Dear Stakeholders,
I am delighted to share the exceptional achievements and advancements at Rishabh
Instruments throughout 2023-24. As we conclude another remarkable year for the Company, I
am filled with pride and optimism. The year 2023-24 has been a milestone year for us. Our
successful listing on the National Stock Exchange and the Bombay Stock
Exchange in September 2023 was a significant milestone, highlighting our commitment to
growth and excellence. We are delighted to report a robust growth of 21% in our top line
compared to the previous financial year, showcasing the strength of our strategic
initiatives and operational execution.
This success is a testament to the relentless efforts and dedication of our entire team
at Rishabh Instruments, LUMEL, both LUMEL SA and LUMEL ALUCAST, V&A, and Sifam
Tinsley, spread across the globe. I extend my heartfelt gratitude to all our stakeholders,
including our investors, who have shown continuous faith in our vision and business model.
We are dedicated to providing world-class energy efficiency solutions. With a diverse
product portfolio catering to global energy demands, we are well-positioned to capitalise
on the growing trends towards clean energy, industrial automation, and infrastructure
development. The global push towards net-zero transitions, EV charging infrastructure, and
reduction of carbon footprints presents significant opportunities for our products. This
further enables us to contribute meaningfully to a sustainable future.
India's electrical automation industry has flourished amidst the Industry 4.0
revolution and the Industrial Internet of Things (IIoT), particularly in critical sectors
like automotive, FMCG, and chemicals. This growth is propelled by escalating demands for
automation, stringent quality standards, and heightened productivity.
We have significantly expanded our metering, control, and protection devices, driven by
infrastructure developments and a pronounced focus on energy efficiency. Similarly,
advancements in EV manufacturing, defence testing, and solar PV installations, spurred by
supportive governmental initiatives have given a thrust to our business. Notably, India's
emphasis on renewable energy has significantly expanded the solar PV market, creating
opportunities for us to capitalise on. Concurrently, the HPDC sector has experienced
robust expansion, fuelled by automotive industry demands for lightweight components,
particularly for electric vehicles (EVs). These trends underscore our industry's immense
growth potential and expansive market opportunities.
We are committed to driving innovation and excellence across all our operations. Our
continuous investments in R&D, coupled with our strategic expansion plans, ensure that
we stay ahead of industry trends and deliver unparalleled value to our customers and
shareholders. Financially, we achieved a remarkable 21% year-on-year (y-o-y) revenue
growth, reaching INR 6,897 Million for 2023-24, driven by robust global demand across all
product categories. Our commitment to innovation has been fantastic, with the introduction
of approximately 17 new products over the past two years. This has contributed to a 10%
incremental revenue growth. Looking ahead, we have an exciting pipeline of around 20 new
products slated for introduction by 2024-25.
As we expand our market footprint, we are optimistic about exploring untapped
opportunities in India, the US, and China, building upon our existing market share and
venturing into new territories. The positive feedback from our valued customers further
validates our confidence in extending our global presence.
At Rishabh Instruments, we are dedicated to sustainability and social empowerment. We
lead with initiatives in solar and green energy solutions, support education through
scholarships, empower underprivileged women with training and accommodation, and
collaborate with institutions like IITs for innovative research. Our commitment to CSR and
ESG is evident in our strong policies against child labour and discrimination.
Additionally, we engage in proactive environmental efforts aimed at sustainable growth and
societal benefit.
This guiding principle strongly resonates with our ethos at Rishabh Instruments. It
emphasises our dedication to continuously measuring our impact, refining our strategies,
and driving meaningful progress across our operations. As we navigate the intricacies of
our dynamic industry, we are resolute in our pursuit of excellence, innovation, and
sustainable growth. Together with our stakeholders, we are poised to create enduring
value, foster sustainable development, and lead the transformation of the energy and
industrial automation landscape.
We are excited about the future and the opportunities it holds. With immense gratitude
for your support, we look forward to achieving continued success and delivering value to
all our stakeholders.
Warm regards,
| Narendra Joharimal Goliya |
| Promoter, Chairman and MD |