Dear Stakeholders
I thank you all for your persistent faith in Sumitomo Chemicals India
Limited (SCIL) over the last many years. As an integral part of the Sumitomo Chemical
Company (SCC) group, SCIL upholds Sumitomo's legacy of excellence. We endeavour to
achieve success and sustainability through innovation and outcome-orientation. I am
pleased to share that our vision aligns well with our operations which is crucial for
driving meaningful change and achieving long-term success. By integrating sustainability,
innovation, and customer-centricity into our operations, SCIL is not just delivering value
to its stakeholders but also contributes positively to the global community.
FY 2023-24 was the year of surprises and challenges. The business
environment has been challenging on several fronts and navigating the geopolitical,
economic, and strategic landscape has become increasingly complex for both India, as a
nation, and for companies like ours, who are present in both domestic and international
markets. Increasing costs, regulatory uncertainty, and volatile international trade
environment contributed to this complexity.
As a company, we aim to be in conformity with our nation's
international and domestic goals, and accordingly effectively navigate the complexities of
the global market.
This approach involves aligning business strategies considering
government regulations, trade policies, and economic and fiscal incentives that can impact
our operations. Understanding diplomatic relations, trade agreements, financial and
capital dynamics is crucial for mitigating risks and capitalizing on global business
opportunities.
We are making focused efforts to utilize the following three areas for
generating accelerated growth:
Global Markets - Innovative and dynamic well-diversified policies
enabling your company to generate higher value-addition from the global markets.
Research and Innovation - Poised to play a big role accelerating
future growth by maintaining balance between proprietary and generic products and between
organic –inorganic growth.
Digital Economy - Your company is creating capabilities to leverage
disruptive technologies such as Artificial Intelligence for technology-enabled growth.
As we stay focussed and committed, we do anticipate harnessing relevant
technology and innovations to expand our product range; and sustain our position as among
the leading companies in the agrochemical space. With our robust R&D capabilities, we
will be introducing new products with novel formulations. For more information please
refer to page 8 of this document.
Our commitment to creating a better future is signified by embedding
sustainability into every aspect of our operations. By judicious balancing of
environmental, social, and economic considerations, we ensure that the outcomes contribute
positively to the well-being of current and future generations. Listening to stakeholders,
especially farmers, and incorporating their expectations into decision-making processes
underscores our customer-centric approach and commitment to meeting their needs. By
embracing innovation and responsible practices, we not only stay competitive but also
generate positive societal impact.
We remain grateful for the immense trust and support from all our
stakeholders as we continue to work towards a brighter, more sustainable future for our
company and our country.
Regards,
Dr Mukul Govindji Asher Chairman