CHAIRMAN'S MESSAGE
Enduring Legacy. Creating Value.
Dear Shareholders,
As we stand on the threshold of our golden jubilee, I reflect with immense pride and
gratitude on our company's remarkable journey. This annual report, titled '50 Years of
Value Creation,' encapsulates our enduring legacy and the spirit of innovation that has
guided us from our humble beginnings in 1973 to our current status as a global player in
the lighting and steel industry.
Over these five decades, we have built a legacy rooted in resilience and adaptability.
Starting with a modest manufacturing unit and a vision to provide high-quality products,
we have strategically expanded and diversified, entering new markets and segments.
Our transition to energy-efficient LED technology in the early 2010s allowed us to
contribute to environmental sustainability while meeting the growing demand for greener
solutions.
Our progress is attributed to the unwavering dedication of our employees, the trust of
our customers, and the support of our stakeholders. As we honour our rich history, we
remain focused on driving innovation and excellence, ensuring that the next 50 years are
even more transformative and impactful. Together, we look forward to continuing this
journey and building a legacy of growth, sustainability, and success.
From the outset, our journey has been defined by perseverance, empathy, and integrity.
Starting with a single spark of ambition, we have expanded our footprint to over 50
countries, harnessed cutting edge technology to enhance lives, and achieved a turnover of
Rs.7,809 crore in 2023-24. During this year, we successfully reduced debt by Rs.400 crore
in 2023-24, attaining a zero-debt status. This significant achievement highlights our
robust financial management and commitment to long-term sustainability. Additionally, our
Lighting and Consumer Durables business reported excellent profit growth in 2023-24,
reflecting our strategic investments in technology and innovation.
Driving Growth in a Resilient Landscape
As we reflect on the past year, it is essential to acknowledge the global challenges
that have shaped the economic landscape. The ripple effects of supply chain disruptions,
the ongoing Russia-Ukraine conflict, and surges in inflation have tested the resilience of
businesses worldwide. Despite these hurdles, the global economy has shown remarkable
tenacity, maintaining steady growth.
Amid these global economic uncertainties, the Indian economy is currently experiencing
robust growth, demonstrating resilience and strength. With a growth rate of 8.2% in
2023-24, this marks the third consecutive year of over 7% growth, highlighting the
economy's strong performance. Increased public sector investment, a resilient financial
sector, and substantial consumer demand drive this impressive growth.
Initiatives such as the Skill India Mission, Start-Up India, and Stand-Up India have
been pivotal in fostering greater women's participation in the workforce, further
propelling the economy's growth trajectory. These programmes have not only enhanced skill
development and entrepreneurship but also contributed to a more inclusive and dynamic
economic landscape.
As India continues to strengthen its economic foundations and expand its global
footprint, the nation's future looks promising, marked by sustained growth, innovation,
and increased global prominence.
Catering to the Aspiring Indian Consumer
India's middle class is the engine driving economic expansion and consumer demand. With
increasing incomes, enhanced living standards, and a growing preference for quality, this
demographic presents immense opportunities for growth. Surya Roshni is perfectly
positioned to cater to the evolving needs of this dynamic segment, offering an array of
innovative products that align with their aspirations.
The Indian government's robust focus on infrastructure development has set the stage
for unprecedented growth. From the creation of smart cities to the expansion of highways
and urban renewal projects, the demand for essential materials and cutting-edge solutions
is surging. Our steel and professional lighting solutions are not only fulfilling domestic
demand but are also making a significant impact on the global stage. Surya Roshni is at
the forefront of this transformation, contributing significantly through our high-quality
steel and professional lighting solutions.
Surya Roshni's reach extends far beyond India's borders, with 30% of our revenue
generated from exports. This international footprint is a testament to the global trust in
our products and the efficacy of our export strategy.
Our success in international markets is a reflection of our dedication to quality,
innovation, and sustainability.
Our consumer-facing business is at the heart of embracing the aspirations of the modern
Indian consumer. With an extensive range of high-quality products including consumer
lighting, fans, and home appliances like food preparation and cooking devices, garment
care, heating appliances, and climate control solutions, we are committed to enhancing
everyday lives. Our PVC pipes and fittings further reflect our dedication to innovation
and reliability, ensuring we meet the evolving needs of this dynamic demographic. As we
move forward, our focus remains steadfast on contributing to India's infrastructure boom,
enhancing the quality of life for millions, and creating sustainable value for all our
stakeholders.
