Dear Stakeholders,
I am pleased to present the inaugural annual report of our Company following our recent
listing on Stock Exchanges. FY 2023-24 has been a milestone year for us, marked by
successful execution of complex projects, our entry into the steel sector, and
enhancements in our capabilities in waste gas handling and renewable energy. We have
successfully transitioned from a Private Limited Company to a Public Company, achieving a
remarkable 17.9% year-over-year revenue growth and an EBITDA margin of 21.5% for FY 2024.
We commenced FY 2025 on a strong note with a successful Initial Public Offering (IPO) that
raised Rs. 640 crores, of which Rs. 300 crores were a primary issue.
Company Focus
We have expanded our presence in various countries, including Nigeria, Mexico, Algeria
and Lithunia. JNK India is successfully handling many fired heater projects across diverse
locations in India such as Paradip, Numaligarh, Barauni, Panipat, and Vadodara. This being
our core expertise, has qualified us for larger projects. Our ongoing collaboration with
JNK Korea has been invaluable in these endeavours.
Dividend to the Shareholders
I am pleased to inform you that the Company has proposed a dividend of Rs. 0.30 per
fully paid- up equity share (15%) of face value of Rs. 2/- of the Company for the
financial year ended March 31, 2024, reflecting our operational efficiency and gratitude
to all our shareholders.
New Initiatives
Our capabilities now extend to waste gas handling solutions and the renewable sector,
including green hydrogen. During the year, we successfully installed a Hydrogen Refueling
Station (HRS) at the Indian Oil R&D Centre, Faridabad, Haryana. Given JNK Global's
expertise in HRS, we plan to leverage their technical knowledge to capitalise on future
growth opportunities in the hydrogen refuelling systems in India.
In the oil-to-chemical sector, numerous projects have been announced, primarily in the
Middle East, Eastern Europe, and Africa, in addition to India. We are actively exploring
these new markets. Being based in India gives us a distinct advantage in terms of material
costs for manufacturing and custom engineering at JNK India. To capitalise on this
advantage, we have significantly strengthened our team, increasing our workforce by nearly
50% across all areas to prepare for new upcoming opportunities. Additionally, we are
exploring mid-sized, technology-based engineering, procurement, and construction
opportunities in similar and related fields.
Strategic Partnerships
We are pursuing strategic investments and acquisitions that align with our growth
strategy. Since our inception, we have maintained an independent and collaborative
relationship with JNK Global, a KOSDAQ listed company. For certain heating equipment
projects, our Company participates independently, while for others we jointly partner with
JNK Global for engineering and implementation. We have entered into a cooperation
agreement with JNK Global, which governs our relationship in areas such as marketing and
the geography of operations. This makes our penetration into global markets possible,
which otherwise would have been difficult.
Looking Ahead
The successful completion of our IPO in April 2024 provides us with the necessary
working capital to undertake larger contracts. With additional qualification support from
JNK Global, we will be able to explore new and extensive export opportunities. I extend my
sincere gratitude to all our shareholders, customers, vendor partners, and colleagues for
contributing to a remarkable year. Your trust in us has increased our responsibility
immensely to continuously improve our processes and systems.
Thank you for your continued support,
Arvind Kamath
Chairperson and Whole-time Director