Dear Shareholders
On behalf of the Board of Directors of RITHWIK FACILITY MANAGEMENT SERVICES
LIMITED,(RFMS), I thank you all for making this time to join us to discuss about the
performance and future prospects, I thank you all for all your continued support for all
these years and years to come. Fiscal 2023-24 is been a year of strong growth in overall
business of the Company.
Your company has attained a growth of 12.8% during FY 2023-24 as compared against FY
2022-23. Our revenue from operation has grown 12.6% YOY. This promises a solid foundation
for growth in the years to come. The Board has recommended final dividend of 10% for the
shareholders for the financial year ended 2023-24 which amounts to Rs.30.6 lakhs and all
the shareholders will be paid within the time period stipulated by the provisions of the
Companies Act, 2013. There were no unpaid dividend lying in the dividend account, for the
Dividend declared for the FY 2022-23, hence there was no transfer of balance unpaid
dividend money to separate account.
Currently, we are one among the top Companies providing Facility Management Services in
the Organized sector in Chennai and Coimbatore. Presently, we are maintaining Office space
of about half a million Square feet in Chennai and Coimbatore. We, RFMS Apart from
Facility Management business, we are also providing services to execute turnkey projects
where we will execute the Fitments for the warm shell to Plug and play facility. We are
exploring all the avenues to expand our business. Few areas we are focusing at present are
Solar Energy, a new era of energy production and distribution where the Government of
India and Tamil Nadu emphasis more investments and providing more incentives and schemes.
To provide an impetus to this growth story and ensure that manufacturing sector is also
an equal contributor to the numbers, government of India announced the launching of the
Production Linked Incentives [ PLI] scheme for 10 focus sectors for our country in
November 2020. The financial outlay of these schemes totalled to INR 1.97 lakh crore [$
610 Mn]. Of this total outlay, INR 4500 crore has been allocated to the solar sector for
the PLI scheme "National Programme on High efficiency Solar Photo Voltaic (PV)
modules" over 5 years starting financial year 2021-22.
We at Rithwik, we understand what it takes to navigate this era of optionality, through
times rough and smooth, we have brought great focus to becoming better, becoming more
efficient and resilent in the present while also securing our relevance in a progressive
future. This has stood us in good stand. We are focusing on Solar energy production,
generation and distribution in the coming years.
We are also exploring Private partnerships for development, maintaining of Commercial
Complexes in Metropolitan, Tier I and Tier II cities in Tamil Nadu. We are targeting the
well conceived model BOT or BOOT Model in Private partnerships and through these
partnerships the company can bring more spaces in terms of development and maintenance. We
understand it takes lot of planning and Execution to achieve many great milestones in the
Company's growth. We know our clients, our employees and you count on us to be agile,
adopt quickly and learn able to thrive in any new reality. Not only we are committed to
doing that but also relentless in our efforts to ser our clients for better working
environment.
| Yours sincerely, |
| Rithwik Rajshekar Raman |
| Managing Director |
| DIN-07836658 |