Strengthening our core, expanding horizons
Dear Shareholders,
It is my privilege to share with you the annual performance report of your Company for
the financial year 2023-24. Your Company always had a transformational DNA and it will
continue to explore new horizons of value creation and sustainability, driven by the firm
commitment to engineer flawless solutions that enrich the future of mining.
Ever since we commenced our journey, we have gradually evolved into a multi-product
player, growing both organically and inorganically in a niche sector. In 1998, we
sharpened our focus on global markets to leverage the untapped opportunities. As we
navigate an ever-evolving operating scenario, we remain firmly focused on diversifying our
portfolio of solutions to provide our customers with significant value-added benefits.
Tega has now established itself as one of the very few home grown companies with a
global presence. We have come a long way, since we commenced our journey and this
achievement would not have been possible without the help and support of our esteemed
customers and the dedication and efforts of our employees.
Our global teams, with expertise such as engineering, mining and minerals and so on,
drive the commitment towards quality and excellence. We strive to be the first and best
solutions-provider of recall for all our customers.
Encouraging Overall Performance
During the year, we delivered encouraging results, driven by our commitment to
operational excellence and strategic investments.
The renaming of McNally Sayaji Engineering Limited to Tega McNally Minerals Limited is
also a strategic move on our part to enhance our brand's credibility and reinforce our
emphasis on product efficacy and quality assurance.
The acquisition is a strategic backward integration process, broadening our offerings
to encompass both equipment and consumables. By doing so, we can better serve the diverse
requirements of our customers and explore exciting new business opportunities.
As we continue our journey, our focus remains on streamlining processes, optimizing
manufacturing costs and increasing productivity by investing in technological advancements
across our product range.
Innovating Relentlessly
We are driven by a commitment to continuous innovation and market leadership. Our
R&D capabilities are enabling us to build a pipeline of products and enhancements,
while in-house software programmes streamline product launches. Building on successes such
as DynaPrime?, Rapido and Combi-screen, we are constantly stepping up our efforts to
provide best-in-class solutions that delight our customers. Sustainability is also a key
focus area for us, with our R&D team developing cost-effective products that offer
superior application efficiency.
We have registered various global patents and numerous trademarks, which demonstrate
our commitment to innovation. These advancements not only set us apart, but also ensure we
continuously deliver cutting-edge solutions for our esteemed clients.
We are constantly striving to enhance the quality and cost-effectiveness of our
products. Our commitment to innovation drives us to consistently refine our offerings,
ensuring they meet the evolving needs of our customers. By focusing on product
improvement, we aim to deliver sustainable solutions that not only enhance efficiency, but
also reduce overall costs for our clients.
We recognize the importance of sustainability in today's world and thus, our efforts
are directed towards developing products that not only excel in performance but also
minimize environmental impact.
Nurturing Client Relationships
We are nurturing strong client relationships, going above and beyond to deliver
exceptional services and exceed expectations at every touchpoint. It is a commitment that
has stood the test of time, as evidenced by our enduring partnerships with key customers
spanning more than a decade. These long-standing relationships serve as a powerful
testimony to our strong dedication to business excellence.
Even amidst our global endeavours, including acquisitions, joint ventures and strategic
alliances, we have successfully maintained operational efficiency. This achievement
reflects our ability to seamlessly integrate growth initiatives, while prioritizing the
needs and expectations of our valued clients.
Putting Sustainability at the Core
At Tega, we recognize the importance of responsible growth. We are committed to
sustainable development, implementing practices that minimize environmental impact and
contribute positively to the communities we operate in. In keeping with our commitment to
responsible business practices, we have published our Business Responsibility and
Sustainability Report for this reporting year.
Tega has always recognized the significance of Environment, Social and Governance (ESG)
stewardship and we are committed to progressively stepping up our ESG performance. This
commitment extends beyond our operations to our global endeavours as we work diligently
towards achieving a net-zero carbon footprint.
Driving Environmental Stewardship
We embed sustainability and responsible business practices throughout our operations.
