Warm Greetings from the Management of CosPower Engineering Ltd., It is with great pride
and satisfaction that I share this year's accomplishments with you. After navigating a
challenging period, I am pleased to announce that we have recorded the highest turnover in
our company's history a remarkable sales turnover of 22.29 Cr. While our bottom line
stands at 11.48 lakhs due to substantial depreciation booked in the concluded financial
year, it's important to highlight that we achieved a healthy cash profit of 188.02 lakhs.
This financial milestone is a confirmation to the strength, dedication and hard work of
our entire team. Over the past year, we have not only strengthened our presence in the
market but have also expanded our capabilities significantly. We successfully integrated a
new manufacturing activity, launched in the previous year, into our operations. Our
commitment to excellence remains staunch as we continue to produce the finest quality
products, which have been met with great approval from our valued clients. This year, we
added another feather to our cap by commencing the production of low voltage series
reactors an essential component for our electrical panels. This strategic move has allowed
us to reduce production costs while maintaining complete control over the quality of our
products, ensuring that we meet and exceed industry standards. Looking ahead, we are
excited about the potential to further diversify our manufacturing capabilities. One such
project is the development of firing cards, critical components for switching capacitors
in our Automatic Power Factor Correction (APFC) panels. By bringing this production
in-house, we anticipate making our offerings even more competitive, enabling us to capture
a larger share of the market. Our efforts in the renewable energy sector have also yielded
impressive results. We are proud to have contributed to some of the most prestigious
renewable energy projects in the country. In the past year, we successfully completed
three major projects, and as we step into the new financial year, we already have orders
worth 25.00 Cr from the renewable sector and other clients. Our ongoing discussions with
leading players in the solar and wind energy industries are promising, and we expect to
secure additional projects that will further enhance our reputation as a key contributor
to India's renewable energy landscape. The prospects are highly promising with the
ambitious plan of our government to achieve 500 GW power generation from renewable energy
alone. With these promising developments, we are confident in our ability to achieve and
even surpass a sales turnover of 30.00 Cr in the current financial year. The future looks
incredibly bright, and we are placing ourselves to exploit on every opportunity that comes
our way. In line with our growth strategy, we have also strengthened our leadership team
by bringing on board industry veterans with extensive experience and a proven track
record. These professionals are already making a significant impact, adding tremendous
value to our operations and helping to steer the company toward even greater success. Our
strategic partnerships continue to play a crucial role in our growth journey. We have
forged strong alliances with key companies across India, enabling us to undertake and
successfully execute high-profile projects. Our visibility in the industry has been
further boosted by our active participation in major exhibitions across India and
internationally. As we prepare for an even bigger presence at ELECRAMA 25, we are also
planning to showcase our capabilities at the prestigious Hannover Messe in Germany, one of
the world's largest industrial fairs. These events not only provide us with a platform to
display our cutting-edge technologies but also open doors to new collaborations and
opportunities on a global scale. As we look ahead, our vision is clear: to continue
scaling new heights and establish CosPower Engineering Ltd. among the top leader in the
capacitor industry. Our strategic planning and aggressive market efforts are designed to
position us as the go-to company in this sector. To further enhance our product offerings,
we are in advanced discussions with leading equipment manufacturers, both in India and
overseas. These collaborations will enable us to add significant value to our products,
ensuring that we remain competitive and relevant in an ever-evolving market. In
conclusion, I would like to extend my heartfelt gratitude to our stakeholders, clients,
vendors, and service providers. Your firm support and trust have been instrumental in our
success, and we are deeply appreciative of your continued partnership. As we move forward,
I am confident that with your support, CosPower Engineering Ltd. will continue to thrive
and achieve new milestones.
Looking forward prosperous and successful FY 2024-25!
Oswald D'Souza
Chairman