Dear Shareholders,
I am happy to present the annual report for the fiscal year 2022-2023, which showcases
the significant strides our Company has taken towards realizing its vision of 'Improving
People's Lives by Reimagining Spaces.' This year, we have taken substantial measures to
embed our core values of Respect, Excellence and Integrity deep within the DNA of our
organization through various employee engagement activities. Additionally, we have
embraced the Six Sigma approach as our primary means of driving systematic improvements
across all functions and businesses.
To enhance our operational efficiency, we have successfully transitioned to
state-of-the-art global ERP, CRM and HRM systems. Furthermore, we have embarked on two
major greenfield expansions, reflecting our commitment to growth and innovation. I am
pleased to share that our top-level leadership is stable, well-established and provides a
strong foundation for our future endeavours.
The profitable growth of our Boards & Panels business has been remarkable,
solidifying our position as a preferred provider in the marketplace. We have achieved
record-breaking revenues and profitability, a testament to our market leadership in a
growing industry. Similarly, our Pre-Engineered Buildings business has experienced a
successful turnaround, delivering exceptional top and bottom line results while
demonstrating significant potential to attain market leadership. While our Roofing
business experienced growth, we faced challenges due to substantial inflation in input raw
material costs, which had a significant impact on profitability. However, we are taking
decisive actions to address this issue by introducing new and differentiated products and
enhancing cost efficiencies. We anticipate that these measures will yield positive
outcomes in the upcoming fiscal year.
Looking ahead, the Indian economy continues to shine as a bright spot, despite the
global economic landscape characterized by tepid growth, inflationary pressures, rising
interest rates and geopolitical tensions such as the Russia-Ukraine conflict. In India,
the government's concerted efforts to stimulate growth through infrastructure investments,
the Production Linked Incentive scheme and tax rate reductions provide a favorable macro
environment. We are confident that our Company is well-positioned to maximize the
advantages presented by this positive economic climate.
I would like to extend my heartfelt gratitude to all our stakeholders and partners for
their unwavering support. The progress we have achieved in realizing our vision and
strategy in a sustainable manner would not have been possible without the contributions of
our diverse management team and dedicated employees. Finally, I want to express my
sincerest appreciation to our shareholders for their trust and confidence in us.
Anant Talaulicar