We are confident that with our strong foundation and forward-thinking
approach that is blended with the theme for the year, ZIL will continue to thrive and set
new benchmarks in the industry.
Dear Members,
It gives me immense pleasure to present to you 56th Annual Report of
Zuari Industries Limited ("ZIL" or "the Company"). I extend my
gratitude to our investors and shareholders for having continuous faith in our
capabilities. Your co-operation has not only propelled us forward, but also fortified our
position in the market as a trusted organization.
Zuari Industries has always put customer focus as its topmost priority.
Keeping up with dynamism in customer demand, it has become imperative to engage the
customers in a much more fruitful and purpose-driven manner. ZIL has not only engaged with
its stakeholders but also built a meaningful and long-standing relationship with them. Our
diversified business portfolios establish our commitment to serve the best interests of
our stakeholders.
Last year we were guided by the mantra of Aspire, Innovate and
Collaborate. This year we have further strengthened the path for success and our guiding
principles are – Transform, Nurture and Achieve. We remain agile and committed to
ensuring that our initiatives contributed positively to the environment and the
communities at large. Across our businesses, we apply the principles of sustainable
practices in every aspect of our operations so that we create long lasting value for our
stakeholders while taking significant steps to safeguard the planet for future
generations.
This year has been marked by growth and resilience for Zuari Industries
Limited (ZIL) amidst a dynamic global economic landscape that faced several challenges due
to geopolitical tensions and resulting volatile commodity prices. Despite these headwinds,
ZIL has demonstrated good performance and steadfast commitment to its values, paving the
way for future success.
Reflecting on Our Performance in FY24
During FY24, our key focus has been on Sugar, Power & Ethanol
Division, Real Estate and Biofuels.
I am happy to share that our Sugar Power and Ethanol (SPE) Division
demonstrated substantial growth. We crushed 141.3 lakh quintals of cane, an increase of 6%
from the previous year with our sugar recovery achieving a commendable rate of 10.41% vs
9.85% in the previous year. We also achieved a record ethanol production of 27,362 KL in
the year. We also achieved higher sugar realization of INR 3,751 per quintal vs INR 3,601
per quintal in the previous year.
In the Real Estate (RE) Division, we made significant strides,
particularly with the significant progress in construction of the St. Regis project in
Dubai and the launch of Phase 4 at the Zuari Garden City Project in Mysore.
During the year, , Zuari Envien Bioenergy Private Limited (ZEBPL)
achieved the financial closure of its first 180 KLPD Grain based Distillery Project and
commenced the construction of the project. The project is expected to start commercial
operation in 2025. ZEBPL is a JV between Zuari industries limited and Envien
International, Slovakia and plans to expand its portfolio to 1000 KLPD going forward.
Nurturing Our People and Upholding Our Values
At ZIL, we believe that our people are our greatest asset. We are
committed to fostering a culture that values safety, inclusivity, innovation, and
integrity. The year focused on several people-centric initiatives aimed at enhancing
employee well-being and professional development and we continue to enhance our safety and
hygiene measures across all offices, ensuring a safe working environment for our team.
Additionally, we have a special focus on conducting training sessions to keep our
employees informed about the best practices at self-development while maintaining health
and safety at the workplace.
Maintaining Strong Governance Standards
Corporate governance remains at the core of our operations. We continue
to improve our governance frameworks, ensuring compliance with regulatory standards and
adopting best practices. We are committed to maintaining a robust governance structure
that upholds the highest standards of integrity and ethical conduct.
Forging Ahead
As we look to the future, ‘Transform-Nurture-Achieve?will
be our guiding theme for FY25, embodying our vision of growth and progress. Transformation
reflects our unwavering commitment to innovation and adaptation in an ever-evolving world,
nurturing emphasizes our dedication to cultivating strong partnerships and fostering a
positive work culture and achieving underscores our relentless pursuit of excellence. This
vision, coupled with our focus on sustainability and investor engagements, will enable us
to set new benchmarks for success. Together, we will march forward under this new theme,
with a clear purpose and a robust foundation for sustainable growth.
We will continue to focus on growth and innovation. Our SPE Division
will seek to enhance production volumes and improve operational efficiency. Our Real
Estate Division will continue to focus on high-value projects, leveraging our expertise to
develop premium properties and capitalize on the significant growth in market demand. Our
Biofuel JV, ZEBPL is committed to growth and plans to expand its portfolio to 1000 KLPD.
The development which is changing India the most is our phenomenal pace
of digitisation. It is transforming people?s lives at the top and bottom of the
pyramid. We have the world highest mobile data consumption and second largest internet
users.In our pursuit of excellence, we will continue to invest in digital transformation
and process automation, enabling us to make data-driven decisions and optimize resource
allocation. Our strategic investments and partnerships will play a crucial role in our
growth strategy, allowing us to enter new markets and enhance our capabilities.
We are confident that with our strong foundation and forward-thinking
approach that is blended with the theme for the year, ZIL will continue to thrive and set
new benchmarks in the industry.
Thank you for your unwavering support and trust in Zuari Industries
Limited. Together, we will build a brighter and more prosperous future.
Yours Sincerely,
Saroj Kumar Poddar