Dear Shareholders,
I extend my warm greetings and sincere gratitude for your continued
trust and support.
As I reflect on fiscal year 2024-25, it has been a particularly
challenging one for your company. There was decline in revenue from operations but there
was profit from operations. The dip in revenue is primarily attributable to the closure of
operations at our Bathinda unit and the lower, irregular production at our Ludhiana unit,
which was subsequently shut down during the year.
These developments reflect the broader challenges we have faced in
recent years, which have tested the resilience of our organization. Our liquidity position
also remained under strain, impacting the consistency of our operations. In response, the
management is actively exploring opportunities to monetize the real estate assets at
Bathinda and Ludhiana. We believe that unlocking the value of these properties will help
streamline our cash flows and support future strategic initiatives.
Despite the headwinds, I want to reassure all stakeholders that we
remain committed to stabilizing operations and rebuilding a strong foundation for
sustainable growth. The company is taking measured and forward-looking steps to address
immediate challenges while positioning itself to benefit from long-term opportunities.
We are confident that with prudent decision-making, focused execution,
and your unwavering support, the company will overcome its current challenges and emerge
stronger, more agile, and ready for the next phase of growth and profitability.
I sincerely thank our shareholders, employees, customers, and partners
for their steadfast support and commitment throughout these challenging times. Your
continued trust in our journey is deeply appreciated.
| Sincerely, |
| Adish Oswal |
| Chairman & Managing Director |