Dear Shareholders,
I am delighted to present the Annual Report of your company for FY 23-24. It has been
an exciting year for your company, marking a pivotal milestone in our journey as the
future direction of our company took shape in Fy24. At the successful closure of this
year, I would like to extend my deepest gratitude for our collective achievements. Your
steadfast support and trust have been vital to our progress, enabling us to grow stronger
and adeptly navigate the challenges we have encountered.
On the economic front, India's GDP grew by 8.2% in FY24, compared to 7.0% growth a year
ago, according to NSO estimates. Led by strong manufacturing and construction activity,
the Indian economy is poised for robust growth in FY25, reflecting resilience amidst a
slowing global economic landscape.
The Cables & Wires Industry in India has seen exemplary growth in the last few
years, driven by government initiatives and infrastructure development. The industry has
shifted strategically towards more organized players due to better supply chain control,
quality, and reliability.
The industry is projected to experience significant growth in the next decade. This
growth is expected to be driven by the expansion of renewable power generation, upgrading
transmission and distribution infrastructure, rising investments in metro railways and
modernizing existing railway infrastructure, smart grid initiatives, and increasing
manufacturing activities. Increased urbanization and commercial development are also
expected to stimulate investments in the real estate sector, leading to higher demand for
power cables.
The export market also presents significant opportunities for the Indian cables and
wires industry. However, it is crucial for the industry to stay abreast of the latest
technological advancements and maintain high quality standards to remain competitive
globally.
Dynamic Cables' persistent focus on operational efficiency and financial prudence has
yielded robust financial performance and paved the way for future growth aimed at
delivering strong business performance and creating significant value for all
stakeholders.
On operational front the Fiscal 2023-24 will be forever etched as a landmark year in
Dynamic's illustrious journey a year where we delivered robust performance through our
unwavering pursuit of excellence and well executed initiatives.
This propelled company to unprecedented heights, with our highest-ever revenue of
768.00 Crore and a strong Operating profit of 77.28 Crore reflecting a 23.1% growth as
compared to the previous year with an impressive 10.1% Operating Profit margin. Notably,
Q4FY24 marked our strongest quarter in terms of revenue and profitability a testament to
the resilience and agility of our team.
Closing FY24 with a record order book of 521 crore reflects the trust our clients
place in our capabilities, further enhancing our outlook for sustained growth. The
resilience demonstrated by the power cables sector in recent quarters indicates strong
potential for continued growth in the foreseeable future.
We have also successfully completed our brownfield expansion at the Reengus plant
during FY24. The increased capacity will enable us to capitalize on the growth
opportunities available in the market.
Government spending on power infrastructure projects and exports has laid a strong
foundation for our progress. Increased private capital expenditures have further
stimulated our expansion, enabling us to explore new opportunities and enhance our market
presence. The synergy between government initiatives and private sector investments has
created a favorable environment for the sustainable long-term demand for our products. Our
robust order book, combined with our order fulfillment capacity, provides strong growth
visibility.
We reaffirm our commitment to a strategic approach, emphasizing strong financial
discipline to ensure enduring, long-term growth. We anticipate consistent strong
performance, boosted by significant investments in power infrastructure development by
both government and private sectors. Our goals include increasing our export presence,
developing cutting-edge products, enhancing capabilities, and strengthening customer
relationships. By focusing on establishing a strong presence in both domestic and overseas
markets and leveraging robust execution capabilities, we are well-positioned to capitalize
on emerging market demands. Our dedication to consistent innovation and maintaining the
highest quality standards ensures we remain the trusted partner of choice for customers
worldwide.
The increasing demand in sectors such as infrastructure, construction, railways,
electric vehicles, and both renewable and non-renewable energy is driving the need for
power and power cables. At Dynamic Cables, our comprehensive product portfolio, extensive
national presence, and global reach, along with approvals from various domestic and
international agencies, position us well to contribute significantly to these national
development initiatives.
As we look ahead, we do so with humility and a renewed sense of purpose.
With your continued support, I am confident that we will overcome any challenges and
achieve even greater heights of success. In the coming years, we anticipate accelerated
momentum and aim to scale new heights and expand our market share.
Our commitment to significant growth transcends mere profitability. Aligned with
Dynamic's mission of creating value and sustainability, we have focused our CSR
activities, environmental initiatives, and ethical corporate governance practices on
fostering a sustainable business that extends its impact to the community, environment,
and workforce. I am fully confident in our strategic approach, actions, and steadfast
commitment to achieving ambitious long-term goals that will deliver positive outcomes for
all stakeholders involved.
Lastly, I would like to express my heartfelt appreciation to our dedicated employees,
whose support has been integral to our transformation into a world-class manufacturer. I
also extend my deepest gratitude to the Board of Directors, investors, and stakeholders
for their continuous support and guidance.
Thank you once again for your trust and belief in our vision. With our commitment to
excellence, we are propelled into a new orbit of future filled with continued innovation
and success.
Yours sincerely,
Ashish Mangal
Managing Director.