Dear Shareholders,
The fiscal year 2023-24 has been a successful year for Linde India. Despite navigating
a challenging macroeconomic environment, we focused on operational excellence and
developing long-term capabilities to leverage the numerous opportunities in India.
Innovation remains our primary focus as we drive sustained growth, keeping operating costs
in check and maintaining our record of profitable growth. We continuously adopt the best
available technology to improve manufacturing efficiencies and employ environmentally
responsible practices.
India's growth rate was the second highest among G20 countries and almost twice the
average of emerging market economies.
Strong domestic demand, significant investments in public infrastructure, and a growing
financial sector have been key contributors to this resilience. The RBI's proactive
measures have stabilized the rupee, and by 2027, India is projected to become the
third-largest economy globally, following the United States and China.
Notably, the Indian Space Research Organisation (ISRO) made history with the successful
soft landing of Chandrayaan-3 on the lunar south pole, making India the first to reach
this unexplored region. Additionally, India's ambitions extended to the stars with the
launch of a spacecraft to study the solar atmosphere.
Despite a tense global geopolitical scenario, recessionary pressures in the US and EU,
fluctuations in oil supply, and rising global shipping costs, the Indian economy
demonstrated remarkable progress in FY 2023-24.
Review of Performance
Our financial performance for the year ended 31 March 2024 was robust. Total revenues
from operations stood at Rs. 27,687 million, a 6.4% increase from Rs. 26,013 million for
the similar 12 months period in the previous year. On a year-on-year basis comparison, the
Gases Division recorded a notable 10.2% growth, reaching Rs. 20,006 million, driven by
high demand across key sectors and strong pricing discipline. The Project Engineering
Division reported revenues of Rs. 7,681 million, slightly down by 2.2%, yet remained
resilient with a healthy order book.
We achieved an EBITDA of Rs. 7,793 million, reflecting a growth rate of 7.2% compared
to Rs. 7,272 million for the same period last year. Our cross-functional culture of cost
productivity and operational efficiency continues to support profitability growth. Profit
after tax (PAT) stood at Rs. 4,263 million, lower than the previous year due to a tax
reversal recorded in the prior period.
With new initiatives in productivity and special focus on digitalization in place and
more in the pipeline, we are confident in improving our profitability through enhanced
productivity and cost reduction.
Environmental Responsibility
At Linde, we are committed to making our world more productive. Our core values Safety,
Inclusion, Accountability, Integrity, and Community guide our commitment to environmental
and social responsibility. This year, we achieved a notable 27% reduction in Scope 1 and 2
greenhouse gas (GHG) intensity compared to the previous year. Our waste management
practices comply with state and central pollution control norms, and we ensure responsible
disposal through approved recyclers.
We have made a strategic investment in Zenataris Renewable Energy Private Limited to
gain access to renewable power procurement under a captive mechanism.
This will secure renewable power at lower tariffs, leading to significant cost savings
and aligning with our commitment to sustainable practices.
Looking ahead, with ample opportunities due to planned investments, we will act swiftly
and resolutely to execute projects on time while prioritizing safety, quality,
productivity, and cost improvements.
Thank you for your continued confidence in
Linde India.
Warm regards,
M J Devine
Chairman