GROWING IN THE HEARTS AND HOMES OF PEOPLE
DEAR SHAREHOLDERS,
As we conclude another year of progress and achievement, we are pleased
to present the annual report for Sirca Paints India Ltd. for the fiscal year 2024. This
year has been a transformative one, and we are excited to share our journey toward value
creation with you.
At Sirca Paints India, our mission is clear: to become a household name
across India. We are dedicated to making homes beautiful and people happy by delivering
products of exceptional quality and innovation. Our commitment to creating value extends
beyond our products and services; it encompasses the way we operate, interact with our
stakeholders, and contribute to the community.
This fiscal year despite challenging conditions, we achieved a revenue
growth of 16.16%, reflecting our strong market presence and customer trust in our
products. Our strategic initiatives and robust distribution network have a played a
pivotal role in driving this growth. Innovation remains at the core of our strategy. We
introduced several new j products this year, including eco-friendly water-based coatings
and advanced formulations designed to meet the diverse needs of our customers.
Our continuous investment in research and development ensures that we
stay ahead of industry trends and deliver superior products. As part of our commitment to
sustainability, we have made significant strides in developing eco-friendly products and
implementing sustainable manufacturing practices. Our focus on reducing our environmental
footprint aligns with our long-term vision of responsible growth.
We expanded our market reach by entering new regions and strengthening
our distribution network. Our products are now available in all major cities across India,
ensuring that customers have easy access to Sirca's high-quality coatings and paints. At
Sirca Paints India, we believe in the transformative power of our products. By making
homes beautiful and people happy, we aim to enhance the quality of life for our customers.
Our coatings and paints are designed not only to protect and beautify surfaces but also to
create environments that inspire joy and comfort.
Our employees are crucial to our success. We invest in their
development and create an environment that fosters growth, collaboration, and excellence.
By empowering our team, we drive innovation and achieve our strategic goals. We are
committed to building a positive and inclusive work culture. Engaged and motivated
employees are key to delivering exceptional results and driving our success.
Recent Developments :
MOU with Oikos spa ( Italy ) : Under this agreement, Sirca will
manufacture the five set high value products namely Ultrasaten, Supercolor, Rasokol, Il
Primer and BLANKOR in India on the technology of OIKOS, Italy. These products are
ultra-high-quality emulsions with A+ air quality standard, no smell, environmental
friendly, and are the future products of decorative paint industry. With the increasing
labor problems in India every year, these products will bring a revolution in Indian paint
industry. Further, within six months from the date of signing of the above said MoU, both
SPIL and Oikos shall form JV company in the ratio of 51:49 and will continue the above
said arrangement of manufacturing high value paints and colors in India that shall be sold
by SPIL in India and shall be exported to mutually agreed countries. Under this
arrangement, SPIL not only will gain through by introducing high value added wall paints
and colors in India but shall gain through by leveraging the presence of Oikos in 80
countries of the World.
Acquisition of Welcome Brand : New Wembley Products LLP is a thinner,
reducer and retarders/ paint removers manufacturing entity. Under the trade name
‘Welcome' makes a variety of interior finishing products for use on doors,
windows, kitchen cabinets, and other interior surfaces for commercial, residential, and
automotive applications.
The acquisition enables the Company to increase its footprint in its
line of business. The acquisition also provides benefits of synergy, growth, brand
building and rapid increase in scale of business operations to SPIL. With the acquisition
cost of INR 20 Cr, the company aims to double the existing revenue of Welcome Brand in the
coming years.
The coming year promises to be even more exciting as we continue to
pursue our ambitious goals. Our key focus areas will include:
1. Enhancing Product Portfolio: We will continue to innovate and expand
our product range to meet Our R&D team is dedicated to developing cutting-edge
solutions that offer both performance and environmental benefits.
2. Strengthening Market Presence: We aim to further strengthen our
presence across India by expanding our distribution network and forming strategic
partnerships. Our goal is to make Sirca products available in every corner of the country.
3. Driving Customer Satisfaction: Customer satisfaction remains our top
priority. We will enhance our customer service capabilities, provide comprehensive
training and support, and ensure that our clients achieve the best possible results with
our products.
4. Commitment to Sustainability: Our commitment to sustainability will
guide our operations as we strive to minimize our environmental impact. We will continue
to develop eco-friendly products and adopt sustainable practices throughout our supply
chain.
As we move forward, we are confident that Sirca Paints India Ltd. will
continue to thrive and achieve new heights. Together, we will build a legacy of impeccable
elegance and lasting impact, making homes beautiful and people happy.
Thank you for your continued support.
Best regards,
SANJAY AGARWAL
CHAIRMAN AND MANAGING DIRECTOR