We are pleased to present the 79th Annual Report of the
Company accompanied by the Audited Statement of accounts
for the year ended 31st March 2025:-

FINANCIAL RESULTS (' in lakh)

EQUITY DIVIDEND

The Company entered its 80th year of its remarkable journey
and celebrated it on 2nd March,2025. On this joyous occasion
the Board decided to recommend a dividend of 10% i.e 0.50
paise per share (Fifty paise per share) on the face value of '5
each for your approval. This will be taxable in the hands of the
shareholders. Last year no dividend was paid.

SHARE CAPITAL

During the year ended 31st March, 2025 there is no change in the
issued and subscribed capital of the Company. The Company's
paid up share capital remains at '1443.87 lakh comprising of
2,88,77,488 equity shares of ' 5/- each as on 31st March, 2025.
The authorized share capital of the Company is '6225 lakh.

TRANSFER TO RESERVES

The Board decided not to transfer any amount to the general
reserves out of the retained earnings for the year ended 31st
March,2025.

REVIEW OF PERFORMANCE

All India Tea production declined by more than 6% at 1285
mn. Kg as against 1368 mn. Kg last year. The demand for tea
is increasing due to rising health awareness, organic tea and
e-commerce practices. Another source of support for the Tea
industry in India is tea cafes which are reshaping urban tea
culture.

The Indian tea industry is renowned worldwide for its
exceptional quality, diverse product range, unique flavours and
regional specialities. From the robust flavours of Assam to the
aromatic finesse of Darjeeling Indian teas continue to captivate
global palates.

The Fertilizer division of the Company at Kolkata maintained
its quality standard and improved its sales. The Company
continued to provide full support to farmers by making SSP of
good quality available to them in maximum quantity to grow
their production. The strong network of dealers, retailers and
well known Annapurna Brand helped the Company to improve
its market share.

Considering the operational challenges faced by sulphuric acid
plant at Pataudi, Gurugram, Haryana the Board took a decision
in 2nd quarter and after careful deliberations approved the
closure of the said plant and disposal of the same. So in terms
of your approval in the Annual General Meeting held on 9th
August,2024 the Company sold and finalized the transaction
concerning the land and the plant thereat adhering to applicable
laws.

India's sugar production has reached 25.49 million tonnes
in the 2024-25 season, down 18 per cent from a year ago.
The production fall is attributed to a decline in output in the
country's top three sugar producing states of Maharashtra,
Uttar Pradesh and Karnataka. The output was affected by El
Nino and limited ground water resources for irrigation. India
is significantly increasing ethanol blending in petrol as part of
its Ethanol Blended Petrol (EBP) program. The program aims
to reduce reliance on fossil fuels, boost energy security, and

improve air quality. India has already achieved a 18.36% ethanol
blending with petrol against target of 20% by 2025, with a long¬
term goal of 30% by 2030.

The major factors attributing to the operations of the company
are:

i) Increase in Cachar and Assam crop and decrease in crop of
Dooars and Terai

ii) All round improvement in prices of tea due to shortage of
production

iii) Reduction in cost of production by optimization of labour
efficiency and other inputs

iv) The Single Superphosphate Plant at Khardah, West Bengal
improved its performance by increase in market share and
hike in subsidy by Rs. 1264/- per M.T. w.e.f 1st April,2024

v) Improvement in cane varieties and increase in the prices of
sugar

Tea Estates

All India production dipped by 83 million kg. in 2024 at 1285
million kg. compared to 1368 million kg. in 2023. The climate
change and erratic weather conditions and the early closure
of tea estates by Tea Board have affected the crop output. The
effect of climate change is making Indian tea uncompetitive
in global market because Kenyan region receives rainfall
throughout the year and temperature is always under control
whereas Indian regions are witnessing reduced rainfall and
temperatures ranging from 35-40 degree Celsius.

The silver lining this year was better price realisation and
growing exports. The tea prices in India increased by Rs.40/50
per kg depending upon quality because of shortfall in
production. Sri Lanka Crop loss added impetus to demand for
Indian Orthodox. The pro-active steps taken by the Tea Board
to the issue of Maximum Residue Limit (MRL) content helped in
increasing the export. Despite geo-political challenges, India's
tea exports were healthy and the rise in shipment was due to a
high-risk appetite of all tea exporters.

