Dear Shareholders,
It is my privilege to present the annual report for Rolex Rings Limited for the fiscal
year 2023-24. Reflecting on our journey, we have consistently led in technology
investments and maintained a focused approach towards developing new customers and
creating innovative products. Our commitment to providing cutting-edge solutions for
precision components, alongside an expanded product range for modern conveyance needs,
underscores our 30+ years of engineering excellence. This dedication has earned us
accolades from numerous customers for our superior quality and robust supply chain. Our
success is driven by our dedicated team and the strategic blend of our promoters and
professionals. Our versatile product range serves the needs of passenger automobiles,
industrial applications, LCVs and HCVs, railways, wind turbines, and the rapidly growing
market for hybrid and electric vehicles.
"Despite facing significant headwinds, our resilience and strategic initiatives
have enabled us to navigate these challenges successfully, achieving remarkable milestones
and fortifying our market position."
Operational Performance
Despite facing significant headwinds, our resilience and strategic initiatives have
enabled us to navigate these challenges successfully. Amid macroeconomic turbulence, we
achieved remarkable milestones and fortified our market position.
Our unwavering commitment is evident in our robust performance during FY 2023-24, where
we delivered stable growth.
Our total revenue from operations stood at _12,217.55 million, marking a growth of
approximately 3% compared to FY 2022-23. EBITDA has been reduced to INR 2770 million.
Profit after tax decreased to_1560.38 million from _1,981 million in the previous fiscal
year. Exports were a significant growth driver, contributing 60% to our revenue, while the
domestic market contributed 40%.
We maintained strong operating cash flow and significantly reduced both short-term and
long-term debt, positioning us on the verge of becoming a zero net debt company. Our
strong performance, despite high raw material prices and a slowdown in the
European market, is a testament to our relentless pursuit of operational efficiency and
productivity improvements.
Uncompromising Commitment to Quality
At Rolex Rings, our pursuit of excellence is deeply rooted in our unwavering commitment
to quality. In an industry defined by fierce competition and demanding deadlines, we have
set an industry benchmark for unparalleled quality. Our comprehensive range of
high-precision measuring instruments, combined with our highly trained quality control
workforce, ensures our zero-defect policy is more than just a promise.
Towards a Greener Future
"As we move towards a greener future, our substantial investments in renewable
energy and eco-friendly practices underscore our dedication to minimizing our
environmental footprint and promoting sustainable growth."
We remain committed to minimizing our environmental footprint and promoting sustainable
practices. Our efforts include reducing carbon emissions, conserving resources, and
implementing eco-friendly technologies. Our ground-mounted solar project with a 4 MW
capacity, operational since FY 2022-23, will be augmented by an additional 11.5 MW in FY
2023-24, bringing our total renewable energy capacity to 26
MW. This project will significantly enhance efficiency and reduce our reliance on
conventional electricity.
Strong Growth Prospects
Looking ahead, we are optimistic about the future. The aggressive market penetration of
EVs and our role in promoting the country's EV revolution position us well in the domestic
market. The launch of the
Vande Bharat train has increased railway sourcing, with further investments planned.
We are expanding our customer base in the US and have acquired new customers in Europe,
which we expect will lead to substantial volume increases in the future.
Additionally, robust demand in the domestic industrial sector indicates potential
growth opportunities in various industries.
"The aggressive market penetration of electric/hybrid vehicles and our strategic
role in promoting the country's EV revolution position us well to seize new opportunities
in the domestic and global markets."
Future Outlook
With the stabilization of factors such as overseas ocean freight, container
availability, and raw material prices, we anticipate a positive impact on our
profitability. Our robust order book, strong balance sheet, and highly skilled workforce
will help us capitalize on emerging opportunities. We will continue to invest in
technology, research and development, and our talent pool to drive sustainable growth.
I extend my sincere gratitude to each one of you, our shareholders, customers, business
partners, and employees for your unwavering support and trust in Rolex Rings. Together, we
will continue to strengthen our position as a global leader in the industry, creating
sustainable value for all.