Dear Shareholders,
I am delighted to share that FY23-24 has been a remarkable year for our Company, marked
by significant achievements and milestones. During this financial year, we have continued
to differentiate ourselves through rigorous research and analysis, advanced technology
implementation, and strategic vendor partnerships. Our diverse product portfolio,
including office chairs and furniture, has garnered nationwide appreciation for its
remarkable finish, unique designs, and durability.
Since 2019, we have embraced a digital-first approach, transforming how customers
engage with our brand. This strategic shift has simplified the process for customers to
explore and purchase our premium furniture online, enhancing convenience and
accessibility.
Our expertise lies in crafting performance-oriented tables and chairs, blending design,
value, and ergonomics to ensure optimal comfort and support. Over the years, we have
developed a skilled in-house technical and design team, enabling us to offer comprehensive
turnkey solutions for commercial, residential, and educational spaces. Our commitment to
innovation and the "Make in India" initiative drives us to create unique,
high-quality furniture tailored to our customers' specific needs.
A notable achievement this year was the acquisition of a 2,100 sq. ft. property, which
we plan to convert into a showroom. This property, situated in a prominent area of
Bangalore, currently generates rental income but will soon serve as a showcase for our
products, adding value to our company. Our manufacturing facility in Bangalore, equipped
with state-of-the-art machinery and technology, allows us to maintain stringent quality
standards and ensure on-time deliveries.
Our successful IPO this year, which was subscribed 49.21 times, enabled us to raise
significant funds for debt prepayment, working capital, capex, and other corporate
purposes. This milestone not only celebrates our past achievements but also opens doors to
future opportunities.
The year has also been strong in terms of our financial performance. We crossed the Rs.
60 crores mark in top line for the first time, as revenue came in at Rs. 74.26 crores, a
year-on-year growth of 24.8%. EBITDA and PAT also grew 25.9% and 22.2% year-on-year to Rs.
19.56 crores and Rs. 11.11 crores, respectively. This growth mainly came from a robust
increase in our order book as we continued to secure new contracts.
As we forge ahead, we remain committed to delivering exceptional furniture solutions
and expanding our product line. With the continued support of our dedicated team, valued
customers, and esteemed shareholders, we look forward to achieving new heights in the
furniture industry, both in India and abroad.
Overall, we have entered the new fiscal year on a strong footing. I would like to take
this opportunity to express our gratitude for your continued support and faith. We remain
focused on generating sustainable value for all our stakeholders.
Thank you for your unwavering support and trust in Transteel.
Warm regards, Mr. Shiraz Ibrahim Managing Director
Transteel Seating Technologies Limited