I hope this letter finds you and your loved ones in good health and high spirits. As we
approach another significant milestone in the life of our Company, I am filled with both
pride and gratitude. It is with great pleasure that I address you today as the Chairman
& Non-Executive Director of Concord Control Systems Limited, reflecting on the
remarkable journey we have undertaken together. The past year has brought its share of
challenges emerging from a 'polycrisis' encompassing climate change, geopolitical issues
and re globalisation. Yet, through resilience, innovation, and the unwavering support of
our shareowners, we have emerged stronger than ever. Amidst this widespread
unpredictability, India stands tall as a beacon of growth and stability. A new global
economic demand is being shaped with these crises involving radical new strategies,
innovations, and business models. Addressing these challenges and opportunities, Concord
Control Systems Limited is crafting a comprehensive vision to build an innovative,
sustainable, future tech, and inclusive Indian Company, powered by agility,
competitiveness, resilience, and customer and people centricity. New avenues for growth
have been identified, whilst fortifying existing core capabilities and puffing in place
higher order structural competitiveness to create new vitality for the enterprise. Growth
drives most organizations. And along with growth comes change. And change is frightening.
We have to overcome this fear and not grow with a view that something can't be done and
hence should not be done in our quest for a strong, inclusive growth. I am thrilled to
present an overview of our achievements, shed light on our future vision, and reaffirm our
commitment to creating enduring value for each one of you. Your unshakeable trust in us
remains the driving force behind our pursuit of excellence, and for that, I extend my
sincerest appreciation. I, on behalf of the Board of Directors as well as 124
passionate human assets of Concord Control Systems Limited, present to you the Company's
Annual Report for the financial year 2023-24 for your consideration and adoption at the
ensuing Annual General Meeting.
1. Financial Highlights: I am pleased to report that our efforts yielded positive
results. Through our cost control initiatives, we achieved significant savings across
various aspects of our operations and achieved Profit After Tax of Rs. 1304.25 crore which
is highest in the last 13 years. These outcomes underscore our ability to adapt to
changing circumstances while safeguarding your investment. Order book is the key driver of
our turnaround. During 2024-25, we shall strive to build a healthy order book which will
surpass all our previous records and ensure a quantum jump in growth in the coming years.
Intense focus on Product Quality, Cash collection, execution as per schedule and
controlling costs will continue to remain our priority areas
2. Research & Development: Research & Development (R&D) has played a
pivotal role in driving innovation, growth, and sustainability. In an everevolving
business landscape, our dedication to R&D has remained steadfast, propelling us
forward and ensuring our position in industry. Further, our commitment to R&D is a
testament to our belief in investing not only in physical assets but also in intellectual
capital. We understand that the knowledge and expertise generated through our R&D
Endeavours are invaluable assets that contribute to our longterm competitiveness. Your
Company will continue to invest in the brightest minds, the latest technologies, and the
most promising ideas, driven by the belief that innovation is the key to Company's
sustained success.
3. Corporate Governance: Your Company acknowledges the importance of strong corporate
governance and its profound impact on company's performance, integrity, and
sustainability. The Board of the Company hold itself accountable to the highest standards
of governance, ensuring that your trust is upheld and company's future remains bright. A
report on Corporate Governance compliances has been made part of the Board's report. Your
Board of Directors regularly review and update the policies, procedures, and structures to
align with best practices and emerging trends. This commitment to evolution ensures that
our governance framework remains relevant, responsive and effective.
4. Corporate Social Responsibility (CSR) & Sustainable Development: Your company's
journey is not solely defined by financial achievements; it is guided by a broader purpose
to make a positive impact on society and the environment. Our commitment to CSR reflects
our understanding that our responsibilities extend beyond our balance sheets, encompassing
the well being of communities, the preservation of natural resources, and the empowerment
of future generations.
5. Acknowledgements: Concord Control Systems Limited, over its 13 years of existence,
has always believed 'what is good for its customers, shareholders, employees, society and
Country, is good for the Company -'This belief has shaped our governance framework over
the years, Values of Respect, integrity, Responsibility & Pioneering is at the core of
our business, We have been Conducting our operations with integrity and respect for the
people, organizations and environment the business touches.
Gratitude to all
It is my pleasure that I am getting a chance to share my warm regards for our team who
is always with me in every situation, First of all, our Board Members, whose leadership
gave new opportunities to move forward and get new dimension of growth and in the year
2023-24, Employees of the Company whose hard work, dedication, commitment and sincere
services gave this profit figure and without their support we can't even sustain in this
competitive market, Suppliers of our Company who have faith in our team, they always
provide essentials in time without thinking about the payment . I am thankful to them as
they have stood by our side in every situation.
I would like to thank you, our shareholders, for your support and continued trust in
the Company.
Thanking all of you who have joined today's General Meeting.
Regards,
Govind Prasad Lath
Chairman