Kamdhenu Ventures Ltd

Our strong performance is primarily attributed to our constant improve our sales mix with a growing focus on premium products.

Dear Shareholders,

On behalf of Kamdhenu Ventures, I extend my sincere appreciation to all of you for your continued support in our transformative journey. Our recent strides in India's paints and coatings industry fill us with a sense of vigor to continue with focus on premiumization and deep consumer insights. As we reflect on our accomplishments, we are buoyed by a deep sense of purpose and responsibility, driving us towards continued success and greater achievements.

The theme for this year's annual report, ‘Unlocking Possibilities. Moving Forward.', perfectly encapsulates the essence of Kamdhenu Ventures' journey and aspirations.

Reflecting our sustained focus on strategic expansions and premiumization efforts, this theme captures the significant expansion of our capabilities. It symbolizes our progress in strengthening foothold and harness momentum across metros, Tier-I and Tier-II cities, and rural regions to drive growth. Thriving on our cutting-edge products, tailored to evolving consumer demands, we are unlocking new possibilities to widen our market share. Additionally, our persistent pursuit of excellence leads us to enhance our brand image, increase dealer's network and drive economic development. With a strong foundation and finely tuned strategic approaches, we foresee substantial revenue growth and a robust future, solidifying our position as a key market player.

Macro Environment

Over the past year, the global economic landscape was riddled with undercurrents, including geopolitical tensions and an overall slowdown in consumption, that tested the resilience of paint businesses worldwide. Despite these formidable challenges, we remained firm in our resolve, serving as a catalyst for innovation and efficiency. Our robust commitment to navigate this complex environment is evident in our endeavor to maintaining a delicate balance between our business objectives and the trust and goodwill of our customers. Indian economy continued to perform eloquently amid the global uncertainties, registering striking growth, buoyed by high investment activity and private consumption. Sustained investment in infrastructure, urban and rural development, coupled with targeted Government initiatives, culminated into the strong growth trajectory of India. Continuous Government push for infrastructure development, which includes key schemes like ‘Housing for All', ‘Make in India',

11.11 Lakh Crores capital outlay in the Interim Union Budget for infrastructure, coupled with a shift in consumer preference towards premium paint solutions, are instrumental in driving the growth of the paint industry. Additionally, the paint industry benefits from the Government's ambitious plans to position India as a global manufacturing hub through initiatives such as the

Production Linked Incentive (PLI) scheme and ‘Atmanirbhar

Bharat', translating into significant advancements in the manufacturing sector.

These efforts foster economic growth and create a conducive environment for industries like ours to thrive.

Industry Dynamics

In FY 2023-24, the Indian paint industry stands at USD 9.56 billion and is on track to reach USD 15 billion by FY 2028-29, with a CAGR of 9.38%. The primary growth enablers for this advancement are slated to include Government incentives, tax benefits, subsidies for the construction and real estate sector, and rising disposable incomes in the country. Moreover, the market is also being driven by a growing consumer preference towards aesthetically appealing and durable paints, boosting the demand for premium and specialized coatings in both residential and commercial segments. Additionally, eco-friendly policies are transforming the industry, with a major shift towards innovative and sustainable paint solutions egacy as that significantly enhance property aesthetics and longevity. With growing emphasis on construction and renovation activities, India's paint industry is set for continued expansion.

Moving Ahead

At Kamdhenu Ventures, we stay committed to assist our customers paint their dream homes, while remaining firm on generating enhanced value for our stakeholders. Our strategic focus on manufacturing value-added paint products remains our mainstay, complemented by our mission to gradually reduce the production of basic products. Our strong performance is primarily attributed to our constant efforts our sales mix with a growing focus on premium products.

Expansion in underserved smaller towns continues to occupy a major part of our strategic decision-making. As the economy advances, and these cities start urbanizing, the resulting surge in infrastructure projects will lead to the rise in demand for paint-related products. To cater to this enhanced demand, we respond with our strategy to forge partnerships with numerous dealers and expand our reach across several geographies in India. Our vision is to become the preferred choice of customers, leveraging our innovative and extensive product portfolio as a prime enabler for growth, while unlocking further potential in the years ahead. Through these tactical initiatives, we continue to lead sustainable growth,affirming our a leader in eco-friendly paint manufacturing in India.

Moving forward, we draw traction from our clear strategy to shape a prosperous future in the paint business. Our focal points include the development of value-added products, the expansion of our dealer network, amplifying our brand visibility, and increasing the premiums charged to franchises. With a positive outlook for the paint industry, driven by growing urbanization, burgeoning disposable incomes, and a surge in infrastructure projects, we anticipate rapid growth. Our goal is to achieve revenue growth of over 20% in FY 2024-25, while improving our EBITDA margin. We are confident in our ability to meet these objectives and elevate our brand to new heights of success in the paint industry.

Commitment to Sustainability and ESG

At the core of our operational excellence lies an unflinching commitment to sustainability and the principles of environmental, social, and governance (ESG). This commitment serves as our guiding force, propelling us to make a positive impact on the world around us. Advancing this objective, we are focused on taking proactive steps to address our ESG responsibilities and establishing ambitious targets for the coming years. With the introduction of eco-friendly and low-VOC (volatile organic compound) paint products, we are well-set to contribute significantly to environmental conservation, while fulfilling the growing demand for sustainable products. These initiatives are designed to drive meaningful progress in key areas of environmental sustainability, social responsibility, and corporate governance.

Conclusion

As we look ahead, we reflect proudly on our achievements and are even more excited about the future possibilities. We remain dedicated to unlocking future potential with our adept strategic interventions, while staying committed to sustained value creation for all stakeholders. Above all, we continue to prioritize investing in our people, fostering an environment of perpetual learning, growth, and promoting diversity and inclusion. As we advance on our journey, I deeply appreciate the wisdom, engagement, and support of our Board of Directors, along with the trust and confidence of our stakeholders. You have my assurance that our future is bright, and the spectrum of possibilities is immense.

Looking ahead, we will continue to deliver excellence, enrich lives and unlock new frontiers of sustainable progress.