"By igniting curiosity, fostering growth, and unleashing
potential,we strive to Inspire, Engage & Thrive."
Dear Esteemed Shareholders,
It is with great pleasure that on behalf of the Board of Directors, I
present to you the 51st Annual Report of Shanthi Gears Limited (SGL) for the
Financial Year ended 31 March 2024 (FY 2023-24).
I hope this letter finds you and your families safe and in good health!
In FY 2023-24, SGL continued its growth trajectory with all round
performance despite challenging environment. Capability building along with lean
initiatives helped in enhancing production efficiency and your company's turnover
witnessed strong growth. Revenue grew by 20% to ^ 536.05 Crores and Profit Before Tax grew
by 22% to ^ 109.64 Crores.
The success and growth of a company primarily depends on its people and
customers. Various employee engagement initiatives were taken during the year, which
helped in improving the efficiency and increase in number of highly engaged employees. The
learnings, challenges and victories we encountered have strengthened us to resolve and
deepen our gratitude for the incredible journey we have undertook. We are indebted to the
unwavering dedication and commitment of our people to help us achieve sustainable success
at scale, laying an unshakable foundation for a better tomorrow.
Customer relationships were built through a high level of Customer
engagement activities across sectors and geographies. Our participation in various
National & International Trade Fairs have given us more visibility about our
capability and the market needs.
SGL is committed to sustainability and the environment. Your Company
has undertaken various ESG initiatives (energy conservation, reduction of waste and water
consumption etc.) making a positive contribution to the environment and society and we
feel pride of being a socially responsible Company.
The Members of the Board have been an invaluable source of strength,
guidance, and support, and I thank them for their active involvement in our journey.
I am also deeply grateful to our valued customers, channel partners,
and other stakeholders for their collaboration and continued support, which have been
instrumental in our success.
I would like to extend my heartfelt appreciation to all our
shareholders for their continued support and strong confidence in SGL over many years.
Together, we will continue to Inspire, Engage and Thrive, forging ahead with a strong
vision and determination to build a better tomorrow.
| Warm Regards, |
| M A M Arunachalam |