Dear Shareholders,
It gives me great pleasure to present the Annual Report of Swan Energy Limited for the
financial year 2022-23. As we reflect on the past year, we are proud of the achievements
and progress made by our company in the dynamic and challenging energy landscape of India.
In the face of unprecedented global events, Swan Energy has remained steadfast in its
commitment to delivering sustainable growth and creating long-term value for our
stakeholders. Our dedication to innovation, responsible practices, and customer-centricity
has been the cornerstone of our success.
Operational Excellence: Our unwavering focus on operational excellence has yielded
impressive results across all our business verticals. In the textile division, we have
continued to push boundaries to deliver high-quality products that meet global standards.
Similarly, our realty, and oil and gas operations have showcased resilience and
adaptability, even in the face of industry fluctuations. Compared to FY2021-22, revenues
rose to 1438 crore and EBITDA improved to 241 crores. All three existing core businesses
showed profits which played a significant role in the company's performance.
Innovation and Sustainability: Swan Energy remains dedicated to embracing
cutting-edge technologies and practices that promote sustainability. Our efforts to reduce
carbon emissions, optimize resource utilization, and foster a safe work environment have
gained momentum and will continue to be a top priority.
Community Engagement: As a responsible corporate citizen, we believe in giving back
to society. Our CSR initiatives have impacted the lives of many, empowering communities
through education, healthcare, and skill development programs.We take immense pride in
being a catalyst for positive change.
Financial Strength: I am pleased to report that despite challenges posed by the
global economic climate, Swan Energy has maintained robust financial health. Our prudent
financial management practices have provided a stable foundation, enabling us to explore
new opportunities and expand our horizons.
Outlook: After a comprehensive three-year process, Swan Energy has emerged as the
successful bidder for the former Reliance Naval and Engineering Limited. Additionally,
this year, Swan Energy has secured a controlling interest in the Indian listed entity,
Veritas India Limited. These strategic moves signify our entry into the shipbuilding and
heavy manufacturing sector, whilst bolstering our foothold in the oil and gas industry.
Looking ahead, we see immense potential for growth and further diversification. Swan
Energy will continue to explore new avenues to strengthen our position and create value
for our shareholders.
Acknowledgments: I extend my sincere gratitude to our shareholders, whose trust and
confidence have been our driving force. I would also like to express appreciation to our
dedicated team, whose unwavering commitment and hard work have made all our achievements
possible.
In closing, I assure you that Swan Energy remains committed to upholding the highest
standards of governance, transparency, and ethical practices. Together, we shall embrace
the future with optimism, determination, and the desire to build a brighter tomorrow.
Thank you for your continued support.
Warm regards,
Nikhil V. Merchant.
Chairman.