United in this mission, we are poised to emerge stronger and seize the opportunities
that await us.
Dear Valued Stakeholders,
I am pleased to present Transpek Industry Limited's Annual Report for FY 2023-24.
Despite a challenging environment, we have demonstrated resilience, made consistent
progress, and remained committed to our strategic objectives. I extend my heartfelt
gratitude to all our stakeholders for your continued support and trust. Your belief in our
vision is crucial as we pursue our future goals and seek to improve our performance
further.
Economic Landscape
The global economy is navigating a turbulent environment marked by conflicts in Europe
and the Middle East, along with supply chain disruptions like Red Sea
Crisis. For the chemical industry, these conditions demand strategic decision making to
maintain stability and drive growth, particularly in the face of high logistical costs,
volatility in supply and prices of raw materials, sluggish demand, escalating trade
tensions, and policy uncertainties. Despite these global challenges,
India stands out as the fastest-growing major economy. The
National Statistical Office reports that India's real GDP grew by 8.2% in FY 2023-24,
up from 7.0% the previous year, indicating robust economic stability. The Indian chemicals
market, valued at USD 220 billion in 2023, is a particularly bright spot, with projections
suggesting it could reach USD 383 billion by 2030, achieving a remarkable CAGR of 8.1%.
This sector is bolstered by the allowance of 100% foreign direct investment through the
automatic route, underlining its vast potential for further expansion and innovation.
Performance
We have once again demonstrated resilience and determination, achieving a revenue of
604.8 Crores, an EBITDA of 107.5 Crores, and a PAT of 38.6 Crores for the year FY
2023-24, while maintaining solid margins. The Board has recommended a dividend of 14 per
share.
Given that over 85% of our revenue comes from international business, we are actively
collaborating with our global customers to develop new products tailored to their specific
needs. Amid various obstacles, we remain dedicated to enhancing our product portfolio and
exploring new chemistry value chains, setting the stage for future growth and an expanded
market presence.
Research and Innovation
Our R&D team has been pivotal in developing new products and is supported with the
latest technology and cutting-edge equipment. Our R&D facility, recognised by the
Department of Science & Technology, supports ongoing research for both new and
existing products. This enables us to maintain a competitive edge in the production of
Acid Chlorides and Alkyl Chlorides, which have diverse applications and to develop new
products including other than Chlorination Chemistry.
We are also working to build predictive AI models to enable better & faster
decision making especially in manufacturing, safety & quality.
Commitment to Sustainability
Our commitment to sustainability is a cornerstone of our operations and business
methodology. We were honoured to have received the Bronze Badge from the ECOVADIS
Sustainability platform and an Energy Conservation Award from the Ministry of Power. These
accolades reflect our integrating sustainable practices into our business model. Our green
belt, comprising over 30,000 trees within our 100-acre premises, stands as a living symbol
of our dedication to environmental stewardship.
We have also been accredited with Responsible Care Certification for a period of three
years from 2023 to 2026.
We have maintained certifications in ISO 9001:2015, ISO 14001:2015, BS OHSAS
18001:2007, and ISO 50001:2011, underscoring our commitment to effective safety and
environmental practices.
Employee Safety Management
Our Process Safety Management team upholds the highest safety standards with thorough
Process Hazard Analyses (PHA) for all products and processes.
We implement a well-defined Management of Change (MOC) process with comprehensive
reviews and pre-implementation studies. Regular audits ensure compliance, with prompt
corrective and preventive actions as needed. Our management is fully dedicated to
upholding these stringent safety practices and enhancing employee wellbeing.
Future Outlook
Looking ahead, we anticipate a modest revival in demand in the latter half of FY
2024-25. Our focus on geographic expansion, diversifying our product range with additions
like Acid Chlorides and a strong commitment to sustainability will position us to
capitalise on emerging opportunities. We are confident that our focus on long-term value
creation will lead us toward a future of sustainable growth.
Gratitude
I deeply appreciate the resilience and commitment of our dedicated employees. To our
valued customers and partners, I am grateful for your ongoing trust and collaboration. To
our shareholders, your steadfast support is essential as we move forward. At Transpek,
‘Empowering Growth through Sustainability' is more than just a motto—it is my
personal commitment to building a better future. United in this mission, we are poised to
emerge stronger and seize the opportunities that await us. Thank you all for your undying
faith in the Company and our collective vision.
Bimal Mehta |
| Managing Director |
Transpek Industry Limited |