Dear Stakeholders,
I am pleased to present to you Crompton's Integrated Annual Report for
Financial Year 2023-24, on behalf of our esteemed Board of Directors. Amidst global
turbulence, India's impressive progress stands as a beacon of hope for its citizens. In
parallel, Crompton has undergone a transformation in alignment with the country's journey.
Throughout the year, we implemented several strategic initiatives:
Realignment of Executive Leadership
We restructured our leadership team, establishing a second-level
leadership tier for each business unit.
Organisational Structure Renewal
We introduced Centres of Excellence for both back-end and front-end
functions, empowering our business units.
Crompton 2.0 Strategy
This strategic framework significantly contributed to robust revenue
growth. Notably, our expansion in the ECD (Electrical Consumer Durables) segment played a
pivotal role.
Investments in Branding, Innovation, and Go-To- Market Excellence
These efforts fueled our success.
At Crompton, we uphold the highest standards of governance, ethics, and
integrity. These principles are not mere buzzwords; they are crucial for sustained value
creation and safeguarding our stakeholders' interests. Our commitment to good governance
involves:
Accountability
Reinforcement
Transparency
Robust Risk and Performance Management
Ethical and Effective Leadership
Guided by our core values and an informed Board, we remain steadfast in
creating enduring value for our investors and stakeholders. Leveraging the diverse
expertise within our organisation, we forge ahead toward a brighter future.
Our unwavering goal is to consistently deliver high performance and
exceed expectations. Throughout the year, we have diligently fostered a culture of
excellence that revolves around our clients and embraces diversity and inclusivity. Our
workforce is a crucial asset, propelling us toward our desired success and productivity.
We deeply appreciate the diverse backgrounds, perspectives, and networks of all our
employees.
As we look ahead, India's consumer electrical sector is poised for
continuous growth in the coming year(s). This growth will be driven by technological
advancements, evolving consumer preferences, and a heightened awareness of durable and
energy-efficient appliances. With a robust and dynamic team, a diverse product portfolio
spanning various categories, and a steadfastly customer-focused approach, we are
well-positioned to seize opportunities and deliver value to our stakeholders. Our business
fundamentals stand strong, and we anticipate that our performance will reflect the
resilience of our business model. The implementation of our growth strategy under Crompton
2.0 fills us with confidence as we strive toward our long-term aspirations.
We extend our gratitude to our stakeholders for their unwavering
support. Equally, we recognise and appreciate the immense contributions of all our
employees in building Crompton and its businesses. As we look into the future, I envision
even greater achievements for our company, and I eagerly look forward to a successful year
ahead.
Regards,
D. Sundaram
Chairman & Independent Director