Dear Shareholders,
It is with immense pride and great pleasure that we present to you the 41st Annual
Report of RACL Geartech Limited. It is my pleasure to report that in the fiscal year
2023-24, our company has continued to demonstrate a considerable growth and resilience. We
achieved annual revenues of 42,303.55 Lakhs, a significant increase from last year's
36,734.37 Lakhs. This growth has translated into an EBITDA of 10,192 Lakhs, marking a
12.4% increase year-over-year. This robust performance is especially commendable, despite
the challenging global conditions & head winds being faced towards later part of
fiscal year.
I would like to extend my heartfelt gratitude to our stakeholders for their unwavering
support and trust during these testing times. Your confidence inspires us to rise to the
challenges and remain committed to driving consistent revenue and profit growth.
Despite ongoing global economic challenges, including supply chain disruptions and
inflationary pressures, India stands resilient. As we navigate these uncertainties,
ranging from geopolitical tensions to trade restrictions, we are adapting our strategies
to mitigate potential impacts on trade flows and economic stability. While exporting may
become increasingly challenging, it emphasizes the need to focus on logistics efficiency
and product quality, where India holds a competitive advantage.
The rapid rise of Artificial Intelligence also presents both challenges and
opportunities. While AI can threaten the cost advantages in the digital services sector,
we remain committed to leveraging this technology to enhance our offerings and improve
operational efficiency.
Moreover, the transition toward sustainable energy is critical. Recognizing the
pressing need to reduce carbon emissions, we are committed to advancing our ESG practices
to contribute to a sustainable future. I am proud to report that our Gajraula Plant has
achieved a significant milestone by becoming 100% compliant with green Electrical energy
w.e.f. 1st January 2024, and we maintain a Zero Water Discharge status with complete water
recycling. We have learned to transform challenges into opportunities. With a clear intent
to create value for our shareholders and customers, we are sharpening our focus on
technology, innovation, IoT, and AI. Our commitment to adapting to changing market
conditions has never been stronger. The support we receive from our customers and
suppliers is invaluable, and we remain dedicated to nurturing our talent to stay at the
forefront of our industry.
We are proud to announce that we received the First Prize in the Engineering product
category from the Department of MSME and Export Promotion, Government of Uttar Pradesh, in
recognition of our "Highest Export Performance for the Financial Year 2022-23."
I am excited to announce that RACL has been nominated as a Tier 1 supplier by a
prestigious German car manufacturer for our Parking Lock Mechanism, specifically designed
for electric vehicles, thus company has leap frogged from a component supplier to system
supplier. Additionally, we received a nomination from another German customer for the
supply of gears for pedal-assisted electric bicycle gearboxes, thus, making an entry into
new domain of premium Electric Bicycles.
In conclusion, I have touched on our successes, areas for improvement, and our
aspirations for the future. On behalf of the Board of Directors and the management team, I
want to thank our employees, business partners, customers, vendors, shareholders,
investors, state & central government institutions, bankers and all our stakeholders
for their continued support and dedication. We are optimistic that our business
performance will maintain its healthy growth trajectory in FY 2024-25 and beyond.
Thank you.
GURSHARAN SINGH
CHAIRMAN & MANAGING DIRECTOR