Chairman's Message
DEAR STAKEHOLDERS,
I am delighted to share with you 28th Annual Report of your Company for FY 2023-24
which has been another m delighted to share with you 28th Annual Report of your Company
for FY 2023-24 which has been another year of good and steady performance. Avro India
Limited with its constant endeavour for innovation will continue to introduce many new and
innovative products and thereby will fulfil its commitments to the society at as a whole
by offering premium quality products at the most affordable prices.
Our Unwavering Commitment to excellence, strategic initiatives, and innovative approach
have propelled us to new heights, solidifying our position as a strong player in the
industry.
It is noteworthy to mention that your Company which started exclusively as a
manufacturer of plastic furniture has starting doing recycling of plastic. The Company is
using regenerated polymers and supporting the Circular economy by creating a sustainable
business model by collecting, upcycling and making products of PP plastic. The Company is
committed to increase its existing capacity of recycling of plastic scrap to meet its
requirement of raw materials not only for self-consumption but also for sale in markets.
The Indian Plastic Scrap market is witnessing a healthy growth rate, owing to the high
population density and increased industrial activity, which is generating high amounts of
plastic scraps. Circular economy concept is relatively new to India. Proper policies for
collection, disposal and recycling and slowly growing efficient infrastructure creation
are few of the many reasons putting the country in a brighter spot of the global recycling
industry.
The global plastic market size was valued at USD 15.37 billion in 2023 and is
expected to reach USD 26.47 billion in 2032., growing at CAGR of 6.23% over the forecast
period (2024-32). The surge in market is attributed to rapid urbanization, rising
disposable income, rising housing real estate demand and rising consumer demand for
premium and luxury furniture. The premium plastic furniture is finding significant
traction in the residential and commercial sectors due to its features like long-lasting
durability and water resistance.
During the year under review, our operational revenue FY 24 amounted to Rs. 93.37 Cr,
making a robust increase of 16.70%, reflecting the strong growth brought on by the
methodical implementation of our plan. The EBITDA increased from Rs. 8.54 in FY 23 to Rs.
9.79 in FY 24. Net profit decreased from Rs. 4.15 crores in FY 2023 to Rs. 4.02 crores in
FY 2024.
With utmost focus on manufacturing high-quality and durable products, your company
continues to create a strong mark amongst its market competitors. The production process
is well integrated in a way that there are zero emissions, zero material waste, zero water
waste which certainly proves to be boon for the environment. Your company has strong
growth plans which includes backward integration, quality assurance, retail &
distribution network expansion and new product launches along with the capacity expansion.
Our robust network of over 350 distributors empowers us to serve customers across 6500+
pin codes, spanning 28 States and Union Territories. This extensive reach strengthens our
presence through out the country. Considering our focus towards branding, we have
onboarded famous Bollywood actor Mr. Sonu Sood as our brand associate.
We have expanded our distribution network beyond North India. The Company has onboarded
more than 50 distributors in Q4 of FY 2023-24 and are in the process of onboarding more
than 100 distributors in FY 2024-25. The company has also started to place more emphasis
on branding and plans to launch robust advertising operations in FY25. The company
regularly conducts Dealer & Distributor Roadshows in various parts of India to inspire
and onboard channel partners.
LOOKING AHEAD
The Plastic Industry presents exciting opportunity for growth. Increasing Urbanization
and a growing middle class in developing economies are expected to drive demand for
affordable and functional products. As we embark on the new fiscal year, we are filled
with optimism and determination. Our focus remain unwavering on backward integration,
delivering exceptional products, fostering innovation expanding our distribution networks,
and augmenting our production capacity. We are confident that our strategic initiatives,
coupled with our dedicated workforce and strong corporate governance, will propel us
towards continued success and sustainable growth.
With deep appreciation, I want to express my sincere gratitude to our committed
employees, shareholders, perceptive investors, valued bankers, astute board members for
their unwavering support. We are confident that the solid foundation we have laid down
over the past years marked by expansion, recycling, sustainability advancements and
innovations, we will steer ahead in the evolving market and create value for all
stakeholders.
Mr. Sushil Kumar Aggarwal
Chairman & WholeTime Director.