Dear Shareholders,
Hope you and your family members are healthy, safe and happy.
It gives us immense pleasure to present that the year saw a strong
performance in terms of business growth, as the Company faced lots of challenges in the
industry.
BUSINESS ACTIVITIES
As you all know that your Company is operating in single segment
business namely Engineering. The Company is engaged in the manufacture and sale of
extensive range of Heat Exchangers such as Shell &TubeType, Finned Tube Type and Air
Cooled Heat Exchangers, Pressure Vessels, Air- conditioning and Refrigeration equipments
in India and outside India. All these products are supplied to leading Industrial Sections
like Power Projects, Refineries, Fertilizers, Cements, Petrochemicals, Pharmaceuticals,
Textile and Chemical Industries. Since inception, the Company has satisfied 550+ clients
and 10,500+ equipments supply to satisfied clients and many more are under process.
Looking to the future requirements, the Company has set up a new
Greenfield project at Dudhai, Taluka: Kadi, Dist. Mehsana, Gujarat (Dudhai Unit) for
dedicated manufacturing of Air Cooled Heat Exchanger/Air Fin Cooler and other engineering
products. At present in India, PAT is at number one position for facility of making Air
Cooled Heat Exchangers. The Company has constructed total four bays/shades with total
covered area of 11,016 Sq. Mtrs., with total capital outlay of around Rs. 24.00crores.
Patels Airtemp has been established as one of the most reliable and
resourceful organization with its most modern manufacturing setup which is able to handle
medium to heavy equipments.
The Company has continued in receiving enquiries from current and new
clients from Domestic and Export market. It's our pleasure to inform you that as on 1st
August, 2023, the Company is having confirmed orders of about Rs. 490 Crores which gives
opportunity to achieve growth in terms of revenue and become market leaders.
PERFORMANCE OF BUSINESS
In the last two years, effects of COIVD-19 pandemic and numerous
challenges over the course of the past years, in the form of geopolitical tension and war
between Russia and Ukraine, elevated inflation and interest rates, financial sector stress
were widespread across industries, affecting the supply chain as well as efficiencies.
However, business is recovering from that now to make a mark in the original progress
path. Year-on-Year growth of PAT is remarkable.
Once aging the financial year 2022-2023 was challenging year. Despite
of the challenging year the Company has earned total revenue from operations of Rs.
28147.85 Lakhs during the year ended on 31st March, 2023 as against Rs. 30321.97 Lakhs
earned during the previous year ended on 31st March, 2022. The Company has earned Net
Profit of Rs. 1118.81 Lakhs for the year ended on 31st March, 2023 after making Provision
for Tax Expenses of Rs. 416.99 Lakhs and other adjustments, as compared to Net Profit of
Rs. 1240.12 Lakhs earned by the Company during the previous year ended on 31st March,
2022.
On the back of this achievement, the Board of Directors of the Company
have recommended a dividend of Rs. 3.00 per share (increased from Rs. 2.80 per share
previous year) on 54,70,240 Equity Shares of Rs. 10/- each, which translates to a highest
ever dividend payout of 30% per share.
Before concluding, we would show our gratitude to all the employees and
workers for their continuous efforts and engagement towards building a strong and agile
organisation and in driving the growth of the Company. Further, we show our gratitude to
all the stakeholders for their continued trust and support towards the Company and wish
that you continue to accompany us in our journey to meet Company's ambitionsfor the
future.
Thanking you.
With warm regards,
| Narayanbhal G. Patel |
Sanjlvkumar N. Patel |
Shlvang P. Patel |
| Chairman & Whole-time Director |
Managing Director |
Whole-time Director |