It brings me great pleasure to report that all of our business sectors had another
successful year. The Financial year 2022-2023 turned out to be one of the best years for
the Company, where we had record breaking profits.
The Company outperformed across all financialparameters by achieving its highest ever
revenue and profit. At a consolidated level compared to FY22, the total Income grew by 34%
to INR 2,201 Crores, EBITDA grew by 62% to INR 262 Crores and Profit after grew by 65% to
INR 173 Crores. Our EPS continues to increase year after year. The Company was also able
to showcase volume value growth and improve its balance sheet position further Building
infrastructure and attracting investments will be key focus areas for India over the next
25 years to emerge as a developed nation. The Union Government has made unprecedented
investments in modern infrastructure in the last few years taking the country to new
heights. Under Budget 2023-24, capital investment outlay for infrastructure is
being increased by 33% to 10 lakh crore (US$ 122 billion), which would be 3.3% of GDP
and almost three times the outlay in 2019-20. The quality of a country's infrastructure is
a key determinant in shaping its economic trajectory.
The infrastructure, construction and the real estate markets saw signific growth in the
past financial industries seems strong due to the government's focus on these sectors and
various schemes like the smart city project, PM Awas Yojana, PLI Scheme etc. which will
act as growth drivers for these industries. The biggest push will come from the
manufacturing growth driven by Make in India initiative supported by the China +1
strategy.
India aims to soon be one of the manufacturing hubs for the world. Building on the
competitive advantage of a skilled workforce and lower cost of labor, the manufacturing
sector is also witnessing an increased inflow of capex and heightened M&A to a surge
in manufacturing output and resultant increased contribution to exports.
The agricultural sector forms the backbone of the country's economy and for India to
grow to great heights it is imminent to continue supporting the Agri-sector. To further
boost this sector the government has allocated INR 1.24 lakh crore to the Department of
Agriculture, Cooperation and Farmers' Welfare in FY 24 Since ACE has led the way in
developing cutting-equipment, the Company has been rewarded with a strong brand reputation
and repeat business, which has led to a history of steady growth. Our major strength is
our flexibility and agility to suit a wide range of industries for broad applications.
Through our R&D, we are committed to offer our customers the newest technology and new
products. All of our goods are designed to satisfy consumers through effective sales and
product support.
Looking at the tremendous global opportunities, we have also strengthened our export
arm and forayed into new territories with our tractors, cranes and construction equipment.
We intend to enhance the quantum of our exports substantially as there is an increasing
demand for our products, which are being accepted by the global customers. Increased
Export Revenue coupled with opportunitiesin Defence Sector, and increasing Construction
Equipment .forward.
We continue to be very confident about the Company's medium to long-term prospects and
believe that the foundation is firmly place. With the expected economic growth of India in
coming years, I strongly believe that your Company is on the cusp of a multi-year growth
cycle. The Company has made significant strides in recent years to strengthen the
operations, product mix, controls that make up the foundation of its business. In
conclusion, I would like to sincerely thank all our stakeholders for their continued trust
and support and we will continue to grow our business by offering innovative products and
solutions exploring new avenues for future growth. year. The outlook for all these
With best wishes,
Sincerely,
Vijay Agarwal
Chairman and Managing Director