Dear Stakeholders,
I am delighted to present our annual report for the fiscal year
2023-24. This year has been a whirlwind of challenges and triumphs. The global stage was
fraught with obstacles, from the Russia-Ukraine conflict which is yet to see any sign of
being resolved and the fresh threat imposed on exports by the Red Sea crisis also did not
help matters. Soaring inflation and an economic slowdown in Europe. Yet, in the face of
these adversities, we have emerged stronger and more resilient.
Resilience and Adaptability
Navigating these turbulent times required us to be agile and
innovative. We adapted swiftly to the shifting market conditions, demonstrating our
ability to stay ahead of the curve. Despite a dip in revenue, our strategic cost-cutting
measures kept our operations viable. This period of introspection has reinforced our
commitment to resilience and adaptability, turning challenges into stepping stones for
future success.
Sustainability and Growth
Looking forward, we are eager to explore new markets and diversify our
geographical presence. Our participation in global events like Interpack 23 in Germany and
Plastindia 23 in New Delhi has opened new avenues for customer engagement and growth. By
broadening our customer base, we aim to mitigate risks associated with economic
fluctuations in any one market.
Sustainability is at the core of our operations. We have made
significant stride in adopting renewable energy solutions. Our focus on sustainability not
only supports environmental preservation but also strengthens our position as a
forward-thinking industry leader.
Building Strong Relationships
Our success is deeply rooted in strong relationships. We prioritize
customer satisfaction and strive to build long- term partnerships that foster loyalty and
mutual growth. By leveraging advanced technologies and committing to continuous
improvement, we aim to enhance our efficiency and provide exceptional value to our
customers.
Our leadership philosophy is centred on empowerment, transparent
communication, and ethical behaviour. We believe in nurturing an environment where
employees feel valued and motivated, unlocking their full potential. This approach drives
our growth and helps us reach new heights of success. We are committed to fostering a
culture of innovation and excellence that propels our organization forward.
While the year gone by has been a challenging one financially, we do
believe that the worst is over. The delayed commissioning of the CPP plant coupled with
severe market conditions was largely responsible for the subdued results in the year.
Early signs of a recovery in the market are already visible.
As we look ahead, we are excited about the opportunities that lie
before us. By capitalizing on our strengths and staying true to our strategic vision, we
are poised to shape a brighter future for Kanpur Plastipack and all our stakeholders.
In closing, I want to express my sincere gratitude to each of our
stakeholders for your unwavering support and belief in our vision. Together, we will
continue to strive for excellence and achieve greater success in our endeavours. Let us
embrace the future with optimism and a collective spirit of innovation.
Regards,
Manoj Agarwal
Chairman cum Managing Director