Dear Shareholders,
It is my pleasure to present to you our Annual Report for Financial Year 2023-24 and
reflect on our performance for the year. Diversification-led progressive growth represents
our strategic evolution for expanding horizons, embracing innovation, and pursuing
sustainable growth.
We believe our endeavours will serve as the catalyst for driving accelerated growth in
the ever- evolving infrastructure landscape.
2023 was a year of economic transition. Inflation eased but remained a concern,
prompting central banks in major economies like the US, EU, and UK to maintain a hawkish
stance. While China showed signs of recovery, its economic momentum was uneven. Supply
chains improved but remained fragile. Global growth slowed amid these challenges, with
recession risks lingering in some regions. However, India's economy accelerated in FY
2023-24, registering an impressive 8.2% growth, surpassing the previous year's 7.0%. This
robust performance was underpinned by strong domestic demand and government initiatives.
Manufacturing emerged as a key growth driver, solidifying India's position as a global
manufacturing hub. Despite global challenges, the Indian economy demonstrated resilience
and outpaced major economies.
The Union Budget 2024 has earmarked ^ 11.11 lakh crore for Infra capital expenditure,
accounting for 3.4 per cent of GDP. This significant allocation underscored the
government's commitment to building infrastructure and boosting the manufacturing sector.
The focus on infrastructure development is further expected to create a ripple effect,
spurring economic activities and generating employment opportunities across various
sectors.
Throughout the year, our financial performance demonstrated an impressive trajectory,
underscoring our dedication to growth and success. We recorded a revenue of ^11,523.75
lakhs, marking a significant growth from ^ 10,880.50 lakhs in the previous year.
Furthermore, our Profit after Tax reached ^ 1,158.27 lakhs, compared to ^ 1,072.77
lakhs achieved in FY 2022-2023 We look forward to achieving favourable profit margins in
the coming years. This anticipation stems from our strategic initiatives and a
comprehensive approach aimed at fostering sustainable growth. With a focus on operational
efficiency, innovative strategies, and responsiveness to market dynamics, we are poised to
harness opportunities that will contribute to the attainment of our profit margin
objectives.
Our robust expertise and capabilities in construction, mining, and related activities
position us to redefine India's infrastructure landscape. Our expertise encompasses a
spectrum spanning infrastructure construction, engineering, mining, and equipment leasing,
each contributing to an array of projects.
A recent strategic expansion has seen us enter the domain of steel manufacturing. This
bold step not only enhances our capabilities to serve India's essential economic sectors
but also cements our role as catalysts for growth in these areas. In pursuit of this, the
Board of Directors has approved a proposal for setting up a steel plant in Gadchiroli
District, Maharashtra. The process of setting up the steel plant is underway. The plant
will be handled by a highly skilled team of product specialists and engineers and equipped
with the latest technology. We intend to transform into a premier steel manufacturer,
expanding both capacity and expertise to serve criticalindustries.
Finally, I would like to extend my heartfelt gratitude to our employees, suppliers,
customers, and shareholders for their unwavering support and belief in our abilities. We
value the trust and relationships built with each of you and are committed to continuing
our partnership and delivering long-term value to all.
| Warm Regards, |
| Shrikant Mitesh Bhangdiya |
| Managing Director |