Dear Shareholders,
As we present to you the 31st Annual Report of Jyoti Resins and Adhesives Limited, I am
pleased to reflect on another year of substantial growth and resilience in a dynamic
market environment. Your company continues to advance in its mission to provide
high-quality synthetic resin adhesives across India under our flagship brand, EURO 7000.
Launched in 2006, EURO 7000 has solidified its position as the second-largest selling wood
adhesive brand in India in the retail segment, a testament to our unwavering commitment to
quality and innovation.
Operational Highlights
During the financial year 2023-24, we achieved several operational milestones. Our
manufacturing facility in Ahmedabad, with a capacity of 2,000 tons per month (TPM) or
24,000 tons per annum (TPA), operated at optimal levels to meet the growing demand for our
products. Our extensive distribution network, which spans 14 states with 35 branches and
60 distributors, allows us to cater to over 12,000 active retailers and approximately 3.5
lakh carpenters across the country. The dedication and efforts of our 400-strong sales
force have been instrumental in enhancing our market presence, especially in key regions
such as Gujarat, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, and Telangana.
In FY23, we strategically expanded our footprint to new markets, including New Delhi
and Uttar Pradesh, with the establishment of five new branches. This expansion aligns with
our vision to increase market penetration and serve a broader customer base across India.
Financial Performance
I am delighted to reporta robust financial performance for the year ended March
31,2024. The Company achieved a total income of ?26,412 lakhs, marginally up from ?26,352
lakhs in the previous year, showcasing our ability to maintain steady revenue growth
despite market fluctuations.
Our profit before tax (PBT) stood at ?8,960 lakhs, a significant increase from ?6,141
lakhs in the previous year. This growth reflects our effective cost management strategies
and operational efficiencies. The net profit after tax (PAT) for the year was ?6,712
lakhs, compared to ?4,644 lakhs in FY23, demonstrating a healthy increase of 44.5%. The
earnings per share (EPS) improved to ?55.93 from ?38.70 in the previous year, reflecting
our strong financial performance and value creation for our shareholders.
We are pleased to announce that the Board has recommended a final dividend of ?9.00 per
equity share for the financial year 2023-24, subject to your approval at the forthcoming
Annual General Meeting. This reflects our commitment to sharing the rewards of our growth
with our valued shareholders.
Future Outlook
Looking ahead, we remain focused on driving growth through innovation, enhancing our
product portfolio, and expanding our geographic reach. We are committed to leveraging our
strengths in manufacturing excellence, robust distribution, and brand equity to capture
new opportunities in the adhesive industry.
In conclusion, I would like to express my heartfelt gratitude to our dedicated
employees, loyal customers, esteemed distributors, and, most importantly, our
shareholders, for your continued trust and support. Together, we will strive to achieve
greater heights and continue to build a strong and sustainable future for Jyoti Resins and
Adhesives Limited.
In the 31st Annual Report of Jyoti Resins and Adhesives Limited, we are proud to
highlight our strong performance in the financial year 2023-24. The Company achieved a
total income of ?26,412 lakhs and a net profit of ?6,712 lakhs, reflecting a robust growth
of 44.5% over the previous year. Our flagship brand, EURO 7000, continues to thrive as the
second-largest selling wood adhesive in India. With a strategic expansion into new markets
and ongoing commitment to innovation and operational excellence, we are well-positioned
for continued growth. The Board has recommended a final dividend of ?9.00 per share,
underscoring our dedication to delivering value to our shareholders.
Thank you.
Warm regards,
Jagdish Nathalal Patel
Chairman and Whole Time Director
Jyoti Resins and Adhesives Limited