Vaswani Industries Ltd

Dear Shareholders,

It is with immense pride and gratitude that I address you on behalf of our esteemed iron and steel company, based in the vibrant state of Chhattisgarh, India. It is my privilege to write to you and present the Annual Report for FY 2023-24. I trust that all shareholders have had the opportunity to review it. The past year was marked by significant challenges in the global economy, characterized by elevated inflation, increased interest rates, reduced investment, and disruptions resulting from Geo-Political situations.

These factors collectively contributed to economic weakness. However, since the second half of 2023, there have been signs of recovery in the global economy. For 2024, global GDP growth is projected to be 3.1%, with a slight increase to 3.2% anticipated in 2025, maintaining a steady pace from the 3.1% growth observed in 2023.

A key driver of this recovery has been the rapid decline in headline inflation across most economies during 2023, which was facilitated by several factors, including restrictive monetary policy settings implemented by central banks, a reduction in energy prices, and the continue easing of supply chain pressures.

These measures have collectively contributed to stabilizing the economic landscape and fostering a more favourable environment for growth. Looking ahead, the sustained global GDP growth rates, along with the control of inflation, suggest a cautiously optimistic outlook for the world economy. The resilience shown by various economies in adapting to the challenges of the past year underscores the potential for continued recovery and growth in the near future. Amid the global economic slowdown, the Indian economy has emerged as a bright spot, showcasing remarkable resilience and growth. The International Monetary Fund (IMF) has raised India's GDP growth forecast for FY 2024-25 to 6.8%, an increase of 0.3 percentage points from its January 2024 projection. Looking ahead to FY 2025-26, the IMF predicts a growth rate of 6.5% for India, further underscoring the country's strong economic trajectory.

The government's Aatmanirbhar Bharat initiative has played a crucial role in enhancing domestic manufacturing capabilities, reducing dependence on imports, and promoting self reliance in key sectors. Vaswani Industries has been consistently upgrading its facilities to meet customer requirements. Continuing its commitment, to enhance the efficiency in Production and also to reduce power consumption cost we have taken effective steps by Setting up 30 MW Solar Power Plant with approx Rs.731.73 Lakhs capital expenditure for illuminating and cooling the factory and administrative buildings, thereby reducing coal consumption also we have conducted repairs and renovations to extend the lifespan of the furnace, resulting in reduced coal consumption During the year under review the Company had achieved a total revenue from operations Rs. 38934.41 Lacs as against Rs. 39185.36 Lacs in the last Financial Year.

Further the Profit before tax stood at Rs. 1232.56 Lacs as against Rs. 1074.77 Lacs in the last Financial Year. We value your trust, and your support has been pivotal to our achievements. As we move forward I express my sincere thanks to our Board, employees, shareholders, bankers, suppliers. customers and whole Vaswani family for their trust best owed upon us. We shall continue to work tirelessly to take it forward.