Dear Shareholders,
It is with great enthusiasm that I present the Chairman's Report
for WSI for the financial year 2023-24. This year has been one of transformative growth,
marked by substantial achievements.
I am delighted to provide a comprehensive overview of our progress and
outline our strategic plans for the future.
Financial Performance:
I am pleased to report that WSI has achieved a year of significant
financial improvement, driven by our strategic initiatives and robust market presence. For
FY 2023-24, the Company recorded a total income of Rs. 328.70 crores, a significant
increase from Rs. 82.87 crores in the previous year. This notable growth is attributed to
the successful completion of key projects and the acquisition of new contracts, reflecting
our effective execution and strong market demand.
Our Earnings Before Interest, Depreciation, and Taxes (EBIDTA)
experienced a substantial rise to Rs. 44.76 crores, compared to Rs. 3.29 crores in FY
2022-23. This improvement underscores our operational efficiency and successful cost
management strategies. Despite an increase in interest and finance costs to Rs. 5.93
crores from Rs. 4.25 crores, driven by additional funding requirements for project
execution, our profit before tax (excluding exceptional items) surged to Rs. 38.09 crores,
reversing the loss of Rs. 1.17 crores from the previous year.
Our positive financial performance is a testament to our robust project
pipeline, effective cost management, and strategic investments. Looking ahead, we are
committed to enhancing profitability through continued focus on strategic partnerships,
operational improvements, and the acquisition of high-value projects.
Operational Highlights:
Our current order book, valued at over Rs. 300 crores, includes a
diverse array of significant infrastructure projects that highlight our growing footprint
and capabilities:
• Integrated Bus Terminal and Multi-Utility Facility Centre:
Trichy.
• Combined Water Supply Scheme: Nagapattinam District, Tamil Nadu,
under the Jal Jeevan Mission.
• Integrated Storm Water Drain Works: M1 & M2 components in
Kovalam Basin, Chennai - M24 Package and M10 Package.
• Macro Drain: Pallavaram - Thoraipakkam Road.
• Rail Over Bridge: Near Maris Theater in Trichy.
Outlook and Future Plans:
In addition to our existing projects, the Company has several strategic
ventures that are poised to enhance our growth trajectory:
• Modern Logistics Park: Development of a 254-acre site at
Sunguvar Chathram, Kancheepuram District, (Industrial Corridor of Chennai suburbs) Tamil
Nadu, which will feature a state-of-the-art logistics park and an integrated township.
This project will leverage the land's prime location in the industrial hub of
Sriperumbudur, Sunguvar Chathram and will be developed in collaboration with industry
leaders and financial institutions to maximize revenue and operational efficiency.
• Joint Venture with Prestige Group: The Company has partnered
with the Bangalore-based Prestige Group to develop IT/ITES parks on 6.53 acres of property
at Mount Poonamallee Road, Porur, Chennai. Prestige Group's reputation for developing
A-grade commercial properties will attract multinational clients, generating long-term
lease income and significantly enhancing the value of the asset.
In addition to these strategic ventures, the Company is focused on
diversifying into other infrastructure sectors to support sustained business expansion and
growth.
As we look to the future, our focus will remain on innovation, customer
satisfaction, operational excellence, and strategic market expansion. The Company is
confident that these initiatives will position WSI for continued success and growth.
Conclusion:
In closing, I extend my heartfelt gratitude to our shareholders,
employees, customers, and partners for their unwavering support and dedication. Your
collective efforts have been pivotal in driving WSI to its current position of strength
and success. As we move forward, we are committed to delivering sustainable value for all
stakeholders and upholding our promises.
Thank you for your continued trust and confidence in WSI. I am
enthusiastic about the opportunities that lie ahead and look forward to another successful
and rewarding year.
Sincerely,
SEYYADURAI NAGARAJAN Chairman of the Board W.S. Industries (India)
Limited