Navigating Success and Growth
Dear Stakeholders,
True growth lies in our ability to evolve and adapt, constantly pushing the boundaries
of innovation and excellence.
The global economic landscape is dynamic due to geopolitical issues, particularly
stemming from recent conflicts in the Middle East, affecting commodity markets and
dampening global growth prospects and also influencing the pace of economic activities.
Despite challenges, the emerging markets and developing economies are expected to
maintain steady growth as stated by IMF's World Economic Outlook forecast. Notably, India,
with an anticipated GDP growth of 8%, is expected to consolidate its role as a pivotal
growth driver in Asia. This growth is buoyed by robust investments, a favourable policy
landscape, a revival in consumption, advancements in electronics and service exports, and
significant progress in the manufacturing and services sectors.
The Indian automotive sector contributes approximately 7.1% to the national GDP,
attracting significant foreign direct investment. During FY24, India was declared the
third-largest automobile market globally. The Indian automotive industry is expected to
continue its growth trajectory in FY25, supported by robust economic expansion, rising
consumer purchasing power, and extensive research and development, particularly in EVs and
advanced automotive technologies.
Sustaining momentum and matching the pace is key to leveraging the opportunity.
Looking back on FY 2023-24, I am proud to share that our company has made tremendous
strides, not only in terms of financial performance but also in our approach to
manufacturing excellence, human resources, diversity, and digital transformation.
Reflecting our strong financial performance and commitment to shareholder value, the Board
of Directors has recommended a total dividend of '1.40 per share. This decision
underscores our confidence in the company's growth trajectory and our dedication to
delivering consistent returns to our shareholders. We are grateful for your continued
trust and support.
In Q4 FY24, we welcomed back Mr. Ravi Sud as an Independent Director. We are confident
that his experience and expertise will strengthen our governance framework, contribute to
our strategic decision-making processes, and help drive the company towards its ambitious
objectives.
Last year, we announced the rollout of the Millionth two-wheeler smart keyless system
for Indian and global markets. We thank our customers for their trust in our capabilities.
Our people are our greatest assets.
Being a true believer in the power of teamwork, I attribute this accelerated growth to
the family of more than 17,000 employees at Spark Minda.
Inclusivity and diversity are integral to our ethos and operational strategy. We take
pride in our diverse workforce and strong demographic representation. During the last
year, we have taken deliberate steps to increase diversity within our organisation,
especially focusing on adding more women to our workforce. We prioritise the hiring and
skill development of differently-abled individuals in our manufacturing plants, striving
to make a positive impact on their lives.
Digitalisation is key.
Our strategic initiatives towards digital transformation and AI are helping us maintain
a competitive edge. We are evolving from a data-driven organisation to one that leverages
data analytics for informed decision-making, guided by our comprehensive digitisation
roadmaps. Committed to continuous system and process upgrades, we are harnessing digital
technologies to drive efficiency, foster innovation, and stay ahead of industry trends,
meeting our ambitious growth targets.
True growth is inclusive and empowers all.
I would like to mention the efforts made by Spark Minda Foundation. The team reinforced
its commitment to corporate social responsibility with numerous impactful initiatives to
empower vulnerable communities, enhance skills development, and promote environmental
sustainability.
Future Outlook
Customer-centricity is at the core of our existence. Going forward, we will continue to
invest in R&D for future technologies, maintaining a strong focus on collaborations,
innovation, and forging strategic alliances. We will strengthen our core products, expand
our customer base across both domestic and global markets, attract new customers, and
deepen relationships with existing ones.
As one of the leading contributors to the new-age mobility narrative, Spark Minda will
continue to navigate the growth trajectory by investing in our people, products, and
technology; enhancing our operations; and strengthening our vendor base.
Closing Remark
I would like to express my gratitude to each one of you for your hard work, dedication,
and commitment. Together, we will continue to drive growth and innovation, ensuring Spark
Minda remains at the forefront of the automotive industry. As we commemorate these
achievements, we remain focused on the future and drive the theme of Mobility &
Beyond, fostering growth, and delivering value to our stakeholders.
Thank you for your continued trust and support.
Sincerely,
Ashok Minda
Chairman of the Board