Dear Shareholders,
I am delighted to share CG Power and Industrial Solutions Limited's significant
achievements for the fiscal year 2024. Despite a challenging global operating environment,
we have delivered commendable financial results and continued to create superior value for
all stakeholders.
Building on our success in fiscal year 2023, we made substantial progress by becoming a
debt-free entity and launched strategic initiatives to strengthen our core and drive
future growth. Central to these efforts were three principal pillars: (1) expanding
capacity, (2) intensifying our focus on exports, and (3) accelerating technological
advancements. Throughout FY24, these pillars guided our decisions and shaped our actions
as we pursued sustainable growth.
We invested significantly in expanding production capacities for Motors, Transformers,
and Switchgears, committing Rs. 220 crores to capex projects during the year. As a part of
our strategic diversification initiative, we forayed into semiconductor manufacturing and
laid the foundation stone for our OSAT facility in Sanand, Gujarat.
We remain dedicated to developing capabilities to support India's vision of
Aatmanirbhar Bharat and are continuously strengthening our efforts to penetrate and expand
into international markets.
Innovation remained a cornerstone of our strategy as we diversified our product
portfolio with energy-efficient solutions and continued to invest in cutting-edge
technologies and digital solutions to enhance operational efficiency.
Along with strong business growth and profitability, we remain committed to
sustainability, by integrating environmental and social considerations into our core
strategies. By embedding sustainability into our business practices, we not only minimized
our environmental footprint but also enhanced our competitive edge and long-term
sustainability.
I am proud to share that Mr. Natarajan Srinivasan, our Managing Director, was
recognized with the 'Transformational Leader Award - Midcap Category' for his exceptional
leadership during the year, underscoring our commitment to excellence and governance.
Looking ahead, we remain focused on creating sustainable value for all stakeholders. We
are committed to agility and resilience, incorporating contingency measures into our
strategic approach to navigate evolving market dynamics effectively.
I extend my heartfelt appreciation to our executive management, employees, customers,
suppliers, and esteemed Board members for their contribution to our success. To our
shareholders, I express sincere gratitude for your unwavering trust and support as we
embark on the next phase of our journey. I am confident that the team at CG Power and
Industrial Solutions Limited will remain dedicated to deliver sustained growth and value.
Thank you for your continued con_dence in CG.
Warm regards,
Vellayan Subbiah Chairman