Dear Shareholders & Stakeholders,
The 51st year of your Company, has been the year of growth and
strategic transformation where we had announced and started de-bottlenecking capex &
brown eld projects in Oct'23 to enhance our production capacity of ABS from 85 KT to 210
KT and PS capacity from 66 KT to 150 KT over the next few years. These strategic steps are
aimed at expanding our market share in the domestic market and creating value for our
esteemed shareholders and investors. All these expansions are crucial to meet the growing
domestic demand and strengthening our market presence. We are con dent that these
initiatives will also create signi cant value for our all shareholders and investors.
Our strategic emphasis on developing more value-added products is
expected to drive signi cant growth in the coming years. During the year, we have
introduced two new brands, STYROLOY and ASALAC, which are aimed at providing customized
solutions and import substitution. These new product lines are anticipated to add
substantial value to our customers. We remain committed to delivering sustainable value
and fostering growth in our business operations. The engineering polymers market continues
to present vast opportunities, driven by the rising demand. We have been at the forefront
of these trends by developing environmentally friendly polymer resins that reduce waste
and carbon footprints. Our ongoing research and development e orts continue to focus on
creating innovative solutions & materials that not only meet but exceed the stringent
standards expected by our customers and regulators. During the Financial year 2023-24, the
sales volume was 165 KT compared to 149 KT in previous year i.e. increase of 10.74%. Our
production has also increased by 12.2% in FY 2023-24 compared to previous year. We are
pleased to report that our capacities for ABS and PS are almost fully utilised.
The high tide of margins which was visible during COVID period
continued till June 2022 and this got normalized from July 2022. Your Company was also
able to mitigate various market risks and achieve stable EBITDA year over year because of
operational e ciency and cost optimization.
We continue to strengthen our position in key industries, particularly
automotive and household, while also penetrating other growing sectors. Our focus remains
on optimizing costs and maximizing business value, ensuring we deliver sustainable growth
and pro tability.
Safety and Sustainability continue to remain at the core of our
business strategy. We have also implemented measures to reduce energy consumption,
optimize our supply chain and ensured that our operations are both ethical and
environmentally responsible.
In conclusion, I am con dent that your company's pioneering spirit,
unwavering dedication, and resolute vision will propel us to reach greater heights in the
future. Together, we will continue to shape the engineered polymer industry, not only as a
market leader but as a responsible corporate citizen.
Our achievements this year would not have been possible without the
unwavering dedication and hard work of our employees, faith of our customers, support of
our vendors, the trust of our shareholders and investors. I extend my heartfelt gratitude
to each of you for your contributions and trust in our vision.
Sincerely,
| Rakesh S. Agrawal |
| Chairman |