Dear Stakeholders,
It gives me immense pleasure to present the 31 st Annual Report and
Performance of yourCompany.
Global macroeconomic outlook represented a slow but steady growth
recovery with moderating inflation. Against a background of multiple geo-political
disruptions, global growth is expected to maintain a pace of slow but steady recovery.
Estimated to have grown at 2.3 percent in 2023, the global economy is projected
togrowatthe same rate in 2024and 2025.
Growth in advanced economies is expected to rise marginally from 1.6
percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025, while emerging and
developing economies are projected to grow at 4.2 percent in 2024 and 2025. There are of
course considerable variations in growth across countries around these global and group
averages. In the United States, growth is projected to rise to 2.7 percent in 2024 before
moderating to 1.9 percent in 2025. Growth in the Euro area is expected to pick up from 0.4
percent in 2023 to 0.8 percent in 2024.
India's economy accounted for robust growth, moderating
inflation&shrinking current account deficit. Real GDP growth in India was a robust 7.6
per cent in FY 2023-24, up from 7 per cent in FY 2022-23.The growth spurt in FY 2023-24
was driven by double digit growth of 10 per cent in capital formation (Capex) which, in
turn, was led by high public sector capex. At the sectoral level, high non- agricultural
growth was broad based with 9 per cent growth in industry and 7.5 per cent growth in
services.
Flowever, agriculture performed poorly, recording a growth of only 0.7
percent. This is mainly due to uneven rainfall, volatile weather conditions, and reduction
in wheat acreage in response to softening of wheat prices with the easing of Black Sea
supply disruption. India's GDP growth forecast for the current financial year at 6.8 per
cent and high interest rates and lower fiscal spur would temper demand. India's economic
growth continues to surprise on the upside with the economy growing 8.2 per cent in fiscal
year 2023-24.
India stands as the fifth largest economy in terms of nominal GDP and
ranks ahead of the developed nations like Italy, France and Canada. Not only this, India
is predicted to surpass Germany by 2030. Also, the main export partner of India is the
United States, constituting 17% of India's all exports. Other major nations include UAE
and China. India's consumer market size, ability to manufacture, untapped natural
resources, and reforms in government such as foreign direct investment have made it the
preferred destination for investors worldwide.
India Edible Oils Market was worth US$ 4.31 Bn in 2023 and total
revenue is expected to grow at a rate of 6.82 % CAGR from 2024 to 2030, reaching almost US
$6.84 Bn in 2030.
The global Castor oil market stood at 950 thousand tonnes in 2023 and
is expected to grow at a CAGR of 3.5% during the period until 2034.
Castor oil, initially employed primarily for medicinal purposes, it has
evolved into a crucial component in various industries, including agriculture, food,
textile, transportation, paper, lubricant, cosmetics and paints, among others. India ranks
as world's largest producer of Castor Oil and also is the biggest exporter of the same.
Philippines, Russia andThailand are also leading producer of Castor oil.
Based on the end-user industry, the global Castor Oil market is divided
into Pharmeceuticals, Lubricants, Adhesives and Resins, Personal care and cosmetics etc.
Lubricants is the major segment and held about 25% of the global Castor oil market in
2023.
The Central Government has allocated ?100 crore for promotion of
organic fertilizers during FY25 against ?6 crore in FY24 (RE). A new scheme for promotion
of organic fertilizers providing Market Development Assistance (MDA) and promotion of
Research and Development as GOBARdhan initiatives, was introduced in 2023.The PM-PRANAM
scheme was also launched last year to grant financial incentive under a formula to states
if they reduce usage of chemical fertilizers.
Total consolidated revenue from operation was Rs. 3,01,986.57 lakhs
against Rs. 3,13,656.80 lakhs in the previous year. During the year the margins were under
pressure on account of commodity price movements resulting into net profit before taxand
exceptional items at Rs 2103.41 lakhs as against Rs 3137.81 lakhs. To end long drawn
litigation on entry tax, the group opted for settlement scheme and booked an expense of Rs
1836.36 lakhs as exceptional item resulting into net profit after tax of Rs. 181.34 Lakhs
for year ended 31.03.2024 as against Net profit of Rs. 2,413.81 lakhs in previousyear.
We continue to go head-strong in our actions towards healthcare,
education and other social activities, which embrace our social values and principles.
I am confident and excited that the Gokul family will excel great
heights in the years to come.
The Board has continued to play a pivotal role in providing strategic
guidance and oversight to your Company's leadership team, while maintaining accountability
and upholding the highest standards of corporate governance.! continue to act as the
Non-Executive Chairman of the Board, while Dharmendrasinh Rajput continues to lead your
Company's strategic growth initiatives as Managing Director.
I alsothankour stakeholders,clients, vendors, bankers,
investors,Governments, Government Agencies and partners in growth for reposing their
confidence and faith in the Company.
I lookforward to continue our journey on the path of excellence and
profitable growth in the coming years.
SincerelyYours
Balvantsinh Rajput Chairman