From the Chairman?s Desk...
Dear Stakeholders,
I am pleased to present to you the performance highlights of Shree
Pushkar Chemicals & Fertilisers Limited for the fiscal year 2023-24. This year has
been a period of strategic growth and transformation as we navigated a dynamic global
landscape while upholding our commitment to sustainable and profitable expansion.
The past year brought several global economic challenges, including
geopolitical tensions and fluctuating commodity prices. Despite these factors, India's
economy remained on a strong growth path, supported by proactive government policies. This
favourable environment has allowed us to capitalize on new opportunities and reinforce our
market position.
During the fiscal year 2023-24, our Chemicals division achieved a
significant 26% year-on- year growth in sales volumes, reflecting our strong market
positioning and agile approach to addressing customer needs. Total sales volume for the
company increased by 4%, leading to an overall revenue growth of 6% year-on-year, reaching
INR 726 crores. Our Chemicals segment, in particular, demonstrated strength, achieving a
30% revenue growth despite market volatility and global uncertainties.
Our subsidiaries also contributed positively to our overall
performance. Madhya Bharat Phosphates Private Limited reported an 8% increase in revenue,
reaching INR 143 crores, demonstrating the effectiveness of our strategic initiatives in
this segment. We have continuously focused on optimizing our operations, enhancing our
product offerings, and driving value across our portfolio.
We successfully completed a capital expenditure of INR 174 crores,
fully funded through internal accruals. Key investments included the revamp of Unit 1
(SPCFL) in Ratnagiri, Maharashtra, aimed at capacity expansion, and upgrades to Units 1
and 2 of Madhya Bharat Phosphates Private Limited in Madhya Pradesh. We also invested in
renewable energy by setting up two solar power plants in Ahmednagar, Maharashtra,
enhancing our sustainability credentials and reducing operational costs. The most
significant investment was the expansion of Unit 5 (SPCFL) in Ratnagiri, focused on dye
intermediates and animal health products, positioning us for future growth in these
high-potential markets.
These initiatives are designed to expand capacities, diversify our
product portfolio, and pursue both backward and forward integration. Key projects include
the expansion of SPCFL Unit 4, Units 5 and 6 in Ratnagiri, Maharashtra, as well as further
investments in solar power to enhance our captive power capacity. These strategic
investments, funded through internal accruals and a preferential issue to the Promoter,
are aligned with our long-term vision of strengthening our market presence and operational
efficiency.
The Indian economy's emphasis on infrastructure development and
increased construction activities continues to offer substantial growth opportunities for
our products. As we move forward, we remain committed to leveraging our strengths,
expanding our capacities, and exploring new markets while maintaining our focus on
sustainability and innovation.
Our financial position remains strong, supported by non-lien deposits
of INR 117.8 crores. This financial flexibility enables us to pursue strategic initiatives
and continue investing in our people, processes, and technologies to drive long-term value
creation for our stakeholders.
In conclusion, I extend my sincere gratitude to our shareholders,
customers, employees, and partners for their continued trust and support. Together, we
will build on our successes and ensure sustainable growth in the years ahead
Thank you.
Punit Makharia
Chairman and Managing Director