Dear Stakeholders and Shareholders,
"To be successful in business, you must be willing to explore new ideas and invest
in research. Innovation is the driving force behind progress."
Michael Dell
I am pleased to present the annual report for Prevest Denpro Limited for the financial
year 2023-2024. It has been a year of commendable achievements and notable challenges, and
I am proud to share our progress and performance with you. We are delighted to report a
significant revenue increase of 14.27%, from ?51.89 crores in FY 2022-2023 to ?59.29
crores in FY 2023-2024. This growth is particularly impressive given the adverse
conditions in foreign markets, where we faced currency exchange crises and a recessionary
environment in EU countries due to the ongoing conflict between Russia and Ukraine.
Despite these challenges, our domestic market demonstrated robust growth, surpassing last
year's performance. Our current utilization of the existing product line stands at 45%,
indicating that we have 55% unutilized capacity. This unused capacity positions us well to
meet rising market demands and scale up production as needed. The establishment of the
Prevest Research Centre in 2023 marks a pivotal step in our journey towards innovation and
excellence. This centre is dedicated to advancing our technology and methods to improve
efficiency, quality, and sustainability across various industries. Our key initiatives
include cost-saving measures, the introduction of new production lines, and the reduction
of imports through import substitution. We continue to invest heavily in R&D to
develop innovative products. Our collaboration with dental institutions ensures that our
product development is aligned with the latest market needs and technological
advancements. Oradox has received an overwhelmingly positive response from our
stakeholders. This encouraging feedback reaffirms our confidence that Oradox will
significantly contribute to our top line in the forthcoming periods. In late 2023, we
launched our e-commerce platform, Prevest Direct, which has received a positive response
from our customers. Leveraging the success of Prevest Direct, we aim to further expand our
online presence and sales channels, driving growth through this strategic initiative. The
digital marketplace is a vital component of our strategy to reach a broader audience and
provide customers with seamless access to our products. Our focus on digital
transformation is not just about technology but also about creating value for our
customers and stakeholders. Prevest Denpro Limited is confidently projecting a promising
future, driven by the anticipated growth of our diversified product line. Through
continuous innovation and strategic market adaptation, we aim to further expand our
presence and market share. We will focus on exploring avenues for inorganic growth,
including strategic alliances and acquisitions, to enhance our market presence and drive
expansion. Our strategic goals are aligned with our mission to provide high-quality,
innovative products that meet the evolving needs of our customers. We believe that by
fostering a culture of innovation and excellence, we can achieve sustainable growth and
long-term success. In conclusion, I would like to extend my heartfelt gratitude to our
shareholders, customers, employees, and partners for their unwavering support and
confidence in Prevest Denpro Limited. Your trust and loyalty have been instrumental in our
success, and we are committed to delivering even greater value in the years to come.
Together, we will continue to strive for excellence and achieve greater heights in the
coming years.
Atul Modi
Chairman & Managing Director