Your company's own production was at 144.36 lakh kg compared
to 143.16 lakh kg last year. The bought leaf production was
reduced further from 8.91 lakh kg to 7.37 lakh kg. Average
auction price for CTC tea surged by '48 per kg during April to
November period due to a supply demand gap which softened
slightly at a later stage. Your Company maintained very high
quality standard and price realization of Cachar and Assam
increased by '45/- per kg, Darjeeling by '59/- and Dooars and
Terai by '48/- per kg. Your Company took several initiatives to
enhance soil health, and created water body through rain water
harvesting where it was required and enhanced shade status
for achieving good micro-climate conditions in various tea
estates of the Company to increase yield and improve quality.

The Government of Assam continued to provide relief to the
Tea industry of Assam. We are thankful to the Government &
its leadership for extending the benefit of interest subsidy at
3% on working capital and Orthodox subsidy @ '10/- per kg

for 5 years upto 2027-28 under Assam Tea Industrial Special
Incentive Scheme 2020.

There is no material change and/or commitment affecting the
financial position of the Company occurred between the end of
the financial year and the date of this report.

The Jay Shree Chemicals & Fertilisers, Khardah

The production and sale of Single Super Phosphate increased
during the year. The quality parameters maintained by your
Company was well appreciated by the farmers of Bengal. The
Government has raised the subsidy by '1264/- per tonne w.e.f
01.04.2024 and '2142/- per tonne w.e.f 01.04.2025.

The figures of production and despatches are as under:

Sugar Division

The sugar mill at Bihar produced 45428 tonnes of white sugar
in the year compared to 43628 tonnes last year. The sugarcane
crushed was 546928 tonnes in the year compared to 542493
tonnes last year. The recovery in sugar season 2024-25 was
9.91% compared to 9.80% in the previous year. The cane
development work is an ongoing process and the Company
took various initiatives to enthuse its farmers to sow better
seeds and cover more areas under plantation to increase the
availability of sugarcane.

The sugar refinery project set-up by the Company in earlier
years to refine the sugar has improved the quality of sugar
and it is the only mill in Bihar to produce organic sugar without
the use of sulphur. Throughout the year the sugar prices kept
fluctuating and the year ended with some improvement over
previous year. The Government of India announced export
quota of 1 million tonnes sugar for sugar season 2024-25 and
this helped in stabilization of prices.The Government of India
permitted use of B heavy molasses for production of ethanol in
the month of August.

India's 2024-25 sugar production is estimated to be pegged
at around 28 mn tonnes compared to 31 mn tonnes last year.
There was strong opening stock and the availability of sugar
was enough to cater to the domestic requirement. Next year
production is expected to be higher and there will be assured
supply of sugar for domestic consumers as well as ethanol
blending program. Amid a drop in sugar production the
Government of India increased the Fair and Remunerative Price
(FRP) of sugarcane for the season 2025-26 by '15 per quintal to
'355 per quintal for basic recovery rate of 10.25%.

The Government is yet to take a decision on the implementation
of an integrated pricing framework aimed at linking the Fair
and Remunerative Price (FRP) of sugarcane with the Minimum
Selling Price (MSP) of sugar and the pricing of ethanol.

During the year the oil marketing companies secured 370 crore
litre of ethanol in which the sugar segment contributed around
49% and 51% was contributed by grain based ethanol. The
blending percentage target of 20% set by the Government has
been achieved to the extent of 18.36% which is increasing every
passing day. The Government should now revise long overdue
prices of ethanol manufactured from B-heavy molasses

Export of Tea

Indian moved up to become 3rd largest Tea exporter globally
in the year 2024 by surpassing Sri Lanka. India's tea export
soared to a 10 year high of 255 million kg compared to 232
million kg last year i.e an increase of around 10%. Your Company
increased its export and exported tea worth '99.52 Crore as
against '83.05 Crore last year i.e an increase of around 19%.
Your Company exports tea to more than 25 countries with
Germany,UAE,Russia,USA,UK and Japan as its major markets.
Your Company's Assam and Darjeeling tea are considered one
of the finest in the World. The marketing team is taking several
initiatives to boost up export by opening up new avenues and
supplying different varieties of quality teas.

SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL
STATEMENTS

Bidhanagar Tea Co. Pvt Ltd and Basant Stays Pvt Ltd are wholly
owned subsidiaries of the Company. Birla Holdings Ltd, UAE the
off-shore investment arm of the Company, maintains status
quo. The Financial Statements of these subsidiaries are kept
for inspection at the registered office of the company and those
of respective subsidiary companies. Any member interested to
obtain copy of the same may write to the Company separately.
These documents shall be made available either in physical
form or electronic mode as per Green Initiative of the MCA.
Pursuant to section 129(3) of the Companies Act, 2013 read with
Rule 5 of the Companies (Accounts) Rules, 2014, a statement
containing salient features of the financial statements of
Subsidiary Companies is given in Form AOC-1 and forms an
integral part of the Annual Report.

