number L74899HR1944PLC039088

Annexure I

Dear Shareholders

• The global economy witnessed a broad-based slowdown in 2022, with inflation surging to level not seen in several decades. Despite these challenges, there were some positive signs of recovery. Disruptions to supply chain, energy and food markets are fading.
• Indian economy has shown resilience in the face of global economic headwinds and is expected to continue growing in coming years.
• As per the latest assessment by Reserve Bank of India, India's GDP growth for the year fiscal FY 24 is projected at 6.5 %. The government's thrust on capital expenditure, moderation in commodity prices and robust credit growth are expected to nurture investment activity. Whereas, weak external demand, geoeconomic fragmentation and protracted geopolitical tension pose risk to the outlook.
• Talking about India opportunity, let me share what Morgan Stanley is predicting about India's journey in the next decade. First, the Indian population will touch 1.5 billion by 2030 which means growing demand for food. It also predicts 10 % increase in average diet calories. Second that India is estimated to have a surplus of 245 million skilled labour which indicates that the world will invest in India and become a hub for the world markets.
• Indian domestic tractor market reached a new peak of 945 thousand tractors last year and expected to cross 1 million mark in the near future. The Union budget for the fiscal year 2023-24 is very positive towards rural and infrastructure sector. The INR 20 trillion agri-credit support towards the farm sector will generate long term benefits.
• The tractor industry has also seen consistent growth in exports for the past 3 years, primarily due to products with contemporary technology and features at competitive pricing.
• India has the 4th largest railway system in the world. The Indian rail component industry is expected to grow at a healthy pace driven by the government's investments.
• The infrastructure requirement to bring the Indian economy in the top three economies will require large investments and thus also increasing the scope for construction and railway business at EKL.

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