Steelcast Ltd. — Capital/Financing Update 2023

Feb 24, 2023

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AC/2079

24.02.2023

The Secretary, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI - 400 001 Scrip Code: 513517

National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Scrip Symbol: STEELCAS

Dear Sir/Madam,

We are sending herewith copy of the Investor Release titled as “Explanatory Note on Press Release issued by CARE Ratings Limited („CARE‟) on 22[nd] February 2023 in connection with revision in Company‟s Credit Rating and Rationale and key rating drivers considered by CARE for revision” .

The content of the Release is self-explanatory.

You are requested to take the above on your record.

Thanking you,

Yours faithfully, For STEELCAST LIMITED

Bhatt Digitally signed by Bhatt Umeshkumar Umeshkum Vasantray Date: 2023.02.24 ar Vasantray 17:25:04 +05'30' (Umesh V Bhatt) COMPANY SECRETARY

L:\AC\2079\COMPLIANCES\SECRETARIAL\COMPLIANCES\REGULATION 30\Care Rating Intimation\Clarification to SEs\Covering Letter.docx

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Investor Release: 24[th] February 2023

Explanatory Note on Press Release issued by CARE Ratings Limited (‘CARE’) on 22[nd] February 2023 in connection with revision in Company’s Credit Rating and Rationale and key rating drivers considered by CARE for revision.

The CARE has, at last paragraph on Page 2 of its Press Release under reference, mentioned as following under the sub-heading of ‘ Concentrated revenue stream with high customer concentration resulting in volatility in its operating performance’ under the title ‘Key weaknesses’:

‘SCL continues to have high dependence on the mining and earth-moving equipment industry, which in turn derives demand from the cyclical mining and infrastructure/construction sectors with share of over 90% in the last 3-4 years. Also, SCL continues to have a high customer concentration risk as its top three customer groups contributed around 92% to its total net sales in H1FY23 (FY22: 91%).’

In the above regard, we wish to clarify as under:

‘The top three customer groups comprise of 15 separate legal Companies/Entities having 18 different facilities located in 9 counties across the globe.’

Contact Us :

Steelcast Ltd

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CIN: L27310GJ1972PLC002033 Mr. Umesh Bhatt Company Secretary cs@steelcast.com

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