Dear Shareholders,
For the year ended 31 March 2024, your Company's consolidated
Revenue from operations was at H6,698.98 million in FY 2023-24 compared to H6574.84
million in FY 2022-23 and operating profit was H66.03 million in FY 2023-24 compared to H
104.12 million in FY 2022-23.
Due to non-availability of working capital, the operations of your
Company continued under conversion arrangement.
THE INDUSTRY
The global High Carbon Ferro Chrome production was at approx. 15.24
million tonnes in 2023, out of which India's Ferro Chrome production stood at approx.
1.40 million tonnes. India exported approx. 57% of its Ferro Chrome production, primarily
to China.
India's Chrome Ore production reduced from approx. 3.68 million
tonnes in FY 2022-23 to approx. 2.83 million tonnes in FY 2023-24, out of which OMC
produced approx. 1.03 million tonnes of Chrome Ore in FY 2023-24 against an EC capacity of
1.7 million TPA.
VISION & STRATEGY
Your Company is committed to its vision to create long term stakeholder
value through value addition of natural resources. The Company is focused on implementing
Debt Resolution as per Reserve Bank of India (RBI) guidelines and plans to raise funds for
working capital by inducting Investor, reducing cost and keeping the Plant operational.
OUTLOOK
The Government's infrastructure spending and reform initiatives to
revive the manufacturing sector is expected to increase demand for materials including
Ferro Alloys. However, the key risks going forward include geo-political risks, high
interest rates and sharp slowdown in the Chinese economy, especially the real estate
sector.
I would like to place on record my sincere appreciation and gratitude
to the entire team of VISA Steel for its relentless commitment inspite of the challenging
business environment. I am grateful to the members of the Board of the Company for their
invaluable guidance and contribution and acknowledge the support of all shareholders. I
would also like to convey my sincere thanks to all the stakeholders including
shareholders, lenders, suppliers, customers, Government officials and employees for their
valued support as we navigate through these challenging times and I hope to continue to
receive your support in the future.
Warm regards & best wishes,
| Vishambhar Saran |
| Chairman |