From our humble beginnings, we've always envisioned a future where our
products transcend borders, tantalising taste buds worldwide while championing sustainable
agriculture and empowering the dedicated farmers who are the heart of ourjourney. With a
customer-first mindset and a foundation built on strong business principles, we've forged
unbreakable bonds with farmers and distributors, creating a supply chain that is a
testament to our credibility. This dedication has propelled us to become India's
third-largest exporter of Basmati rice.
Ourstory isn'tjust one of market success; it's a story of people. Our
dedicated workforce, with theirtireless efforts, unwavering loyalty, and
exceptionalskills, are not just employees but the very essence of our company. They are
the pulse of our company, driving us forward every step of the way.
As we set our sights on new horizons, our ambition is clear: to
establish 10X as India's most trusted standalone consumerstaples brand. This next chapter
will be written with the same commitment to excellence, sustainability, and
customersatisfaction that has defined ourjourneyso far. With these guiding principles, we
are poised to reach even greater heights, creating a legacy that satisfies and inspires
us.
FY2024 in review:
Over the past year, we've faced dynamic challenges and opportunities,
navigating the unpredictable global economy and ever-changing market landscapes. We've
endured but thrived through it all, transforming obstacles into achievements. Our revenue
stood at INR 1312.44 Crores for FY24, compared to INR1379.46 crores forthe previous FY23.
Ourexport business demonstrated robustness on a year-byyear basis,
while our profit before tax in the domestic segment of GRM Foodkraft increased from INR
13.67 Crores in FY23 to INR14.77 Crores in FY24. The international segment, which
contributed 77.42% to the company's total revenue, has been growing steadily in proportion
to total revenue. It clocked INR 1,016 crores in revenue in FY24.
This shift underscores oursuccessfulstrategyto strengthen ourdomestic
presence while maintaining our leadership in exports. It's a carefully balanced approach
that fuels our momentum and positions us for continued success in an ever-evolving market,
instilling confidence in ourstrategic decisions.
Our relentless focus on strengthening our domestic business has yielded
impressive results, allowing us to expand our market presence and drive significant
revenue growth. This past year, though challenging, has also been richly rewarding. As we
progress, we remain optimistic, guided by resilience and adaptability in navigating the
ever- changing market landscape.
However, the international grains market faced significant
uncertainties, which drove up commodity prices, while inflation persisted throughout the
year. These factors pressured our margins in FY24. The EBITDA margins remained consistent
at 8.0% in FY24. Consequently, PAT margins marginally increased to 4.63% in FY24, compared
to 4.56 % in the previous fiscal year.
Despite these headwinds, our strategic expansion in the domestic market
has laid a strong foundation forfuture growth. We are committed to steering through market
complexities with agility and determination, and we are confident that our proven
adaptabilitywill continue to fuel oursuccess in the years ahead.
10X: Gaining Momentum, Winning Hearts
This fiscalyear marks a significant milestone—our fourth year in
the domestic branded business—where we achieved a remarkable revenue of INR 257
crores in FY24, INR264 crores in FY23, INR 189 crores in FY22 and INR 58 Crores in FY21.
This incredible growth reflects a stunning CAGR of 65% from FY21 to FY24. We are excited
about the future and confident that the 10X brand will continue its impressive ascent,
resonating ever more stronglywith consumers. Oursuccess is rooted in our unwavering
commitment to quality control and sustainable sourcing, backed by our deep industry
expertise.
Our10X portfolio, which now includes a diverse range of offerings from
Rice, Atta, Oil, and Spices to Biryani—Ready- to-Eat and Ready-to-Cook products, is
set to expand further. We are excited to announce a host of new products on the horizon,
including Pulses, Ghee, Salt, Poha, Dry Fruits, Edible Oil and Soya Chunks. The upcoming
launch of these items is a pivotalstep in our mission to establish 10X as India's leading
and most trusted standalone consumerstaples brand, and we can't wait to share these
exciting additions with you.
Further we are thrilled to announce the signing of Bollywood superstar
Salman Khan as the New brand ambassadorfor theBasmati Rice and Wheat Flour(Atta). This
collaboration is in line with our strategy to further strengthen our brand identity 10X
and market presence, and we are confident that Mr. Khan's association will bring
significant value to our brand 10X. Salman Khan's unparalleled fame and widespread appeal
make him a household name across India and beyond. Revered by millions for his charisma
and authenticity, Salman's influence reaches every demographic, creating a deep connection
with audiences of all ages. His dedication to health and fitness is widely recognized,
further solidifying his status as a role model for those aspiring to lead a healthier
lifestyle. By associating with Salman Khan, GRM not only taps into his immense popularity
but also reinforces its commitment to delivering premium, nutritious products that
resonate with consumers. Salman's iconic status ensures that GRM's message of quality and
well-being will reach and inspire a vast audience, making him an ideal ambassador to
elevate the brand's presence.
During FY24, GRM Overseas Ltd. sold more than 3% of its stake in GRM
Foodkraft Pvt. Ltd (a subsidiary of GRM Overseas Ltd. focused on domestic India-based
foods business) to Sauce.VC ("Sauce"), a consumer- focused venture capital fund,
for an undisclosed amount. Sauce.vc has also acquired an additional 1% stake from
othershareholders. The companysells a variety of Basmati Rice underthe Brand 10X Zarda
King XXL and Atta (Wheat Flour), Besan, Daliya, Suji,
Poha, etc., under its 10X Shakti Brand.
Growing Responsibly: Minimising Impact, Maximising Empowerment
At GRM Overseas Limited, our commitment to reducing our environmental
impact while supporting our farmers is at the heart of everything we do. Sustainability
and caring for the environment aren't just goals for us—they're integral to who we
are as a company.
We firmly believe that growth and sustainability are interdependent,
which is whywe have made substantial investments in research and development. This enables
us to stay abreast of consumer preferences and innovate, thereby creating products that
cater to theirevolving needs. Our focus on sustainable ingredient sourcing, eco-friendly
packaging, and efficient production processes further underscores our commitment to
reducing waste and energy use.
Our passion for sustainable farming practices is evident in our
promotion of organic farming and water conservation. These initiatives not only benefit
the environment but also resonate with consumers who share our concerns. This commitment
enhances our reputation as a responsible global entity.
We also understand the importance of a robust and resilient supply
chain. That's why we work closely with our suppliers and farmers, maintaining open
communication and building relationships based on trust and collaboration.
For us, embracing social responsibility and environmentalcare isn'tjust
something we must do—we're deeply committed to. By aligning our actions with these
values, we aim to make a meaningful difference in the world, ensuring a brighter, more
sustainable future for everyone.
Atul Garg
Chairman and Managing Director