"AT REL, WE HAVE CAREFULLY CHOSEN TO BE IN NEW-AGE BUSINESS SPACES
THAT ARE AND WILL CONTINUE TO SURGE WITH THE RESURGENCE OF OUR NATION."
Anjali Rattan Nashier
DearShareholders,
It is a privilege to share my thoughts through this narrative as
RattanIndia Enterprises Limited (REL) reported another excellent performance; I am filled
with gratitude and a sense of accomplishment.
Our journey was fashioned by the evolving global and Indian economic
landscapes, and I would like to reflect upon them as we celebrate our success.
Global issues put forth multiple waves of volatility and uncertainty
that triggered significant risks to India's macroeconomic stability and progress. But
a resolute India deftly overcame the prevailing headwinds. Our excellent economic progress
is a compelling watermark to the nation's resilience and adaptability as we emerged
one of the fastest-growing economies in FY23.
At REL, we bettered our financial numbers, further strengthened our
brands, and continued to pursue value-accretive growth opportunities. Our revenue from
operations scaled to C41,238 million in FY23. Continuous upheavals notwithstanding, we
recorded strong performances across all our business segments.
In our e-commerce vertical, our Cocoblu' division registered
a topline to reach C4,079 crore and reported a Net Profit of C47 crore. In our
Neobrands' segment, we launched three brand stores on Amazon featuring trendy
casual wear, denim wear and athleisure products.
Our e-mobility vertical delivered splendid numbers. Sales volumes upped
by about 34% while the topline scaled by more than 50%. These numbers showcase the winds
of change in favour of e-mobility. We continued to widen our presence in new cities which
generated interesting footfall. To up the ante, we recently launched a limited edition
stealth black RV400 electric motorcycle, which will strengthen our position in the market.
The fintech vertical witnessed more than 1.7 million people visited
their portal in FY23. We disbursed 7,300 loans cumulating more than C300 crore. Also, we
issued 3,700+ credit cards. Additionally, we widened our service basket, we also initiated
our insurance piece for which we partnered with multiple insurance companies, NBFCs, banks
and other fintech companies in India.
It was a very satisfying year for our drones segment. In FY23, NeoSky,
through its subsidiary Throttle Aerospace Systems Private
Limited (TAS) launched four new models with enhanced capability. It
also received drone Remote Pilot Training Organisation (RPTO) license. This is important
as it opens a _anking revenue vertical which is expected to become a sizeable revenue and
profitability spinner over the coming years considering that India would need about
100,000 drone pilots over the next few years. TAS is one of selected few companies that
has qualified for Government of India (Production Linked Incentive scheme) in July'
2022 for the period of three year starting FY22. Moreover, we reported an impressive
growth in business profitability despite elevated inflation and escalating interest rates,
which was particularly heartening. Our Adjusted EBITDA* at consolidated level improved to
C538 million in FY23. I believe this is the satisfying outcome of our growing brand
awareness and acceptability by the end consumers. As we advance, we will remain steadfast
in continuing to grow our brand acceptance by rejuvenating our offering under each brand
with customer-relevant and value-generating products.
*Adjusted EBITDA = EBITDA excluding unrealised / realised gain / loss
on investment and derecognition of investment in associates.
I am positive about our prospects over the coming years. My optimism is
reinforced by my belief that India has transformed into one of the greatest countries in
the world.
The last decade was the decade that will be etched in history as the
golden period in India's journey as we are an economy that is surging above the rest
against all odds. We are a nation that is traversing fast to occupy the global podium. I
count myself extremely lucky to be witnessing and contributing to the resurgence of our
nation.
India is a name reverberating across the world as an economic power
that is coming of age and creating unlimited opportunities for business enterprises that
aspire to scale new peaks and the ambition to delve into the new. Because business spaces
have widened significantly in this new India, business models and processes have altered
considerably with the technology tsunami sweeping across India Inc.
At REL, we have carefully chosen to be in new-age business spaces that
are and will continue to surge with the resurgence of our nation. Moreover, within these
spaces, we have created a niche that positions us out of the clutter. Case in point: We
are India's first and No. 1 E-2W bike. Featuring among the first movers in our
business spaces, we hope to make the most of the mushrooming opportunities in these
sectors over the next decade.
We have drawn up a comprehensive strategic roadmap for every business
vertical. We are determined to introduce new products that will ensure our preeminent
position. Consistent with that objective, we will undertake our planned investments to
enhance our capacities and capabilities to deliver products and solutions aligned with
evolving market dynamics.
I am very confident that under the tutelage of the senior leadership,
every business team will leave no stone unturned to ensure that we meet our immediate- and
medium-term operational and financial goals. It will allow us to deliver superior value to
all our stakeholders and make a meaningful contribution to India's march onto the
global center stage.
The journey has been enjoyable so far, and I look forward to an even
more exciting time in the context of India's Marathon story.
Before I close, I take the opportunity to thank all our stakeholders
the Government and its departments, our customers, investors, regulators, lenders,
suppliers and advisors for their continued support.
I sincerely thank REL's exceptionally talented and hardworking
team, who is relentlessly pursuing our ambition of elevating our _ight into a new orbit. I
look forward to your continued support.
Warm regards
Sd Sd
Rajiv Rattan |
Anjali Rattan |
|
Nashier |