CHAIRMAN'S DESK
Dear
Shareholders,
As I reflect on the past year, I am pleased to acknowledge the eventful journey we have
experienced. The real estate sector witnessed a sustained recovery, fuelled by positive
consumer sentiments towards homeownership in semi-urban and rural areas, which bolstered
our sales momentum. While we encountered challenges such as the rise in timber costs
impacting our operating margins, our resilience and focused efforts resulted in strong
operational and financial performance.
During the year, we made significant progress in enhancing efficiency, market
expansion, and strengthening our position. A major milestone was achieved with the
successful trial production initiation at our MDF unit in Vadodara, Gujarat, marking our
entry into the MDF segment. Additionally, our largest greenfield plywood plant in Sandila,
Lucknow commenced commercial production, contributing 28% of our plywood capacity in India
with its unique single-line production capability.
Innovative product and increased use of technology
Innovation remained at the forefront as we launched Green platinum, a premium product
offering properties such as 2x fire resistance and waterproof, received encouraging
response. Furthermore, we introduced 10ft x 4ft extra-large plywood sheets, catering to
the demands of the new age customer segment, enhancing our brand portfolio.
Technology adaptation played a vital role in our organization's progress, with the
implementation of lead management software for salesforce automation, enabling seamless
lead tracking, communication, and documentation. The introduction of the Dealer Management
System (DMS) provided our channel partners with a comprehensive platform for inventory
management, order tracking, transactions, and post-sales support, streamlining business
operations.
Sustainability
Sustainability has become increasingly significant for businesses, particularly in the
wood-based product sector. We have demonstrated our commitment to sustainability by
planting over 12.15 million saplings, covering more than 14,077 acres near our
manufacturing locations, in FY23. Additionally, we are proud to release our first
sustainability report as part of our ESG360 initiative, setting a benchmark within the
wood panel industry.
People first approach
Our dedicated employees and business partners remain our most valuable assets, and we
continue to prioritize their engagement and growth. Greenply's recognition as a
"Great Place to Work" for the third consecutive time exemplifies our commitment
to fostering a progressive and fulfilling work environment.
Looking ahead, we remain optimistic due to the resilient demand in the residential
sector and the shift towards organized segments. The government's continued focus on
infrastructure activities further opens opportunities for growth. Leveraging our core
strengths, including innovative capabilities, strong brand presence, established
distribution network, and diverse product portfolio, we are confident in our ability to
meet the growing demand and uphold our position as a leading plywood company in India.
I extend my heartfelt gratitude to our employees for their dedication and valuable
contributions. I thank our shareholders for the unwavering support during this journey.
Lastly, I express my sincere appreciation to our customers worldwide for their trust in
us, and we look forward to meeting their diverse needs.
Rajesh Mittal
Chairman cum Managing Director