DEAR SHAREHOLDERS,
I trust this message finds you in good health and spirits. As we
reflect on FY 2023-24, we saw the global economy surpass expectations, achieving steady
growth, following a tumultuous year. Challenges such as supply chain disruptions
post-pandemic, the global energy and food crisis amidst RussiaUkraine tensions and rising
inflation tested the resilience of economies worldwide. However, the global economy
successfully avoided recession, thanks to the robustness of banking systems and stable
emerging markets. Amidst this global uncertainty, India remained the fastest growing
economy, retaining its position as the world's fifth largest economy. Our GDP growth of
7.6% in FY 2023-24 over 7% reported in FY23 was primarily driven by strong domestic
demand, increased investments, a stable interest rate scenario and favourable government
policies.
To begin with, Your Company had a good year amidst economic changes,
technology transformations and some degree of global challenges. The confidence placed in
us by our customers, dealers and employees has been our accomplishment as well as
motivation in creating long-term value for our stakeholders.
2023-2024 was a challenging year but also a period of progress. The
continued trust and support of our clients and dedication of our employees during this
period helped us to mitigate the impact of our business and financial results. We are in
the trading sector with a common motto of fulfilling the need of the industries, customer.
We have since refocused our resources on serving o ur clients, driving our strategy
forward and implementing the targeted growth initiatives that we have defined to refrain
the trust of our clients, shareholders and other stakeholders.