Birla Holdings Limited (BHL) is a wholly owned subsidiary of the
company in Dubai (UAE). Kijura Tea Company Limited,Uganda
is wholly owned subsidiary of BHL. Bondo Tea Estates Limited,
Uganda is a step down subsidiary of BHL. Kijura Tea Estate
owned by these companies manufactured 12.35 lakh kg. of tea
compared to 20.31 lakh kg. last year. The average sale price
realized was USD 0.74 per kg. against USD 0.78 per kg. last
year. The cost of production was maintained at USD 0.88 per Kg
same as last year. During the year the company recorded a loss
of USD 220 thousand (INR 218.77 lakh) on sales turnover of USD
1.01 million (INR 847.71 lakh) against last year loss of USD 308
thousand (INR 257 lakh) on sales turnover of USD 2.40 million
(INR 1961 lakh).

CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015, a separate report on corporate Governance is enclosed
as a part of this Annual Report. A certificate from the Auditors
of the Company regarding compliance as per SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015 is
annexed to the Report on Corporate Governance.

The declaration by the Chairperson & Managing Director stating
that all the Board members and Senior Management personnel
have affirmed their compliance with the Company's Code of
Conduct for the year ended 31st March 2025 is forming part of
this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

As a part of its initiative under the "Corporate Social
Responsibility” (CSR) drive, the Company continues to carry out
its activities in the areas of education, sports and preventive
health care. These projects are in accordance with Section 135
of the Act and the Company's CSR policy.

The composition of the members of CSR Committee remains
the same namely: Mrs.Jayashree Mohta, Chairperson &
Managing Director alongwith Mr.H.V.Kanoria, and Mr.Vikash
Kandoi as members.

CSR Policy is placed on the website of the company "www.
jayshreetea.in”. The Report on CSR activities as required under
the Companies (CSR Policy) Rules, 2014 along with the brief
outline and contents of the CSR policy are annexed and forms
an integral part of this Report.

PROSPECTS

The domestic growth of tea is showing good early signs of
positive framework. However weather related disruptions
and market volatility continue to pose risk. There is a need for
continuous reduction in cost and its regular monitoring as there
is still uncertainty in the industry. The tariff announcement
by the US President and the recent Indo-Pak tensions have
triggered a broad based risk across the globe which might
affect export to an extent. The Government of India has
initiated diplomatic discussion with US and other Countries
aiming to strike a balanced trade deal and minimize adverse
consequences. Your Company is targeting improvements
in productivity, quality, and value addition. Going ahead, the
company will focus on enhancing the production of tea with
quality standard.

The outlook for sugar & fertilizer industry remains positive.
The sugar industry is poised for a positive outlook in the 2025¬
26 season, with projections indicating a significant rebound
in sugar production. This optimism is fueled by favorable
monsoon predictions, increased sugarcane planting, improved
cane varieties and government support through Fair and
Remunerative Price (FRP) hikes. There's a growing interest in
SSP production due to its cost-effectiveness and suitability
for diverse crops. The Nutrient-Based Subsidy (NBS) scheme
encourages balanced fertilizer use, promoting the use of
P&K fertilizers alongside urea. The industry is undergoing a
transformation due to technological innovations, including
the development of nano fertilizers and micro-nutrients. SSP
provides both phosphorus and sulfur, essential nutrients for
plant growth and crop yield. SSP production is generally less
expensive than other complex fertilizers, making it a more
affordable option for farmers. Your Company is targeting higher
production with reduced cost and modernizing and/or develop

a new plant and produce SSP in granulated form also to improve
its market share.

Your Company is moderating on working capital outlay and
emphasis on optimum capital utilization to reduce cost of fund
and enhance value in the hands of shareholders.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors would like to inform members that the audited
accounts containing the financial statements for the year 2024¬
25 are in conformity with the requirements of the provisions of
Section 134(3)(c) read with Section 134(5) and all other applicable
provision of the Companies Act, 2013 and they believe that the
financial statements reflect fairly the form and substance of
transactions carried out during the year and reasonably present
the Company's financial condition and results of operations.
The Statutory Auditors, Singhi & Co.,Chartered Accountants,
Kolkata have audited these financial statements.

