Dear Shareholders,
I am happy to present the Annual Report for Everest Industries for the fiscal year
2023-2024, highlighting the consistent progress that we have made in pursuit of our Vision
of 'Improving People's Lives by Reimagining Spaces'. We believe that the only way to
achieving this Vision is by adhering in an uncompromising way, to our Core Values of
Respect, Excellence, and Integrity. These values guide all our decisions, our interactions
with all stakeholders, and foster a culture of trust, accountability, transparency, and
innovation throughout our organization.
While the financial results have been much below our expectations, we have added some
more foundational pillars to the earlier ones we have been investing in since FY 2020-21.
These include the following:
— A greenfield Boards & Panels plant near Mysore to cater to the growing
demand in South India is now in production
— A state-of-the-art Research & Development Centre (Everest Innovation Center
- EIC) has been established in Mumbai
— Investments in Capex to improve productivity and safety across all the plants
— Launch of an industry leading roofing sheet - Evercool, that is capable of
lowering temperatures by seven degrees Celsius
— Diversification of our fiber supplies to those with substantially lower risk and
cost
— Migration to Cloud based IT systems such as SAP Hana, Zoho and DarwinBox. These
are now fully operational
— Positioning the Pre-Engineered Building (PEB) business for a scale-up by setting
up a design engineering centre in Hyderabad
— Stepping up our Six Sigma deployment to accelerate towards zero defect products
and processes
In the Roofing Business, we strengthened our partnerships with retailers based on the
principle of partnership and successfully improved our brand and market position. In the
Boards and Panels division, we are working very closely with architects and influencers.
This enabled us to address the specialized needs of data center projects by utilizing
fiber cement boards to create customized fire-rated systems. In our PEB business, we have
become more customer centric by overhauling the supply chain approach to a customer
pull-based one based on the theory of constraints. We entered the current fiscal year with
a healthy order board of prestigious clients.
We believe that the Indian economy is poised for continued growth in the years to come.
We believe we have positioned our company for significant profitable growth. I am
confident that the company will make substantial progress in FY 2024-25.
I want to extend my heartfelt appreciation to our shareholders, customers, employees,
and partners for their steadfast support and commitment as we persist in transforming
spaces and contributing positively towards improving the lives of people.
Regards,
AnantTalaulicar
Chairman