Our strength and resilience are underpinned by over three decades of
experience in steel manufacturing, supported by our advanced manufacturing capabilities
and a total installed capacity of 412,000 MT across six facilities in Uttar Pradesh and
Gujarat. We boast a distinguished client base and serve esteemed customers across all
business segments.
Dear Valued Stakeholders,
As a chairman, It is both an honour and privilege to lead a company
that stands at the forefront of innovation and excellence in our Industry.
Our Strategic Product Portfolio
At Goodluck India Limited we take pride in our diverse and high-quality
product offerings that cater to various industries and customer needs. Our product
portfolio is designed to meet the evolving demands of the market and maintain the highest
standard of excellence. We are actively involved in the manufacturing and export of a
diverse array of high-value engineered steel products. Our portfolio includes Engineering
Structures, Forging for Defence and Aerospace, Precision Auto Tubes, Cold Rolled (CR)
Products, and Galvanized Iron (GI) Pipes. We serve a variety of sectors, including
Automotive, Infrastructure, High-Speed Railways, Specialized Infrastructure, Solar, and
Aerospace and Defence components. Notably, the Automotive, Railways, Solar, and Oil and
Gas industries are recognised as our sunrise sectors, driving our growth and innovation in
these key markets.
Our strength and resilience are underpinned by over three decades of
experience in steel manufacturing, supported by our advanced manufacturing capabilities
and a total installed capacity of 412,000 MT across six facilities in Uttar Pradesh and
Gujarat. We boast a distinguished client base and serve esteemed customers across all
business segments. Our global reach extends to over 100 countries, complemented by a
state-of-the-art quality testing laboratory. Additionally, our robust and highly motivated
workforce of over 4,000 persons further enhance our operational excellence and commitment
to quality.
Macro-economic Scenario
Amid uncertainties in the global economic landscape, the Indian economy
demonstrated remarkable resilience, emerging as a bright spot in the world. India achieved
an impressive growth rate of 8.2% in FY 2023-24, surpassing the 7% growth recorded in the
previous year. This expansion can be attributed to strong domestic demand, robust private
investment, and sustained momentum in manufacturing. Moreover, proactive interventions by
RBI have ensured that inflation has not spiralled out of control and the economy has
stayed on the growth path.
The global economy faces challenges due to various local and
geopolitical factors, leading to a general slowdown. In contrast, India is performing
well, transitioning from a consumption-based economy to becoming a global manufacturing
hub, especially under the "China Plus One" policy which benefits Indian
industries. Goodluck India Limited is well-positioned to leverage this shift with our
diverse product offerings across the automotive, oil & gas, defence, infrastructure,
and renewable energy sectors.
Our automotive segment, particularly in auto tubes, is thriving, as
India remains underdeveloped in vehicle consumption compared to global standards. The
construction sector's global buoyancy, coupled with our new hydraulic tube products,
promises substantial growth. Additionally, India's pivot towards exporting armory, with
new production set to begin in April 2025, opens up significant opportunities for us.
The infrastructure boom in India, encompassing upgrades in roads, rail,
and air travel, presents further potential. Our established market presence in steel
bridges, power equipment, and telecom towers positions us for continued success in this
expanding sector. Despite global economic uncertainties, the company remains resilient and
adaptable, ready to capitalize on these positive trends.
A Remarkable Year in Review
As we reflect on the past year, specifically up until March 2024, we
are pleased to report outstanding results that mark it as the best year for our company.
The efforts put forth by our dedicated team have proven to be highly effective, leading to
significant advancements in profitability and overall performance across all metrics. The
consolidated total revenue for the FY 2023-24 stood at ' 3,537.73 Crores as compared to '
3,086.80 Crores in the Previous year. The EBITDA was up by 34.44% to ' 295.19 Crores and
PAT grew by 50.65 % to ' 132.27 Crores.
While examining the profitability of our standalone company, we
witnessed EBITDA grew from ' 218 Crores last year to ' 292 Crores this year, marking an
increase of 34.2%. In terms of profitability, it grew ' 130.5 Crores, up from ' 86.90
Crores last year, which represents an impressive increase of 50.17 %. Profit Before Tax
stood at ' 120 Crores, while this year it has risen to ' 179 Crores, reflecting a growth
of 49.77% in PBT.
