Statement from the Chairman's office
In the heart of our company, a story of resilience, innovation, and remarkable growth
unfolds - a story I am privileged to share with you.
In FY24, our journey has been nothing short of extraordinary, marked by significant
achievements and a clear vision for the future. Our focus on quality, expansion, and
sustainability has positioned us as a leading player in the market, striving to reach new
heights every day.
FY24 was a monumental milestone in our journey.
Despite a year of unprecedented global economic challenges, including inflation nearing
7%, our company achieved exceptional performance with a threefold increase in annual
profit. This remarkable accomplishment is a testament to our team's unwavering dedication
and resilience. I sincerely thank everyone involved for their extraordinary efforts in
overcoming adversity and surpassing our goals.
Importantly, your Company has taken significant steps towards becoming growth- oriented
and building strong organisational capabilities. During the year, substantial progress has
been made in strengthening the core businesses and expanding the total addressable market.
The year's highlight was our first-ever IPO, which received a tumultuous response. The
issue was oversubscribed more than 362 times. This heartening response provides a strong
watermark to our operating model and infuses considerable confidence in sustaining our
progressive journey over the coming years.
We are deploying the funds to set up our third facility, which will manufacture
high-value products that are in high demand globally. While we have a ready market for
these products in the geographies of our presence, we will scout for unexplored growth
havens that should help us sustain our growth momentum.
Sustaining our progress
I am particularly optimistic about India. An India that is growing its global stature.
A nation that is pegging itself firmly in the global supply chain. An economy that is
expanding domestic markets even as it is enhancing the export competitiveness of its
enterprises. The India in which we live today is the most exciting land of opportunities.
India's demonstrated resilience during the COVID period and thereafter in the face of
global headwinds has significantly strengthened the confidence of business houses across
the globe in India's capability of delivering on commitments. This conviction has placed
India as a dependable second source for diverse products as global brands expand their
vendor base beyond China.
The domestic market appears equally alluring. India is poised at an inflection point
where it stands to correct decades of extensive product or service under consumption
across the decade, helping retain its position among the fastest- growing global
economies. As the nation scales to transition to a US$7 trillion economy by 2030, the per
capita income of the average Indian is expected to grow by about 70% between now and 2030,
leading to a surge in consumption.
These factors provide considerable confidence for sustaining our growth over the medium
term.
Our preparedness
At Accent Microcell, our pursuit of growth has been and will be driven by a strategic
focus on differentiation and relentless execution to deliver at scale and with quality.
This philosophy is reflected in what we have done and will be doing over the coming years.
Case in point: our new facility, commissioned in the initial months of FY26, will open new
and large growth avenues.
While this is just the start, our blueprint envisages building and scaling our
capabilities to sustain our commitment to unlocking significant value for all our
stakeholders.
Thank you for being part of our incredible journey. As we move forward in our
aspirations positively, I gratefully acknowledge your continued trust and faith in us. I
assure you of progressive growth in shareholder value year after year.
Sincerely,
Mr. Vasant Vadilal Patel
Chairman.