Dear Shareholders,
My sincere greetings to all of you on behalf of Artefact Projects Limited. Hope you all
are doing well!
Looking back at the year with a sense of gratification, I am pleased to present the
35"' Annual report of our Company at the conclusion of the fiscal year 2022-23. It's
my honor and privilege to share the company's performance highlights and future plans for
the Financial Year 2023-24 on this occasion of 35lh year of the Company -
Artefact Projects Limited.
The Company continued to focus on our commitments to services.
The Union Budget for the FY 2023-24 provides for numerous initiatives for the infra
industry. The Government's focus on building infrastructure of the future has been evident
given the slew of initiatives launched recently. The US$ 1.3 trillion national master plan
for infrastructure, Gati Shakti, has been a forerunner to bring about systemic and
effective reforms in the sector, and has already shown a significant headway.
During the year under review, your Company earned Net Revenues from operations of Rs.
21.87 crores as compared to Rs. 27.09 crores in the last financial year. However, there
was simultaneous reduction in manpower costs and administrative expenses due to Project
completions, resulting in increase in EBIDTA and PBT levels. The Profit After Tax (PAT)
increased from Rs. 4.13 crores to Rs. 5.34 crores. Nevertheless, the company delivered to
the expectations of stakeholders even during the financial year 2022-23 partially affected
by Covid slowdown.
We are committed to enhancing our governance practices. Our management team with
diverse experiences, knowledge, expertise, and skills follow robust and equitable
corporate governance practices.
Your Company is pleased to inform you that it has developed a strong order book with
orders involving gross fees of Rs. 205 crores out of which almost 70% of the orders were
bagged in past 1 year of vigorous efforts. The present Order book imparts a revenue
visibility for next 4 to 5 years with substantial increase in Annual Tumover levels.
Besides, the Company has been able to reduce Bank debt by prepayment to the extent of
Rs. 5 crores. This is a step further in Company's financial consolidation plans.
In the year 2022-23, the share price of Artefact rose upto Rs.79.25 per share. We
remain optimistic about our business growth.
On behalf of everyone at Artefact, I would like to extend my sincere gratitude to all
our human resources, Associates, Clients, Bankers, Management and our esteemed
stakeholders for having faith in our vision and capabilities. In the upcoming years, we
intend to continue creating sustainable value for all while delivering on stakeholder
expectations.
As we move forward, we remain committed to a high-performance culture that enables the
Company to create value for all stakeholders. I hope you will continue to support us on
our journey to achieve many more milestones.
Sincerely,
Sd/-
Siddharth Shah
Whole Time Director
Date : 1st August, 2023
Place : Nagpur