Dear Valued Shareholders,
I am pleased to present you the 63rd Annual Report of Excel Industries
Limited for FY 202324. This report encapsulates the journey we embarked upon, the
challenges we overcame and the successes we celebrated together. In our pursuit of
excellence, we remain committed to transparency, integrity and accountability. Over the
past year, our journey has underscored that sustainability is far more than a corporate
buzzword but a fundamental aspect of our business strategy. Our commitment to
sustainability arises from the conviction that our long-term success is deeply intertwined
with the health of our planet and the well-being of the communities we serve.
With advancing technology, rapid urbanisation, and infrastructure development, managing
e-waste and construction & demolition waste has become increasingly crucial. We are
actively engaged in recycling e-waste, city waste, and construction & demolition
waste. Additionally, we are combating desertification by planting climate- resilient trees
in desert regions. Through our associate Company, we promote the cultivation of seaweed to
help mitigate the effects of climate change and support the coastal communities by
contributing to the blue economy.
We are proud to report that we are taking significant strides in reducing our green
house gas emissions over the past year and will focus to further reduce our carbon
footprint in coming years. Our initiatives in renewable energy sources, particularly solar
power, will not only lower our carbon emissions but also contribute to the global fight
against climate change. These initiatives will also help reduce the cost of energy
(substantially) along with making us self-sufficient in terms of fulfilling the in-house
power requirements. Innovation remains at the core of our sustainability efforts as we
have adopted cutting-edge technologies to enhance resource management, improve energy
efficiency and minimise waste. Our latest product lines use sustainable materials and are
designed for greater durability and recyclability, which is in line with the principles of
a circular economy.
Our responsibility extends beyond environmental impact, and we believe in giving back
to the communities in which we operate. Our corporate social responsibility initiatives
encompass rainwater harvesting, women's empowerment, educational support, improved
healthcare and the promotion of sustainable agricultural practices. Through these
programmes, we are positively impacting the lives of farmers and rural communities,
fostering economic development and enhancing social well-being.
We are dedicated to cultivating an inclusive and diverse workplace, upholding fair
labour practices and ensuring the dignity of all employees. By strengthening our
governance framework, we ensure that our sustainability goals are seamlessly integrated
into every aspect of our business. Our Business Responsibility and Sustainability Report
(BRSR) offers a comprehensive view of our progress.
Looking ahead, we remain committed towards our objective to build a sustainable future.
We will continue to adopt sustainable practices and technologies, engage with stakeholders
to understand and address their concerns and adapt our strategies to meet evolving
environmental and social challenges. We aim to create a sustainable organisation where
business growth harmonises with environmental stewardship and social equity.
I extend my heartfelt gratitude to our shareholders for their enduring trust and
collective spirit. Your belief in our capabilities and mission remains our greatest
strength. Together, we are building a resilient and sustainable organisation that not only
enhances shareholder value but also contributes positively towards the environment and
society.
Let us continue to strive towards our shared vision, making a meaningful impact in the
lives of those we serve. Your support during this pivotal phase of our journey is
invaluable to us.
In conclusion, I want to express my deepest gratitude to all our stakeholders who have
been instrumental in our journey thus far. Your unwavering support and commitment have
been a bedrock of our success.
Best Regards,
Ashwin C. Shroff
Executive Chairman.