Operational Milestones and Strategic Initiatives
Goodluck India Limited has achieved remarkable operational performance
in the past financial years, marking it as our best year to date. Our focus on enhancing
asset utilisation has resulted in a significant top line growth of 15-20 %, achieved
without any major capacity expansion. This was made possible through strategic investments
and a successful Qualified Institutional Placement (QIP) that raised ' 200 Crores,
attracting notable investors such as Bank of America, Morgan Stanley.
>We are excited about our state-of-the-art hydraulic tube plant which
will primarily support export markets and is expected to be a game changer for the company
especially with the marketing agreements already in place for Europe, Canada and Mexico.
Additionally, our entry into the defence and aero sectors through Goodluck Defence and
Aerospace Limited is progressing ahead of schedule, with plans to commission the plant by
March 2025.
The company is strategically positioned to capitalise on the
government's strong emphasis on electric vehicles (EVs) and transition towards sustainable
transportation. As part of our commitment to this initiative, we are actively engaged in
the production of bus body structures in collaboration with the leading companies such as
Ashok Leyland, Tata Marcopolo and others. The Indian government's intention to replace
conventional vehicles with electric alternatives presents a significant opportunity for
the company to enhance its operations in this sector. We anticipate substantial growth in
value added segments particularly in electric buses, which aligns with our broader
strategy to innovate and expand our product offerings.
Our commitment to value added products is evident, as we have
experienced 39% Y-o-Y increase in this segment, compared to a modest 6% in regular
products. In addition to our work in the bus body structure, we are also tapping into the
solar market, supplying specialised transmission tubes and solar hardware across India. We
expect these initiatives to contribute significantly to our growth trajectory, reinforcing
our goal of becoming a billion-dollar company in the next three to four years.
Nurturing Excellence
At Goodluck India Limited, our strategic emphasis on Human Resource
Management reflects our commitment to improving work effectiveness and aligning employee
growth with company objectives. We prioritise diversity & inclusion, developing a
supportive environment that values individuality, encourages creativity and promotes team
work. By placing our people at the forefront, we are dedicated to holistic wellness, long
term rewards and diverse career opportunities.
Our HR strategy encompasses talent acquisition, employee development,
performance management, and overall employee wellbeing. We offer comprehensive training
programs, career advancement opportunities, and rigorous performance evaluations to
maintain a motivated and high- performing workforce committed to sustainable growth and
success.
We are committed in maintaining a secure, safe, and healthy environment
for our workforce, partners, and the communities we serve. Our world-class Occupational
Health and Safety (OHS) management systems, aligned with ISO 45001:2018 standards, reflect
our dedication to employee health and safety. We have established a comprehensive Safety
Management System and governance structure to oversee safety processes effectively.
Sustainable Practices and Community Engagement
At Goodluck India Limited, we are deeply connected to sustainability
and social responsibility. Our comprehensive environmental strategies focus on waste
management, energy efficiency and natural resource conservation. We integrate world-class
Occupational Health and Safety (OHS) management systems, and have implemented robust
safety measures, including expanded fire safety systems.
In renewable energy, we invest in solar and green hydrogen projects,
aiming to reduce our reliance on fossil fuels and align with global sustainability trends.
Our carbon footprint reduction efforts include offsetting CO2 emissions and enhancing road
safety with European-standard crash barriers. We also prioritize natural resource
conservation through significant tree planting and efforts to reduce water consumption and
energy use.
Our community engagement focuses on advancing education, healthcare,
and welfare. Key initiatives include supporting local health facilities, funding
educational infrastructure, and combating hunger and malnutrition. We
also champion animal welfare by improving the health and safety of cows
and support local infrastructure projects.
As we continue to enhance our CSR efforts, we aim to align with our
business objectives and needs of the communities we serve. We believe that our initiatives
will not only contribute to societal betterment but also strengthen our position as a
responsible corporate citizen.
Good Governance and Ethical Conduct
Good governance is pivotal to our success across all areas, and our
company has implemented top tier governance practices that benefit all the stakeholders.
Governance reflects our commitment to transparency, integrity and accountability. We have
established a comprehensive governance framework that facilitates effective oversight and
strategic coherence, allowing us to navigate challenges and drive sustainable growth. The
governance structure at our company emphasises transparent communication and conscientious
resource management, fostering trust and engagement with our stakeholders. By prioritising
these principles, we ensure that our decisions and actions align with our commitment to
creating lasting value while maintaining unwavering standards of corporate ethics and
responsibility.
I extend my gratitude to all our stakeholders and employees for their
unwavering trust and support in our company.
| Warm Regards, |
| M.C Garg |
| Chairman |