50 years ago, I could scarcely have imagined that this is where we would be standing as a Company. In my nostalgia, I still remember the original dream of setting up a chemical plant based on indigenous technology- a true 'Make in India'. We were a young team, confident that challenges could be overcome by honest passion and ingenuity. Willing to learn from anyone, we dared to think big and were willing to work as hard.

The struggle in setting up the first plant had its own unique challenges- we were to compete with world players and match their quality standards by an untested local technology. Choosing Gujarat and Vadodara to set up the unit, the project was completed in record time, at least 8 months earlier than our competitor.

The Board of Directors consisted of some of the most eminent solicitors, economists and financial advisors of the time. We were able to convince the shareholders of the tremendous potential and the public issue of a small town entrepreneur like me was oversubscribed by 20 times- a record! We had a great passion for growth- our zeal was able to inspire seemingly ordinary employees to give extraordinary performances. One after another, new products continued to be added to the original list until growth simply became a way of life at Deepak Nitrite.

When I compare what Deepak is today, I see a market cap having risen from ₹ 45 Lakhs in 1972 to over ₹ 7,000 Crores, the product slate having grown from 2 to 30, the number of employees from around 60 to 1,500 and the original family of shareholders growing from around 6,000 to 80,000. All this certainly makes me very happy but my greater sense of pride is when

I see that the value system I practiced has become the foundation of Deepak Nitrite, such as:

1. Strive to be the best in the world in whatever we do.

2. Take along the interest of all the stakeholders including workers, investors, suppliers and customers.

3. Remember that we have to give back from where we have got. Deepak continues to contribute to various social causes.

4. Finally, maintain a high degree of integrity and constantly embrace trusteeship in our behavior and work ethics.

Yes we have come a long way and I am confident that our next 50 years will see Deepak achieve even greater heights and be a world player.

Best Regards,

C.K. MEHTA