It is a great privilege to present this year's Foseco India Annual
Report. I am truly grateful for your support and trust. This inspires us to continue to
build a valued partnership with all our stakeholders.
Economic backdrop 2024
In 2024, global economic conditions were influenced by geopolitical
tensions, high inflation, and various elections. Manufacturing slowed in Europe and parts
of Asia due to supply chain issues and weak demand. Emerging markets struggled with debt
and fluctuating commodity prices, affecting growth.
The war in Ukraine continued to disrupt energy markets and supply
chains, causing uncertainty. Overall, economic growth varied across regions and sectors,
reflecting a fragile global economy.
In 2024, India's economy showed resilience with a GDP growth rate of
6.4%, making it the fastest-growing major economy due to strong domestic consumption,
investment, and service exports. To boost middle-class spending, the government
implemented tax cuts, aiming for 6.3-6.8% growth in fiscal 2026. Despite obstacles,
strategic policies and financial stability suggest an optimistic outlook for India's
economy.
Foundry Industry - Resilient and Evolving
The foundry market produces metal castings for industries that include
automotive, construction, mining, power, oil and gas, industrial machinery, railways,
windmills etc.
Stricter OEM specifications and environmental regulations are driving a
technological upgradation and enhanced process management in Indian foundries.
The Indian foundry industry has experienced steady growth over the
years., With an annual production of over 12 million MT, India stands at second place in
casting output, globally. The industry is now shifting its focus towards enhancing quality
and complexity to meet international standards. Technological advancements such as
automation, 3D printing, digitalisation, and sustainability efforts in recycling reduction
are transforming and CO2the industry. These trends shaping the Indian foundry industry
play to Foseco India Limited's strengths, and we are looking to the future with optimism.
In the future, the Company aims to drive sustainable growth through
innovative strategies, reinforcing Foseco India's leadership in the foundry industry
by focusing on volume expansion, sustainable practices, and enhanced technical services,
all while prioritising profitability and operational efficiency.
Foseco India's
Performance Highlights
The Company demonstrated strong operational and financial performance,
achieving robust revenue growth driven by increased market demand, strategic pricing, and
volume expansion.
Foseco India successfully strengthened its market position by providing
innovative solutions to our customers. Our value-driven approach enabled us to effectively
manage cost pressures while maintaining competitive pricing. Additionally, our strategic
focus on working capital management has yielded positive results.
Sustainability in Action
Foseco India is deeply committed to sustainability, integrating
environmentally responsible practices into its operations to align with our global
sustainability goals. In response to evolving environmental regulations and the increasing
demand for sustainable manufacturing, the Company has adopted sustainable manufacturing
practices and automation, offering customised product solutions that enhance efficiency
while minimising environmental impact.
With clear targets to reduce energy consumption, waste, and water
emissions, the Company continues to strengthen its sustainability efforts.
Future Forward: Driving Growth, Sustainability, and Innovation
Looking ahead, the Company remains focused on advancing sustainability
across all aspects of its operations, continuously exploring innovative solutions to build
a greener, more responsible future.
In the future, the Company aims to drive sustainable growth through
innovative strategies, reinforcing Foseco India's leadership in the foundry industry
by focusing on volume expansion, sustainable practices, and enhanced technical services,
all while prioritising profitability and operational efficiency.
I extend my sincere gratitude to all stakeholders, whose support has
been pivotal to the Company's success. Foseco India remains committed to delivering
superior value to every stakeholder through our efforts to strengthen partnerships. I look
forward to your continued support in helping Foseco India making a lasting positive impact
on the industry and the environment.
| Sincerely, |
| Ravi Moti Kirpalani |
| Non-Executive Independent Director & Chairperson |