Dear Shareholders,
It is with immense pride and gratitude that I present the Annual Report
of Bhageria Industries Limited for the Financial Year 2023-24. This year has been a
testament to our resilience, adaptability, and unwavering commitment to delivering value
to our stakeholders amidst challenging economic landscapes.
Our performance in FY 2023-24 has been good as compared to previous
year. We achieved an EBITDA of ^60.54 crore, with an EBITDA margin of 11.83%.
Additionally, our Profit After Tax (PAT) saw a significant increase of 30%, reaching
^19.62 crore compared to ^15.05 crore the previous year.
Revenue growth has been strong across all fronts. On a standalone
basis, revenue from operations increased to ^511.82 crore, up by 1.30% from ^505.10 crore
in the previous year. These figures underscore the exceptional efforts and commitment of
our management team.
I am pleased to announce that the Board of Directors has recommended a
Final Dividend of Rs. 1.00/- per share (i.e., @ 20%) on the equity shares of face value of
Rs. 5/- each for the financial year ended 31st March 2024.
Your Company has embarked on a significant journey on diversification
in the pharmaceutical industry to fortify and address increasing demand. The
pharmaceutical industry in India has shown remarkable resilience and growth. In 202324,
the industry grew by 10%, reaching a market size of $50 billion. Projections indicate that
by 2025, the market will grow at a CAGR of 12%, reaching $70 billion. The global
pharmaceutical market also reflects this positive trend, with an estimated growth of 5% in
2023-24, reaching $1.5 trillion. By 2025, the global market is expected to grow at a CAGR
of 6%, reaching $1.7 trillion. This expansion is driven by advancements in biotechnology,
increased healthcare spending, and the development of innovative therapies.
The International Monetary Fund (IMF) has revised India's GDP growth
forecast for the financial year 2024-25 to 6.8%, up from 6.5%, underscoring India's
position as the world's fastest-growing major economy. This growth surpasses China's
projected 4.6% for the same period. Globally, economic growth is expected to remain steady
at 3.2% in 2024 and 2025, with advanced economies seeing a slight increase and emerging
markets experiencing a slight slowdown. Inflation is anticipated to decrease from 6.8% in
2023 to 5.9% in 2024 and further to 4.5% in 2025. Despite challenges, the global economy
has demonstrated unexpected resilience.
As we move forward, our diversification into Pharma, Dye, and Solar
sectors positions us well for sustained growth and excellence. Our commitment to
delivering superior services and performance continues to drive consumer confidence and
positions us to seize emerging opportunities.
Reflecting on the Company's accomplishments in FY 202324, I want
to extend my deepest gratitude to our management team for their relentless dedication and
hard work. Their efforts have been pivotal in achieving our milestones and advancing our
goals.
Looking ahead to FY 2024-25, we remain optimistic despite the broader
economic challenges. Our strategic focus on innovation and a customer-centric approach
will enable us to leverage new opportunities. Aligning with India's positive economic
outlook, our expansion efforts are set to drive sustainable growth and create significant
value for all stakeholders. Embracing our core values of integrity, excellence, and
innovation, we are committed to navigating future challenges and enhancing our
company's success.
I extend my sincere thanks to I our Board, leadership team, I
employees, and stakeholders I for their steadfast support. Together, we will continue our
journey towards achieving our strategic objectives and building a prosperous future for
the Company.
With Warm Regards,
Suresh Bhageria
Chairman