Dear Shareholders,
The fiscal year 2023-24 marks a significant milestone as the
foundational year for the Electrical & Electronic Waste Recycling Industry in India.
The spotlight was cast on this burgeoning sector on January 29th, 2023, when
the Prime Minister, during his *Mann Ki Baat* address, emphasized the critical role of
e-waste recycling in the Circular Economy. We were honored by the Prime Minister's
commendation of Ecoreco and our innovative mobile application, BookMyJunk, which is at the
forefront of facilitating efficient recycling processes.
In tandem with this national acknowledgment, the new E-waste Management
Rules 2023 were announced, taking effect on April 1st 2023. A key feature of
these rules is the , introduction of an online portal for the issuance of Extended
Producer Responsibility (EPR) Certificates, replacing the previous offline process used
under the 2016 E-waste Management Rules. Although initial technical challenges arose, the
dedicated efforts of the Central Pollution Control Board (CPCB) and their development team
ensured the EPR Portal began operating smoothly by the last quarter of the financial year
2023-24. This period marked the beginning of Eco Recycling Ltd's 20-year journey as
we began assuming limited responsibility for clients who prioritize environmental
compliance while fulfilling their EPR obligations.
With the rising demand for EPR Certificates among producers of
Electrical & Electronic Equipment (EEE), we anticipate a significant increase in
demand on a quarter-on-quarter basis. The CPCB is also in the process of formulating a
policy to impose Environmental Compensation (EC) on defaulters,
" The spotlight was cast on this burgeoning sector on January
29th, 2023, when the Prime Minister, during his *Mann Ki Baat* address, emphasized the
critical role of e-waste recycling in the Circular Economy. We were honored by the Prime
Minister's commendation of Ecoreco and our innovative mobile application, BookMyJunk,
which is at the forefront of facilitating efficient recycling processes. "
potentially up to three times the cost of recycling e-waste. In
response to these developments, we have established an additional recycling capacity of
18,000 MTPA at our Vasai facility in Mumbai, Maharashtra. The Board is pleased to report
that this Rs. 50 Crore investment was fully funded through internal accruals. To further
accelerate the transformation of the e-waste management industry, I reiterate my earlier
appeal to policymakers and regulators: it is crucial to develop policies that subsidize
recyclers, encouraging investments in advanced technologies for recovering materials in
their purest form, thereby supporting the success of the Production Linked Incentive (PLI)
scheme. Similarly, the introduction of a Recycling Linked Incentive (RLI) is necessary to
curb informal recycling activities and address price disparities.
We are confident that with these strategic developments, Ecoreco's
global reputation for compliance, eco-friendly practices, and innovative solutions such as
our mobile app BookMyJunk and the integration of informal workers for door-to-door
collection positions us for exceptional growth. Your company is committed to investing in
emerging recycling and precious metal recovery technologies, and I am pleased to note that
our Board remains positive about meeting funding requirements through internal accruals,
maintaining our debt-free status.
Thank you for your continued trust and support.
Two Decades of Foundation and Three Decades of Opportunity