Dear Shareholders,
It is with great pride that I address you today, reflecting on the
illustrious journey and continued ascent of Shalimar Paints, the oldest and most revered
paint company in India. Our legacy is interwoven with the very fabric of this nation, as
Shalimar Paints has long played a pivotal role in safeguarding the nation's most iconic
structures-from the majestic Howrah Bridge to the venerable Rashtrapati Bhavan, from the
intricate systems of nuclear power installations to the sprawling networks of railways,
power plants, and refineries. Most recently, we had the distinct honor of protecting the
world's highest rail bridge over the Chenab River, demonstrating the resilience of our
coatings in environmental conditions ranging from-20?C to +45?C. Today, Shalimar Paints
is embarking on a new chapter of excellence, redefining our role not just as providers of
paints and coatings, but as partners in asset preservation. Your Company is now
collaborating closely with asset owners to extend the lifespan of their assets by offering
tailored product recommendations and specialized application training by our
NACE-certified coating experts. Our commitment to sustainability drives us to work
hand-in-hand with industry and academia, developing innovative and environmentally
conscious solutions to address potential corrosion challenges.
The year 2023-24 began on a strong note, with Shalimar Paints achieving
significant milestones. For the first time in a decade, we surpassed the Rs. 600crore mark
in revenue on gross basis, registering a net sales growth of 10% and gaining market share
in both the decorative and industrial sectors, a testament to our strategic focus on
refining internal and external processes to meet customer demands with exceptional
efficiency and timeliness.
Our commitment to innovation is exemplified by our significant
investments in research and development. In FY 2023-24, your Company achieved a
significant milestone with the completion of its State-of-the-Art R&D facility at
Nashik, a project that began in the previous financial year with the vision of positioning
Shalimar Paints among the top five companies in India's paint industry. Over the past two
years, these investments have enabled us to launch 14 new products. Our Research and
Design team, in close collaboration with our esteemed vendors, ensures that our final
products not only meet but exceed customer expectations while minimizing the use of
hazardous substances and reducing greenhouse gas emissions.
Our state-of-the-art R&D center in Nashik is dedicated to achieving
the highest international standards of product quality through continuous innovation and
has enhanced our capabilities to innovate and improve on the basket of products as well as
improvement in recipe of existing products. We are focused on developing sustainable,
eco-friendly coatings that extend the lifespan of critical assets - from metal pipes to
plant machinery, national infrastructure, construction equipment, ships, and buildings-all
while prioritizing environmental protection.
Your Company has undertaken automation and infrastructure development
across all three plants. These investments have been mainly towards reducing wastages,
improving throughput and quality. These enhancements will bring greater accuracy to our
product packing processes and significantly improve cycle times, thereby boosting overall
efficiency. These strategic investments, along with our comprehensive quality improvement
plan, underscore our commitment to maintaining our competitive edge and delivering
superior value to our stakeholders.
At Shalimar Paints, we recognize that our employees are the cornerstone
of our success. We are committed to creating a dynamic workplace that fosters engagement,
motivation and development ensuring that our team members grow alongside the company.
Comprehensive benefits and a supportive workenvironment promote employees' personal as
well as professional well-being.
At Shalimar Paints, Information Technology is the backbone of our
organization's functioning and growth. In this digital era, our commitment to innovation
and efficiency through IT is stronger than ever. By leveraging the latest technologies,
your Company is enhancing its operational capabilities, streamlining processes using
Warehouse Management, Gate Entry System & Transport Management System, delivering
better services to customers through SFA & Complaint redressal system, gaining the
confidence of influencers through loyalty program and empowering its teams to work more
effectively through sales force automation, automated sales planning system &
analytics through Business Intelligence Tool. All this has given your Company the
competitive advantage. As we continue to invest in cutting-edge solutions, we remain
focused on fostering a culture of continuous improvement and digital transformation.
In FY 2023-24, with an unwavering commitment to aligning our offerings
with the ever-evolving needs of our consumers, we undertook extensive market research to
delve into their thought processes and preferences. The insights garnered from this
endeavor have served as the cornerstone of our strategy for building the new SHALIMAR 2.0.
This year also marked our entry into the premium segment with the
launch of the Hero brand, accompanied by the introduction of premium enamels. We are
deeply gratified by the warm reception these products have received from both consumers
and channel partners, affirming our belief in their enduring value.
As we look ahead, I want to express my heartfelt gratitude to our
shareholders, investors, employees, bankers, customers, vendors, and business associates
for their unwavering trust and belief in Shalimar Paints. It is my sincere hope that our
bond will only grow stronger as we journey together towards a future filled with
promiseand prosperity.
May the upcoming festive season bring joy, prosperity, and new
opportunities for us all.
Thankyou,
Dr. RajeevUberoi