This year has been the most unprecedented one as compared to any of the previous years with COVID-19 pandemic affecting the economy back and forth. First and Second quarters were highly affected by the Pandemic but then industry saw a rebound in second half of the financial year. This year shall be seen as landmark for the domestic PV manufacturing industry as Government formalized overdue announcements like Approved List of Models and Manufacturers (ALMM) of solar photovoltaic modules, Duty on import of Solar Panels, Production Linked Incentives (budget outlay of INR 45 Bn), tendering under Central Public Sector Undertaking (CPSU) program, etc. The solar power generation sector witnessed capacity addition of 5.5 GW during the year 2020-21, a decline of ~1 GW vis-à-vis 6.4 GW added during FY2019-20. During the year, the Company was able to register a major increase in exports and firmed up its footprints in bigger markets like USA and Europe. To mention a few, the Company received large ticket orders from customers based out of USA and has done total exports worth more than USD 65 Mn, which accounts for ~23% of total revenue against average exports of 10-12% in previous two years. This year the Company has added 500 MW line in the month of March’21, achieving total manufacturing capacities of 2000 MW. PV module production declined to 808 MW in FY’21 as against 919 MW in FY’20. This fall in production was largely due to lock down in the first quarter of the year and resultant manpower shortage on account of various measures announced by state government following outbreak of Covid-19 pandemic. Total module shipment was 790 MW as against 930 MW in previous financial year. Despite complete lockdown in the first quarter, the Company was able to maintain total income above INR 20,000 Mn. The Company also recorded increase in the share of retail and export markets, leading to higher yield, steady revenue and reduction in the concentration risk. This shift in the customer mix also lead to growth in EBITDA margins from 5.7% previous year to 6.0% during the current year, PAT margins also improved to 2.5% vs 2.2% during previous year. The Company continues to foresee better realizations as it aims to capitalize its position in retail and export segment. Below are few other highlights of the year: • Company venturing as a top league suppler in Unites States market - In July 2020, the Company signed a PV module supply contract worth US$ 105 Mn with one of the largest solar Power developer based out of USA. The subject modules are destined to be a part of potentially the largest solar power plant in the United States. • Recognition as most consistent Bloomberg Tier 1 Company in India: The Company continues to be classified as “Tier-1” module manufacturer by Bloomberg for 25th consecutive-quarter. • Recognized as PV Module supplier with one of the largest market share: As per Annual India Solar Report Card 2020 (Jan-Dec), published by “JMK Research & Analytics”, Waaree continues to stay in Top league in the market share along with Chinese suppliers. • Recognition as ‘India's Greatest Brand' in Solar Industry by ‘Asia One’ in financial year 2019-20. • Growth in Franchisee network despite COVID resulted volatility: Our Franchisee network has also expanded to 370+ franchisees against ~330 till previous year. This has happened despite restrictions in movements due to COVID-19. Domestic markets continue to witness tremendous growth in installations both Ground mount and Roof top markets due to increased affordability, access and awareness about clean power and with conducive government policies similar to Current year’s announcements. Future looks Greener and Cleaner for Renewables.

(i) Steps taken or impact on conservation of energy The Company supplied over more than 972.7 MW modules which will generate 1399.6 million units per year and reduce carbon emission by 991447 metric tons per year. The Company supplied 88 MW modules in Gujarat tender for powering up thousands of households in Gujarat state The Company also conducted energy audit for prevention of energy leakages. The Company installed rain water harvesting system for water conservation, this year we have also installed Biogas plant in our Tumb Plant for utilizing food waste. (ii) Steps taken by the company for utilizing alternate sources of energy The Company is utilizing 1.2 MW solar power plant on the rooftop of our TUMB factory (iii) Capital Investment on energy conservation equipments; The Company installed motion sensor based lights in all our corridors in TUMB plant

(i) the efforts made towards technology absorption: The Company Developed high efficiency and high power module product range which can produce up to 540W and ordered latest technology module manufacturing equipment for production of high efficiency and next generation solar modules with M6 , M10, M12 type of half cut solar cells which can make both monofacial as well as bifacial solar modules (ii) the benefits derived like product improvement, cost reduction, product development or import substitution; This year the Company developed high efficiency and high power modules product range with higher cell sizes of 166 mm (M6) , 182 mm(M10) and 210 mm(M12) For M6 cell size : Monofacial and Bifacial modules which can produce up to 480 W p with single module For M10 cell size : Monofacial and Bifacial modules which can produce up to 600W p with single module is under final stage of development For M12 cell size : Monofacial and Bifacial modules which can produce up to 650W p with single module is under development to be released by end of First Quarter next year (iii)in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- -N.A- (a) the details of technology imported; -N.A- (b) the year of import; -N.A- (c) whether the technology been fully absorbed; -N.A- (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; -N.A- (iv) the expenditure incurred on Research and Development. The Company did ISO 17025 NABL accreditation of our PMTL reliability lab which is the first lab by any module manufacturer in INDIA to get NABL Accreditation

Foreign Exchange earned in terms of actual inflows: Export on F.O.B basis - Rs. 5792.51 Mn Interest Income - Nil Foreign Exchange outgo in terms of actual outflows: Value of Imports - Rs. 11364.09 Mn Value of Expenses - Rs. 36.57 Mn

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement: (a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period; (c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (d) the directors had prepared the annual accounts on a going concern basis; and (e) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.