"We were ranked No. 388 in the Fortune Magazine, among the largest 500 companies
in India. This ranking reflects our position as a major player in the Indian business
landscape, highlighting our substantial market share and influence."
Rajiv Rattan
Chairman,
Anjali Rattan Nashier
- Co- Chairperson
Dear valued stakeholders,
We are pleased to present our annual report for the fiscal year 2023-24, which provides
a comprehensive overview of our company's performance, strategic initiatives, and future
prospects. Over the past year, we have made significant strides across all business
verticals, demonstrating our unwavering commitment to innovation, operational excellence,
and sustainable growth.
In FY24, our journey has been shaped by the shifting global and Indian economic
landscapes, like a river adapting to its terrain.
The global economic landscape continues to be characterised by volatility and
uncertainty. The lingering effects of the COVID-19 pandemic, coupled with ongoing
geopolitical tensions, have contributed to a slowdown in economic activity, particularly
in developed markets. While there have been signs of stabilisation, the ongoing military
conflicts have exacerbated these challenges and disrupted global supply chains.
Despite these headwinds, the Indian economy has exhibited remarkable resilience. Driven
by robust domestic consumption, increased manufacturing output, and significant government
investments in infrastructure, India has managed to weather the global storm. However, it
is important to note that consumer spending has been cautious, reflecting a degree of
uncertainty among domestic consumers.
Thus, buoyed by the positive sentiments and growing confidence in the domestic market,
we emerged stronger and more resilient. We successfully navigated the complexities of an
ever-changing landscape and emerged triumphant while gaining valuable wisdom and insights
in the process.
We successfully improved our financial metrics, bolstered our brand strength, and
pursued growth opportunities that drive value. In FY24, our consolidated total income
surged to ?6,192 crore, marking a 50% increase. Additionally, our profit after tax (PAT)
on a consolidated basis soared to ?424 crore, a sharp turnaround from the previous year's
loss of ?286 crore
Our e-commerce vertical continues to have broad retail selection, with 50 lakhs unique
items offered. The 'Cocoblu' division achieved ?5,506 crore in revenue, reflecting a 35%
increase, and reported an EBITDA of ?149 crore, demonstrating a 60% increase
year-over-year. Cocoblu serviced 10.7 crore orders in FY24, averaging 3.4 orders served
per second. To expand our presence, we have partnered with 147 Amazon fulfilment centres,
up from 113 in FY23, and now have the capacity to service 20,000 pin codes across the
country. Cocoblu Retail has achieved the rare feat of reaching revenues of ?5,500 crore
within just two years of operation, outpacing other new-age businesses.
Meanwhile, our 'Neobrands' segment launched a new brand store in FY24 for Revolt
merchandise and continues to excel with three existing stores on Amazon: Fyltr, Inkd, and
Pump'd, offering trendy casual wear, denim, and athleisure. All private labels have
achieved the status of "Amazon Top Brands" within a short span of operations.
E-mobility has seen remarkable growth across the country, with 9.5 lakh units sold in
FY23-24, raising its penetration in the 2-wheeler segment to 5.3%, a significant jump from
less than 1% in FY20. In our e-mobility segment, we have made impressive progress, selling
35,000 units by the end of FY24, with our motorcycles collectively covering 45 crore kms
on Indian roads and having saved 97,000Tons of CO2 equivalent to 162,275 trees solidifying
their reputation as some of the most robust products in the EV space.
We expanded our dealer network from 32 to 115 stores, achieving a 4x increase that has
established a strong pan-India presence across 97 cities in 20 states. Additionally, as a
responsible corporate citizen, Revolt proactively repaid previously availed subsidies
under the FAME II regime, fully resolving all past issues related to FAME subsidies.
To capitalise on the burgeoning market opportunity in the e-mobility space, we have
taken several strategic initiatives. We launched a new electric bike, the RV 400 BRZ,
expanding our product portfolio and catering to diverse customer preferences. We have also
established our first company-owned, company- operated store in Karol Bagh, New Delhi,
offering an unparalleled customer experience. Additionally, we have refreshed our existing
product line with a wider range of colour options to enhance customer appeal. In parallel,
we have intensified our marketing efforts, including the launch of new television
commercials and billboard campaigns, to generate significant awareness and drive customer
interest in our e-mobility solutions.
