Dear Shareholders,
The Indian Economy in the fiscal year 2024-25 unfolded as a year of
contrasts. The first half witnessed challenging market conditions, while the second half,
though showing signs of improvement, fell short of robust recovery expectations.
Automobile production was muted compared to the previous year except for the Farm Tractor
and Scooter segments in 2-wheelers for the year. The Tyre Industry was faced with
unprecedented increases in input costs that reached all-time highs. Although these costs
have since moderated, they continue to remain elevated. In response, your Company
maintained its disciplined approach to cost management and overheads reduction. The
difficult geo-political situation has been prevalent for some time; however, in recent
times the risks have become elevated.
Against this challenging backdrop, MRF demonstrated remarkable
strategic execution, delivering a consolidated total income of Rs. 28,561 crores-an
industry-leading increase of Rs.3,075 crores over the previous year. This outstanding
performance reflects the power of our brand equity and the transformative impact of our
organization-wide strategic initiatives, cementing MRF's position as the undisputed market
leader in India and a rising brand in the global tyre industry. Your Company's focus on
Export Markets continues.
Our relentless pursuit of innovation continues to revolutionize the
market landscape. We have strategically expanded our product portfolio with breakthrough
solutions spanning two-wheelers to heavy construction equipment vehicles. Our pioneering
product launches for next-generation vehicle categories meet our OEM customer expectations
and also position MRF at the forefront of the eco-friendly vehicle revolution-a segment
experiencing growth and transformation.
During the year as a part of our Sustainability journey, we have
increased investments in renewable energy sourcing. We are also implementing low-carbon
energy initiatives and working to reduce dependence on freshwater sources in our
manufacturing processes.
I extend my sincere gratitude to our shareholders, investors, central
and state governments, lenders, suppliers, and customers for their unwavering support. I
also thank my esteemed colleagues on the Board for their continued guidance and
collaboration.
With warm regards,
K.M. MAMMEN
Chairman & Managing Director