Dear Valued Shareholders,
I wish I were writing this letter under far more congenial circumstances. In my over
five decades of working experience, I have yet to witness more volatility and uncertainty
than at present.
In 2025, not only are we plagued with wars spanning geographies but the tariff-wars
have added a whole new dimension to how countries will trade with each other in the times
to come. We seem to be moving from an era of globalization to
deglobalization/protectionism, and whilst this poses several challenges in terms of trade,
it also provides opportunities for our great nation to capitalize on our inherent
strengths.
The Reserve Bank of India has provided the necessary impetus by reducing the key
lending rate by 100 bps thus far in order to kickstart economic activity. We continue to
retain our position as the world's fastest growing major economy with GDP growth pegged at
6.3% in FY 2025-26. With benign inflation, robust foreign exchange reserves and increasing
use of INR to settle imports, all leading indicators point to a period of domestic
stability.
In terms of your Company's performance during FY 2024-25, I'm pleased to report that we
achieved many "firsts" during this period - key highlights as follows:
• Consolidated turnover exceeding 600 crores
• Net worth of over 500 crores
• Debt at exceedingly low levels
• Investments and bank balances at an all-time high
• Dividend declared of Rs. 9 per share (90%)
Moreover, we will shortly be embarking upon our solar power project which is a
testament to our commitment to sustainability. We strongly believe that in the times to
come, a Company's sustainability initiatives/rating will be a key differentiator among its
peer group and it's our commitment to be at the forefront of this movement.
Whilst there are challenges that lie ahead, we believe that the initiatives undertaken
by us over the past few years will hold us in good stead to not only withstand but thrive
in these circumstances.
On behalf of the Board of Directors of the company, I want to thank you for your
unwavering support and encouragement.
| Yours Sincerely, |
| Amarpal Sethi |