Based on the same, your Directors further confirm that
according to their information:

i. in the preparation of the annual accounts, applicable
accounting standards have been followed and there are no
material departures;

ii. the accounting policies selected by directors are
consistently followed and applied and judgements and
estimates made are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company;

iii. proper and sufficient care has been taken for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities.

iv. the annual accounts have been prepared on a going
concern basis.

v. that there is adequate proper internal financial controls
with reference to the financial statement have been laid
down for the company and such internal financial controls
are adequate and were operating effectively.

vi. that proper systems have been devised to ensure
compliance with the provisions of all applicable laws and
such systems were adequate and operating effectively.

BUSINESS RESPONSIBILITY REPORT (BR)

In terms of SEBI (LO DR) Regulations 2015, Top 1000 listed entities
are required to submit as part of their Annual Reports, Business
Responsibility Reports, describing the initiatives taken by them
from an environmental, social and Governance perspective.
Your company does not fall under this category. However, BR
Report on environment, human resources and principle wise
performance in short forms part of the Management discussion
and analysis report.

PARTICULARS OF EMPLOYEES

The Information as required under Section 197(12) of the
Companies Act, 2013 read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial

Personnel) Rules 2014 are given in the Annexure forming part
of the Report.

PUBLIC DEPOSITS

The company has not accepted or renewed any deposit during
the year.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of loans, Guarantees and investment covered under
the provisions of Section 186 of the Companies Act, 2013 is
given in the Standalone Financial Statement forming part of
the Annual Report.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL
FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL
STATEMENTS

Your Company has a comprehensive internal control and
mechanism, which is constantly assessed and strengthened
with new/revised standard operating procedures. The
Company's internal control system is commensurate with its
size, scale and complexities of operations.

Business risks and mitigation plans are reviewed on timely
intervals and the internal audit processes include evaluation of
all critical and high risk areas. Critical functions are rigorously
reviewed and the reports are shared with the Management for
timely corrective actions, if any. The main focus of internal audit
is to review business risks, test and review controls, assess
business processes besides benchmarking controls with best
practices in the industry. During the year under review, there
were no elements of risk which in the opinion of the Board of
Directors threaten the existence of the Company. Risks do
arise in the businesses of the Company which are mitigated in
accordance with the Risk Management Framework and Policy.

The company's internal control systems are periodically
tested and supplemented by extensive program of internal
audit by independent firms of Chartered Accountants.
Audits are finalized and conducted based on internal risk
management. Significant findings are brought to the notice of
the Audit Committee of the Board and corrective measures are
recommended for implementation.

RISK MANAGEMENT

The company has laid down the procedures to inform to the
Board about the risk assessment and minimization procedures,
which shall be responsible for framing, implementing and
monitoring the risk management plan of the company. Jay
Shree Tea is committed to manage its risk in a proactive
manner. Though risks cannot be completely eliminated, an
effective risk management plan ensures that risks are reduced,
avoided, retained or shared.

DISCLOSURE OF PARTICULARS WITH REGARD TO
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO

Necessary information on conservation of energy, technology
absorption, foreign exchange earnings and outgo, required
to be given pursuant to the provisions of Section 134 of the
Companies Act, 2013 read with the Companies (Accounts)
Rules, 2014 is presented in Annexure to this Report.

ENVIRONMENT AND SAFETY

The company is conscious of clean environment and safe
operations. It ensures safety of all concerned, compliance
with environmental regulations and preservation of natural
resources.

As required by the Sexual Harassment of women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013, the company
has an internal policy on prevention of sexual harassment at
workplace with a mechanism of lodging complaints. During the
year under review, no complaints were reported to the Board.

STATUTORY AUDITORS AND AUDITORS' REPORT

In the Annual General Meeting held on 2nd August,2022 Singhi
& Co., Chartered Accountants, were appointed as the Statutory
Auditors of the Company for a period of 5 years upto 31.03.2027
in terms of the provisions of the Companies Act, 2013 at a
remuneration mutually agreed upon by the Board of Directors
and the Statutory Auditors from time to time. No ratification of
their appointment is required as per notification dated May 7,
2018 issued by the Ministry of Corporate Affairs. The Auditors
have confirmed that they hold a valid certificate issued by the
Peer Review Board of ICAI.

The Auditors Report form part of this Annual report. The Report
does not contain any qualifications.

COST AUDITORS

The Audit Committee in its meeting held on 19th May, 2025
has recommended the reappointment of D. Sabyasachi & Co.,
the Cost Auditor to conduct the cost audit of the company
for the financial year 2025-26 in terms of section 148(3) of the
Companies Act, 2013. Accordingly the Board appointed the said
firm of Cost Accountants to carry out the cost audit for the year
2025-26 on the remuneration as recommended by the Board to
be fixed by members in the ensuing Annual General Meeting of
the Company.

