CHAIRPERSON
Dear Shareholders,
As we celebrate our 63rd year, I am indeed proud to present Gabriel
India's Annual Report for FY2023- 24. This report is a testament to our enduring
commitment to excellence in the automotive industry. Over the past six decades, we have
overcome many challenges with resilience and innovation, emerging stronger each time. Your
unwavering support, as investors, has been invaluable and is greatly appreciated.
Today, as we stand at the threshold of a transformative era, our focus
on sustainability, technological advancement, and strengthening market leadership uniquely
positions us to seize multiple emerging opportunities.
Our journey would not have been possible without the unwavering support
of the ANAND Group of which we are proudly the flagship. ANAND's legacy of integrity,
robust financial management, and strategic guidance ensures that Gabriel India remains
resilient and well-positioned to explore new growth avenues.
The Future Beckons
Our perspective about the future is shaped by our 'Connected to the
Ground, Opening up the Sky' approach that focuses on nurturing talent, developing
engineering prowess, addressing customer requirements, and cultivating technological
excellence. This strategic approach has placed us at the vanguard of India's historic
auto industry shifts. For instance, our diversification into the sunroof segment literally
opens vehicles to the skyscape above, seamlessly integrating mobility, technology, and
environmental consciousness. This shows our commitment to become a comprehensive solution
provider to the automotive industry beyond our current product portfolio.
On the broader economic front,
I can say with confidence that in a world marked by geopolitical
tension, conflict-fuelled supply chain challenges, ever-evolving customer preferences, and
inflationary pressures, Gabriel India has not only persevered but also grown strongly. At
the macro level, India's economic engine continues to purr robustly, as shown by the
Reserve Bank of India's latest forecast of a 7% GDP growth for FY2024-25. Supported
by initiatives such as 'Make in India' and the Production Linked Incentive (PLI) schemes,
this promising scenario further positions the country's manufacturing sector to
become a USD 1-trillion industry by FY2025- 26. For Gabriel India, this presents a unique
opportunity to further tap into its brand equity in the auto sector in India—and
beyond.
Growth Gains
The positive financial spinoffs are already evident. In FY2023-24, we
achieved our highest-ever revenue of Rs 33,426 million. Our EBITDA grew by nearly 37.1% to
'2,930 million, showcasing our leadership through technology upgrades, prudent financial
management, and a learning-centric work environment for our diverse workforce.
As the auto industry shifts towards electric mobility, we have
strategically engaged with leading two and three wheeler EV companies. This engagement has
enabled Gabriel India to establish a strong presence in the two wheeler segment.
Sustainability
For Gabriel, it has never been solely about growth numbers.
Sustainability is deeply ingrained in our core values. We have expanded our renewable
energy footprint by establishing a 1.0 MW solar group captive plant in Hosur, alongside a
1-MW wind group captive and a 100 kWp rooftop solar system in Nashik. Our commitment to
energy efficiency, including process optimisation and heat recovery systems, has
significantly reduced our carbon footprint. Six out of seven plants have achieved Zero
Waste to Landfill status. Further, we have advanced water stewardship through rainwater
harvesting at multiple facilities.
Aligned with national goals, we are actively eliminating single- use
plastics and promoting sustainable packaging throughout our supply chain.
People: Enhancing Equity
Our employees are our greatest asset. We have built a talented base of
skilled professionals and emerging leaders who are ready to take forward the next phase of
our business. ANAND's talent management framework's focus on continuous upskilling and
leadership development enables the Gabriel team to be equipped with the latest knowledge
and managerial expertise.
Through mentorship programmes, knowledge-sharing platforms, and
personalised learning journeys,
Gabriel India has significantly boosted employee engagement and growth.
We take pride in our commitment to diversity and inclusion, fostering an equitable and
empowering workplace where everyone feels valued. Notably, the current Board of your
Company has women comprising half its members. On the factory floors of Gabriel, hundreds
of women work as Operating Engineers, including many in supervisory positions. Currently,
women constitute 26% of the shopfloor workforce, and we strive to increase this share.
We believe that our future is bright because of our people's
dedication, innovation, and passion. It is only together that we will navigate challenges
and seize future opportunities.
Corporate Social Responsibility (CSR)
As part of ANAND's organisational DNA, Gabriel India has a decades-
long commitment to giving back to communities across the country.
Its focus is on fostering sustainable development via diverse CSR
initiatives aligned with the UN Sustainable Development Goals. These encompass education,
skill development, health & hygiene, and community conservation. We measure success
through impact metrics and are continuously evaluating our efforts to improve results.
The Company has supported thousands of students and empowered hundreds
of youths, including many women, through vocational training programmes. Additionally, it
provides mobile medical services to thousands of villagers. Gabriel India, in partnership
with apex organisations NABARD and Krishi Vigyan Kendra, supports 160-plus women self-help
groups to access microcredit, receive livelihood-linked training, and initiate
entrepreneurial activities.
Closing Remarks
On the business front, we are opening windows of opportunity: Consider
our diversification into sunroofs through our partnership with Netherlands- based Inalfa
Roof Systems. This collaboration draws from our heritage of grounded management expertise
and strong brand equity. We are keenly aware of changing auto sector trends and
preferences. That is why we see future opportunities in areas beyond suspension systems
that are powertrain-agnostic and complement our strong customer connections, manufacturing
strengths, and technological innovations.
As we seamlessly connect our heritage to the road ahead, I extend my
heartfelt gratitude to you, our esteemed shareholders, for your constant support, and to
the Board of the Company for its strategic guidance and valuable inputs.
Warm regards,
Mrs. Anjali Singh
Executive Chairperson Gabriel India