This dedication empowers us to not only adhere to global standards, but also chart a
sustainable path for a brighter future. Our efforts to manage emissions, water, waste and
air quality demonstrate our resolve to minimize environmental impact, while enhancing
operational excellence.
Our focus on emission management spans Scope 1, 2 and 3 emissions spanning our entire
value chain. By switching to LPG, instead of solid and liquid forms of fuel for our
boilers and furnaces, we have significantly reduced CO2 emissions. The use of pyrolysis
oil extracted from waste rubber further demonstrates our approach towards circular economy
practices. Our investments in solar and wind power also highlight our drive towards clean,
renewable energy sources.
Growing Societal Impact
Embracing the principle that "It Takes a Village to Raise a Child," we have
strengthened our efforts in education, creative ability and healthcare for the
underprivileged. Notable among these initiatives is our partnership with Disha India
Community School located in Village Padha, Haryana, which focuses on experiential learning
through the local community context. Our initiatives include providing education, skill
development and contributing to environmental conservation efforts.
Through collaborations with organizations such as the Katakhali Swapnopuron
Welfare Society, we contribute to the UN Sustainable Development Goals by supporting
early education centres and constructing facilities (computer labs and play areas). Our
investment in skill development programmes ensures that we foster a foundation for a
better tomorrow, nurturing talent and providing opportunities for underprivileged
children. These efforts align with our mission to drive socio-economic growth and create a
meaningful, lasting impact on the communities we serve.
Upholding Governance and Transparency
Our robust governance structure encompasses various committees and policies, ensuring
accountability and transparency across our operations.
Our Board of Directors oversees strategic, financial and risk management aspects, while
our policies guide decision-making and ensure compliance with laws and regulations.
Building Synergies Meticulously
Following our acquisition of McNally Sayaji Engineering Limited, we are focusing on
creating synergies across our organization, particularly in the human resource realm. By
aligning HR activities and practices, we aim to create a cohesive company culture that
brings together employees from both the organizations.
We are pursuing to create shared events and activities that help build strong
connections among our workforce, encouraging collaboration and mutual respect. This
integration is going to be key to unlocking the full potential of our combined teams,
nurturing creativity and enhancing productivity.
Through our talent management initiatives and continuous learning opportunities, we are
empowering our employees to grow and adapt to their roles. While we continue to make
meaningful strides towards a unified culture, our efforts will ultimately contribute to
the overall success and resilience of our organization.
At Tega, we believe Values lead to value creation, which benefits our customers,
employees, partners, investors, the communities we work with and the planet as a whole.
Our 5 pillars of value creation will continue to be an ethical commitment to customers and
stakeholders, courage to innovate, explore new growth horizons organically and
inorganically. Enduring relationships of trust with customers, responsibility towards the
environment and stakeholders, above all the all-encompassing culture that differentiates
Tega.
We are committed to innovation, building on our core strengths and expanding our global
footprint. We are confident that by working together, we can achieve even greater heights
in the years to come.
In closing, I would also like to express our appreciation to my colleague, Syed Yaver
Imam, who stepped down as an Executive Director on May 31, 2024, after over 40 years of
dedicated service. He played an instrumental role in ensuring the company's successful
transformation while overseeing the development of various new products. Yaver shall
continue to serve on the board of directors of the Company as a Non-Executive Director.
I am deeply grateful for the confidence you have placed in the Board of Directors and
the management team. Your steadfast support is invaluable to us.
At Tega, we recognize the importance of responsible growth. We are committed to
sustainable development, implementing practices that minimize environmental impact and
contribute positively to the communities we operate in. In keeping with our commitment to
responsible business practices, we have published our Business Responsibility and
Sustainability Report for this reporting year.
I am optimistic that our Company's solid foundation, combined with the expanding
business landscape, will strengthen our prospects and enable us to enhance value for all
our stakeholders sustainably.
Thank you shareholders for your continued support and confidence.
Sincerely,
Madan Mohan Mohanka
Chairman