Powering India's Infrastructure Growth
The Indian steel tubes and pipes market is poised for substantial growth, driven by
robust demand across key sectors like oil & gas, water transportation, and
construction.
At Surya Roshni Limited, we are strategically positioned in the steel tubes and pipes
market to capitalise on opportunities. Our extensive portfolio of high-quality steel pipes
and tubes caters to the evolving needs of India's infrastructure modernisation efforts. We
play a critical role in supporting sustainable water management initiatives through our GI
pipes, aligning with national programmes like the Jal Jeevan Mission and Atal Bhujal
Yojana. In the oil & gas sector, our specialised products, including API and 3LPE
coated pipes, meet vital transportation requirements, complementing India's push towards
energy security and net-zero emissions.
Moreover, our professional lighting solutions are pivotal in shaping India's
infrastructure growth, bringing functionality to every project. From illuminating bustling
roadways and industrial spaces to enhancing the beauty of landscapes and facades, our
lights not only ensure safety and efficiency but also elevate the aesthetic appeal of
infrastructure.
Additionally, our commitment to quality and reliability positions us favourably amidst
the market's shift towards organised players, enhancing our competitiveness and market
leadership. Our proactive approach to adopting advanced technologies and sustainable
practices ensures that we remain at the forefront of industry advancements, ready to meet
the increasing demands and contribute to India's growth story.
Embracing Environmental Stewardship
We are committed to reducing our carbon footprint and minimising waste generation
across our manufacturing facilities. By transitioning key processes to natural gas and
implementing energy efficient technologies such as gas-based generators, solar panels and
VFD installations, we are pioneering green practices in our industry and thus
strengthening ESG norms. Our rigorous waste management protocols and sustainable packaging
initiatives further exemplify our commitment to environmental sustainability.
At every level of our operations, from management to plant activities, our teams are
dedicated to implementing environmental best practices. Guided by our environmental
experts, we continuously monitor and improve our energy, water, waste management, and air
pollution control measures. This collaborative approach ensures that sustainability
remains ingrained in our operational DNA.
Advancing through Innovation and Commitment
Looking ahead, our outlook remains robust and forward thinking. In the steel tubes and
pipes market, we are poised to capitalise on growing demand across key sectors such as oil
& gas, water transportation, infrastructure and exports. Our commitment to quality,
innovation, and environmental stewardship positions us as a leader in meeting India's
evolving infrastructure needs. With strategic expansions and enhanced capabilities, we are
confident in our ability to deliver sustainable value to our stakeholders.
Nurturing Talent
We foster a workplace culture that nurtures diversity, respects individual rights, and
promotes equal opportunities for all. By investing in training and development, we empower
our employees to achieve personal and professional growth, thereby strengthening our
collective capabilities.
The well-being and safety of our workforce are paramount. Through comprehensive safety
measures and regular audits, we ensure a secure working environment where our employees
thrive. High levels of engagement and motivation drive our workforce initiatives,
fostering an environment where innovation and excellence flourish.
Spreading Community Impact
Beyond our operational footprint, we are dedicated to positively impacting the
communities we serve through our CSR arm, the Surya Foundation. Our initiatives in health,
education, and skill development are tailored to meet evolving community needs, guided by
ongoing engagement with diverse stakeholders. Projects such as personality development
camps, tree plantation drives, and Swachhata Abhiyaan (cleanliness campaigns) are integral
to our mission of fostering a brighter future for all.
Our efforts also include practical training and support through Silai Kendras (sewing
centres), beekeeping and dairy farming workshops, and sports tournaments. These activities
address immediate needs while promoting sustainable development and community well-being.
By investing in these diverse initiatives, we aim to make a meaningful difference and
contribute to a thriving, inclusive society for future generations.
Note of Gratitude
On behalf of the entire Board members, I would like to express my heartfelt gratitude
to all our valued stakeholders. Your partnership, insights, and strong support have been
crucial to our success. Together, we have achieved significant milestones and overcome
challenges with resilience and determination. We sincerely appreciate your trust and
remain committed to upholding the highest standards of integrity, transparency, and
sustainability.
As we enter the next phase of our journey, we eagerly anticipate continuing our
collaboration and creating shared value for years to come.
Best Wishes,
Jai Prakash Agarwal
Chairman.