Message from Chief Executive Officer
Dear Shareholders,
The financial year 2023-24 was truly a test of our execution capabilities, in line with
our strategies. I believe the team at Anup demonstrated sheer resilience amidst all
challenges to post a healthy performance on financial numbers and also coming true to our
customer expectations in terms of delivering most projects on time, addressing a larger
exports business thereby emerging as a true global player.
In the Financial year 2023-24, we achieved a revenue of Rs.550.38 Crores, an
encouraging growth of 34%, with an EBIDTA of Rs.126.90 Crores an increase of 53% YOY. PAT
stood at Rs.103.47 Crores almost doubled YOY. The revenue from exports outside India was
31% (41% including Deemed exports). An On-time delivery performance of 95%, meant we were
largely able to deliver equipment's successfully as per our customer requirements. The
working capital was encouraging at an average 4 Turns, mainly on account of consistent
revenue generation, good collections and better customer advances. The order booking has
also been encouraging with around Rs.853 Crores worth new orders booked in the year which
translates into an order book position of Rs.854 Crores as we ended the year. This surely
reflects the confidence our customers have in our capabilities entrusting us with valuable
opportunities, which places us well for the year 2024-25.
There have been some interesting developments in the financial year 2023-24, both at
operations and strategic levels. To name a few, the phase 1 of our new facility at Kheda -
Guajrat, was commissioned and operational. This added about 6,000 square meters of shop
area, which is 20% of our master plan for Kheda facility. This provides that additional
capacity to fulfil our growth. We established our new Design office at Vadodara - Gujarat,
helping us being close to our esteemed customers. We made our 1st acquisition in the form
of Mabel Engineers Private Limited, a manufacturing company in Tamil Nadu, India. This
strategic acquisition provides us with added products like the Silos, Tanks and Site
service expertise. Moreover, it provides a geographical spread in terms of our
manufacturing locations and also helps serve our SEFE market more competitively.
Our strategic focus on expanding our export footprint has yielded good results. Of the
pending order book of Rs.854 Crores, 57% is exports. This sets us up for an even better
performance on exports for the year 2024-25.
The market outlook provides interesting opportunities in the future. We continue to see
traction on Capex into capital goods especially focused on Petrochemicals, Gas,
Fertilizer, Hydrogen and Specialty chemicals. The focus on self-sufficiency, post the
pandemic and the current geo-political uncertainties, have led to countries announcing new
green field & brown field projects to expand capacities. The goal in India to double
the refining capacity by Year 2030 and also be a leader in petrochemicals, will manifest
into good projects hitting the ground. Climate change is a serious concern globally, and
the shift to low carbon emitting energy mix will be the way forward and Hydrogen forms a
very important part of this new energy mix. The hydrogen projects offer a big opportunity
for manufacturers like us, both for Blue hydrogen to start with and Green hydrogen in the
near future. Announcement of new coal/ lignite gasification plants also provides new
opportunities in this segment. Moreover, GDP growth aspirations announced by developing
countries meant the conventional Oil & Gas and Petroleum products will continue to be
an important part of their energy mix driving growth, in addition to the focus on cleaner
energy mix. Good macro indicators on the sectors we serve, provides a reasonable
confidence to continue our growth momentum, with opportunities, both in domestic and in
exports. I am sure that team ANUP will be able to capitalize on the momentum and continue
the growth journey, serving our esteemed customers in being the most trusted brand.
I wish to take this opportunity to thank all our esteemed customers, our supply chain
partners, our share holders, all our Stakeholders, our Bankers and our Employees for
trusting and standing by us as we deliver yet another good performance.
Best regards,
Reginaldo Dsouza
Chief Executive Officer.