INTERNAL AUDIT

The Company continued to engage reputed firms of Chartered
Accountants as its internal auditors at its units and tea estates.
Their scope of work and the plan for audit is approved by the
Audit Committee. The report submitted by them is regularly
reviewed and their findings are discussed with the process
owners and suitable corrective action taken on an ongoing
basis to improve efficiency in operations.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 and Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the company has appointed
MR & Associates, Practicing Company Secretaries to undertake
the Secretarial Audit of the company. The report of the
Secretarial Audit is annexed herewith. Regarding observations:

(a) The company had a pending case under Section 58(A) of the
Companies Act, 1956 with the court relating to acceptance of
a small amount during the period of approval of form by the
Board and its filing with ROC and the matter is subjudice (b)
Regarding delay of one day in filing of Related Party Disclosure,
the Company has taken note and will be cautious of timeline in
future.

INSURANCE

Adequate insurance cover has been taken for properties of
the company including buildings, plant and machineries and
stocks against fire, earthquake and other risks as considered
necessary.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

As per the provisions of Section 152 of the Companies Act,
2013, Mr.Vikash Kandoi (DIN:00589438) retires by rotation and
being eligible offers himself for reappointment. The Board
recommends his reappointment.

The Board appointed Mr.Amarmeet Singh Nain (DIN:08030325)
as an Additional Director on 19th May, 2025 who shall hold
office upto the date of the ensuing Annual General Meeting.
The Company has received a notice as per the provisions of
Section 160(1) of the Companies Act, 2013 from a member
proposing his appointment as a director. Mr.Amarmeet Singh
Nain, a Hons. graduate in Agriculture Food Technology, with
35 years of experience in Tea Industry had joined the Company
as Chief Operating Officer with effect from 7th May,2024. The
Board recommends to appoint him as an Executive Director
designated as "Director-Tea” for a period of 3 years. A resolution
has been included in the Agenda of the ensuing Annual General
Meeting of the Company, which we recommend.

A brief profile of Directors proposed as above has been provided
in the Notice convening the AGM.

The Independent Directors have submitted the declaration of
independence as required under Section 149 of the Companies
Act, 2013 and the Board is of the opinion that they are
independent within the meaning of the said requirement of the
Act.

There is no change in the Key Managerial Personnel during the
year.

OTHER DISCLOSURES

EXTRACT OF ANNUAL RETURN

The details for the financial year ended 31st March, 2025 has
been provided in our website at www.jayshreetea.in.

NUMBER OF BOARD MEETINGS

The Board of Directors met five times during the year ended
31st March, 2025. The details of the Board meetings and
the attendance of Directors are provided in the Corporate
Governance Report.

COMPOSITION OF COMMITTEE OF DIRECTORS

The Board has constituted the following Committees of
Directors:

(a) Audit Committee,

(b) Nomination & Remuneration Committee,

(c) Stakeholder relationship Committee

The detailed composition of the above Committees along with
number of meetings and attendance at the meetings are given
in Corporate Governance Report.

(d) Corporate Social Responsibility Committee

The detailed composition of the above Committee is given
under the head Corporate Social Responsibility (CSR).

ANNUAL GENERAL MEETING

Annual General Meeting of the Company is scheduled to be held
on Tuesday, the 12th August,2025.

WHISTLE BLOWER POLICY

The company has formulated Whistle Blower Policy in terms of
Section 177(9) of the Companies Act, 2013 the details of which
is being provided in the Corporate Governance Report. The
Whistle Blower Policy has also been posted on the website of
the Company.

RELATED PARTY TRANSACTIONS

All the related party transactions for the year under review
are entered on arm's length basis and are in compliance with
the Companies Act, 2013 and the Listing Regulations. There
are no materially significant related party transactions made
by the Company with Promoters, Directors or Key Managerial
Personnel etc, which may have potential conflict with the
interest of the Company at large. All related party transactions
are presented to the Audit Committee and the Board for its
approval.

The related party transactions policy as approved by the Board
is uploaded on the Company's website "www.jayshreetea.in”.

The details of the transactions with related party is given in
the Standalone Financial Statement forming part of the Annual
Report.

EVALUATION OF BOARD'S PERFORMANCE

In compliance with the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ,
the performance evaluation of the Board was carried out during
the year under review. The Board of Directors expressed their
satisfaction with the evaluation process. More details on the
same is given in the Corporate Governance Report.

APPRECIATION

The Board wishes to place on record its appreciation of the
efforts put in by your company's workers, staff and executives.

For and on behalf of the Board
Jayashree Mohta
(Chairperson and Managing Director)

Kolkata, 19th May, 2025 (DIN:01034912)