Dear Shareholders,
It is my great privilege to present this 14th Integrated Annual Report
of your Company for the financial year 2023-24.
As we reflect in financial year 2023- 24, on all parameters your
company has done exceedingly well and achieved many new highs and records. Escalating
geo-political tensions, volatile commodity prices, inflationary pressures and rising
interest rates marked the operating environment during the year 2023-24.
Indian economy is expected to grow in the range of 6% - 7% for the
upcoming years. This would significantly increase the per capita income, resulting in
faster transition towards the hygienic food products from trusted sources. We strongly
believe the volume in all products categories will grow in upcoming years.
Your Company is committed to further strengthening its growth
trajectory and market leadership through several strategic initiatives. Due to prompt
strategic move, your Company has recorded total Standalone Revenue from the operation Rs.
1680 crore during the FY 2023-24 as compared to Rs. 1231 Crore for the FY 2022-23, which
is an increase of 36% YoY. The Net Profit of the Company is Rs. 18.19 Crore for FY 2023-24
as compared to Rs. 11.90 Crore for FY 2022-23, which is an increase of 58% YoY. The
Company constantly strive for product innovations to elevate customer experience and
promote customer delight.
Your Company came out with Rights Issue of 2,05,97,225 Shares at Rs.
20/- and raised Rs. 41.19 crore during June 2024. This fund will support the working
capital requirement of the Company & reduce finance cost, which will ultimately
improve our profitability in upcoming period. I am thankful to all the Shareholders for
their extended support to make Rights Issue successful.
For strengthening the production capacity, your Company has decided to
purchase an edible oil refinery with a daily capacity of about 200 metric tons (MT) and a
monthly crushing capacity of 600 MT for edible oil seeds. This strategic move represents a
backward integration, which is expected to increase the revenue of your Company.
I am pleased to inform you that the Company has decided to venture into
the production of Cold- pressed pharma grade Castor oil, a versatile ingredient widely
utilized in pharmaceutical and personal wellness products with its' existing integrated
Castor oil plant at Kapadvanj, Gujarat. This strategic move will enhance the Company's
revenue, product offerings, customer base, sectoral spread, geographical spread and
profitability of the Company. The Cold-pressed pharma grade Castor oil will be available
to both business-to-business (B2B) and business-to-consumer (B2C) segments. Cold-pressed
pharma grade Castor oil market is expected to grow at a remarkable CAGR in upcoming years.
The growth of the market can be attributed to the increasing demand of Cold- pressed
pharma grade Castor oil owing to the Oral Medicine, Tropical Medicine, Injection Medicine,
other applications across the globe.
I expect FY 2024-25 to be another exciting year for the Agro industry,
we are in an acceleration mode to fulfil our aspirations with a close watch on the
possible geopolitical developments, interest rates and agricultural developments. We
remain optimistic about the overall demand and reiterate our commitment to deliver value
to our customers, shareholders, and all other stakeholders.
I am confident that these initiatives will position your Company for
continued success in the coming years. I would like to thank all the team members for
their continuing commitment and support to the Company. In closing statement, I express my
sincere appreciation to all colleagues, customers, investors, bankers, business partners
& stakeholders. Looking ahead, we remain committed to sustainable growth, maximising
our business potential, and create enduring value for all.
Thanking You,
With Best Regards,
Vipin Prakash Mangal Chairman