Dear Shareholders,
On behalf of Board of Directors and myself It's my pleasure to present
the 33rd Annual Report of Bedmutha Industries Limited.
FY 2022-23, was a challenging year, owing to sluggish demand and
economic activity in many parts of the world due to geopolitical situation mainly war
between Russia and Ukraine, which disrupted the supply chain, resulting into sky rocketing
of fuel prices, huge volatility in commodity prices, thus the hyper inflation. The world
and mostly European Nation were badly affected. One of our important product has exposure
to this market resulting a disruption at our end too.
We as Company tried to navigate through this turbulence by monitoring
the situation very closely by renegotiating with our customers and other stakeholders,
managed to retain the sales volume and maintain the topline. FY 2022-23, was not great but
satisfactory year as regards to performance in the given situation. We tried to optimize
on cost of power and fuel, one of the commodity badly affected due to this European
conflict by adopting new hedging mechanism and trying different supply chain's which were
never tried before.
We have added new balancing machine in few section's which will result
in production of richer contributing products and the same are under erection.
We are focusing on building a sustainable business by adopting more
Greener technology to adhere to the Nation's call for carbon neutral growth by the year
2050. In this drive, we have signed a Power Purchase Agreement (PPA) for energy from solar
and will be erected and commissioned in the current financial year i.e. 2023-24.
We have completed one full year after restructuring and have been
timely in paying all the dues to the Consortium Lenders. Opted for standardization of
Company's Accounts from the NPA status, and have successfully been able to get the account
declared as Standard by the end of September 2022 by all the Lenders.
Our aim in short term as conveyed last year is to sweat the assets
fully, to maximize the capacity utilisation and work towards making the Company long term
debt free by the March 2026, and in long term, to look for expansion with high value added
products.
We sincerely believe that looking to the present call by our Prime
Minister for Atmanirbhar Bharat and looking to overall mood of the world Economic Leaders,
India is placed at a very upper level as a preferred supplier for the world, and we have
huge opportunity to be part of 5 trillion USD GDP aim of our Nation.
With this positive affirmation, I express my sincere gratitude to our
team members for their steadfast dedication to perform the best. I am also thankful to all
the stakeholders namely, suppliers, customers, employees, Board of Directors, Senior
Management Team, Financial Institutions, all Government Departments and special mention to
you all shareholders.
With Best Regards,
K. R. Bedmutha Chairman DIN:00715619