Unleashing new frontiers
As I reflect on the past year, I am filled with a sense of gratitude and optimism. At
PIL Italica, we have always believed in a shared vision, and it is heartening to see that
this vision has continued to drive us forward, even in these uncertain times. Our
unwavering commitment to our mission and values has enabled us to navigate the challenges
posed by the pandemic in recent years and emerge stronger than ever. We are committed to
building on this momentum and achieving even greater heights in the future, and I am
excited to share our accomplishments with you in this letter.
Changed market
Dynamic year
The industry landscape underwent a significant shift, with the world emerging from the
shadows of the pandemic, and we were at the forefront of this change. Our mass seating
solutions were well-positioned to benefit from the improved macro-economic environment, as
people began venturing out again and events started to pick up steam. Owing to our
unmatched capabilities, we were able to cater to this renewed demand with utmost precision
and efficiency.
Furthermore, FY23 proved to be a particularly auspicious year, as the wedding season
reached its peak, providing us with an unprecedented opportunity to showcase our expertise
in providing innovative and bespoke seating solutions to our valued consumers. Throughout
the year, our employees have worked tirelessly to maintain the highest standards of
quality and efficiency in our operations, and their dedication has been instrumental in
our success. It is their unrelenting efforts at the back of a strong distribution network
that enabled us to expertly navigate the surging demand for our mass seating solutions
with the utmost timeliness, thus allowing us to leverage the improving market scenario.
While the future may hold its fair share of challenges and uncertainties, we approach
it with eagerness and anticipation, confident in our ability to turn obstacles into
opportunities and continue our journey of growth and success.
FY23 recap: A look at our achievements
The past fiscal year has been a time of growth and achievement for us, and we are
thrilled to see the progress towards achieving our goals and pushing boundaries in our
industry. The year witnessed us expanding our footprint with the opening of two new
fulfilment centres in Hyderabad and Kanpur. These centres have further strengthened the
company's distribution network, enabling it to deliver products to customers in a more
efficient and timely manner.
In addition, we organised three successful product launch events in the bustling cities
of Mumbai, Delhi, and Bangalore, respectively. These events not only generated a
significant buzz around our products but served as a platform for us to showcase the
unique offerings of Italica products. It further helped us to capture the attention of
consumers in diverse markets. Moreover, we have recently shifted our focus on creating
sustainable products, which has also been well-received, reflecting our commitment towards
environmental responsibility. Our conscious efforts to use sustainable materials in our
production processes are in line with global trends and demonstrate our proactive approach
to sustainability.
PIL Italica has also stepped up its marketing and demand generation game, with
increasing thrust behind its brand campaigns on digital marketing channels such as
Instagram, Facebook, Google, and effective SEO & SEM marketing.
All of these efforts led to a significant increase in the Company's top line from
Rs6,776 lakhs to Rs8,535 lakhs, registering an impressive growth of 26%; while at the same
time bottom line increase from Rs251 lakhs to Rs304 lakhs, registering a growth of 21%
over the previous year.
Looking forward
From the very beginning, we have understood that every region of India is unique, with
its own requirements.
In response to that and in alignment with our goal of becoming a market leader in the
country, we have developed a sound understanding of the eclectic requirements of different
regions, and have strived to meet them with tailored solutions.
We are excited to continue this trend of success and look forward to delivering
amplified value to all our stakeholders.
Spreading our wings
Looking towards the future, we are excited to embark on a new chapter of growth and
expansion here, at PIL Italica. Following an asset-light business model,
we will continue to look for strategic investments and tie-ups to expand our presence
across the country. Given that in our industry it is crucial to be in proximity to the
customers, to ensure timely delivery as well as reduced logistical costs. With this in
mind, we are eager to strengthen our distribution network in the years to come. By
strategically adding new fulfilment centres and warehouses, we aim to deepen our presence
across India, particularly in Central, Eastern, and Southern regions where we are yet to
establish a strong foothold.
Following that, we have devised plans to expand our product basket and create a more
robust network of distributors and dealers to ensure a wider outreach of our products and
seamless customer experience.
Our goal is to optimise our operations and provide unparalleled access to our offerings
to customers across the length and breadth of the country.
As we continue to expand our footprint in the domestic market, we are also exploring
new opportunities to partner with other players in the same industry. At PIL Italica, we
understand the importance of collaboration in achieving long-term success, and we are
excited to explore new avenues for growth through strategic partnerships. Our team is
constantly evaluating opportunities that align with our values and vision, and we remain
committed to exploring these opportunities while ensuring that we continue to deliver
high-quality products and services to our customers.
Diversifying our offerings
Moving forward we remain committed to staying at the forefront of innovation in the
plastic furniture segment. We are constantly exploring new avenues to expand our product
basket and create designs that cater to diverse customer needs. We are particularly
excited about our plans to introduce new products tailored to the hospitality sector,
bringing style and comfort to hotels and resorts across the country.
In addition to catering to the hospitality industry, PIL Italica is also looking to
expand its product offerings to the education sector. Our team is working tirelessly to
develop products that can be used in schools and playgrounds, providing safe and
comfortable environments for children to learn and grow.
We are also exploring the use of alternate technologies in our product development
process, with a keen focus on sustainability and environmental consciousness.
At PIL Italica, we understand that the needs of our customers are constantly evolving,
and we remain committed to staying ahead of the curve and meeting those needs with
innovative and high-quality products.
As I conclude this letter and look towards the future, I want to take a moment to
express our gratitude to our shareholders, customers, and all our stakeholders.
We could not have achieved this success without your support and trust in our vision.
With a renewed sense of determination, we promise to continue innovating and adapting to
the ever-changing market landscape. We strive to exceed expectations and set new
benchmarks in the industry. Rest assured, our focus on creating longterm value for all
stakeholders remains unchanged.
Together, we will reach new heights and create a brighter tomorrow. Thank you for your
continued support and trust in PIL Italica.
Yours sincerely,
Daud Ali
Managing Director
Leading with experience & insights