Our fintech vertical Wefin has reached to partnerships with over 41 banks, NBFCs, and
fintech firms. Our registered customer base exceeds 434,017, with 33,170 loans disbursed
totalling over ?530 crore. It was ?300 crore last year. We're integrated with the Account
Aggregator Network, processing 7,385 real-time transactions across 16 banks.
In our drone segment, we have made significant strides in developing innovative
solutions and expanding our market reach. For the Indian Army, we have introduced an
autonomous "Intruder Detection Solution," a cutting-edge technology designed to
enhance security and surveillance capabilities. Additionally, we have launched drones
equipped with wireless charging stations, providing greater convenience and operational
efficiency.
To support the growth of our drone business, we have significantly increased our
marketing efforts in the current fiscal year. We have also focused on enhancing our social
impact by partnering with SelfHelp Groups (SHGs) and providing personalised drone training
to students. Notably, our drones were personally presented to SHG "Didis" by the
Honourable Prime Minister Narendra Modi, underscoring the potential of this technology to
empower communities.
Furthermore, we have expanded our drone training program to include schools and
colleges, fostering a new generation of drone enthusiasts and professionals. This
initiative aligns with our commitment to promoting technological advancements and
contributing to the development of the drone industry.
We have therefore strategically aligned our business operations with high-growth
sectors experiencing rapid expansion in India. The burgeoning e-commerce industry, coupled
with the increasing adoption of electric vehicles and fintech services, presents
significant opportunities for RattanIndia to capitalise on the growing market demand.
Additionally, drones offer immense potential in India for agriculture, logistics,
surveillance, disaster management, and delivery services. The vast geography, growing
e-commerce, and governmentsupport create a fertile ground for drone-based solutions.
While our financial performance is a testament to our success, we are equally proud of
our continued improvements in customer experience across our businesses. This positive
trend not only strengthens our market position but also boosts employee morale and
reinforces our commitment to delivering exceptional value to our customers.
Our recognition as the 388th largest company in India by Fortune Magazine underscores
our significant market presence and influence within the Indian business landscape. This
ranking highlights our substantial market share, strong financial performance, and
unwavering commitment to growth and innovation. It also serves to enhance our brand
reputation and credibility, positioning RattanIndia Enterprises as a leading player in the
Indian corporate sector.
Today, we continue to operate in times of unprecedented challenges that come with
unusual opportunities for growth across the areas in which we operate. Our undeterred
conviction is that each division of our company can capitalise on these opportunities and
be a very large and profitable business on its own. This confidence is buoyed by India's
ambitious goal of being a developed economy and the nation's rising technological
superiority on the global stage.
In this regard, our focus on cutting- edge technologies gives us a competitive edge.
Continuous innovation in electric vehicles, drone technology, and fintech solutions will
be crucial in our future growth. On the e-commerce front, broadening our retail selection
basket will be essential for our future success.
Government initiatives promoting electric vehicles and digital payments can positively
impact the Company'sgrowth. The successful execution of our business plans, including
product development, deeper market penetration and prudent financial management, will be
vital for our long-term success.
Furthermore, to reinforce our leading position in the market, we will continue to make
planned investments that will boost our capabilities to adapt to evolving market needs.
In the end, we believe under the guidance of our senior leadership, each of our
business teams will continue to go above and beyond to achieve the operational and
financial goals of the organisation, just like they did many times in the past. This
dedication will enable us to deliver exceptional value to our stakeholders and
significantly contribute to India's ascent on the global stage.
The year that went by was exciting, but our journey is far from over, and we are more
excited to know how the next chapter unfolds. We want to express my gratitude to all our
stakeholders - including the Government, our customers, investors, regulators, lenders,
suppliers, and advisors - for their steadfast support.
A heartfelt thank you goes to REL's exceptionally talented and dedicated team, whose
relentless pursuit of excellence is propelling us toward new heights. We eagerly
anticipate your continued support as we advance.
With warm regards,
Rajiv Rattan Anjali Rattan Nashier
Chairman Co- Chairperson