Dear Shareholders,
Fiscal year 2024 witnessed a healthy domestic resilience in the
backdrop of continued global uncertainties. The global economy remained turbulent due to
ongoing geopolitical conflicts. While inflation pressures started subsiding, supply chain
challenges have continued particularly in certain sectors. All major economies experienced
a slowed down with some of them even slipping into recession. However, India has continued
to march ahead driven by a strong domestic economy, stable political situation, timely
interventions to tame inflation, and the government's strategic focus on
strengthening physical and digital infrastructure along with a push for ‘Make in
India'.
For the Indian tyre industry, input costs moderated in the first half
of the year and have remained stable thereafter.
Domestic demand remained encouraging throughout the year. CEAT's
steadfast commitment towards its key growth pillars led to commendable growth across all
product segments and markets as well as a notable recovery in profitability. Our strategic
expansion in Europe and Americas, particularly in the Off-Highway business, promises
growth prospects going forward.
I am delighted to announce that CEAT's unwavering dedication to quality
and process efficiency has once again garnered global recognition. We have recently been
awarded the prestigious Deming Grand Prize, making CEAT the only tyre Company globally to
achieve this remarkable feat. This accomplishment stands as a testament to our ethos of
customer-centricity, world-class practices, and cutting-edge facilities, all of which are
pivotal in our pursuit of excellence.
We remain committed to reduce our carbon footprint by 50% by 2030 and
have made significant progress towards this goal during the year. We have also intensified
our efforts on water conservation, renewable energy, sustainable sourcing and creating a
workplace for the future characterised by agility, innovation and inclusivity.
Thank you for your unwavering support in our journey towards making
mobility safer and smarter, every day. We hope for your continued patronage as we lead
CEAT into the next era of growth.