De Neers Tools Ltd

Dear Valued Shareholders,

Financial Year 2023-24 has been a transformative year for De Neers Tools, marked by overall growth, strategic achievements and commitment to creating stakeholder value. An important step in our journey was our listing on the SME platform of the National Stock Exchange of India (NSE). This listing reflects the support of our investors and provides us with potential opportunities for accessing capital to support our growth.

Our strategic focus on brand building has yielded impressive results. Substantial investments in our brand have strengthened our market position and expanded our dealer network to around 300. Strengthening our dealer relations, we launched 'yid^' (Praarambh), an initiative to recognize and reward the excellence of our invaluable dealer partners.

In our efforts to enhance brand visibility and market reach, De Neers Tools participated in more than 10 industry exhibitions throughout the year. A highlight of these engagements was our presence at the world's largest hardware trade fair - "EISENWARENMESSE" - in Cologne, Germany. This international platform provided us with valuable exposure to the global market.

These exhibitions offered us an excellent opportunity to showcase our diverse product range to a wider audience and also enabled us to gather crucial market insights, helping us refine our strategies and product offerings.

A key growth driver for us has been the formation of strategic OEM partnerships with industry leaders such as Apollo Pipes, Havells, Polycab Cables, VE Commercial Vehicles, ATS ELGI, and JBM Auto. These collaborations have not only expanded our market reach but have also cemented our position as a preferred supplier of premium hand tools Our international expansion has gained significant momentum with the establishment of our subsidiary DENEERS TOOLS TRADING LLC in Dubai, strategically positioning us to capitalize on the immense potential of the Middle Eastern market.

Financially, we delivered a strong performance with revenue growth of around 16% YoY to INR 109.80 crore and around 23% YoY increase in Net profit (PAT) to INR 8.66 crore.

We remained committed to our corporate social responsibility, with initiatives in education and sports, marking our dedication towards societal impact. Looking ahead, we are optimistic about De Neers Tools. The Indian hand tools market is poised for significant growth, driven by increasing infrastructure spending and rising consumer demand. Our strategic initiatives and strong financial foundation position us well to capitalize on these opportunities and further consolidate our market leadership.

I extend my heartfelt gratitude to our employees, customers, dealers, and shareholders for their continued support and trust in De Neers Tools. Together, we will continue to forge the path of sustainable growth and prosperity.