Chairman's Desk
Our strong performance is primarily attributed to our constant improve
our sales mix with a growing focus on premium products.
Dear Shareholders,
On behalf of Kamdhenu Ventures, I extend my sincere appreciation to all
of you for your continued support in our transformative journey. Our recent strides in
India's paints and coatings industry fill us with a sense of vigor to continue with
focus on premiumization and deep consumer insights. As we reflect on our accomplishments,
we are buoyed by a deep sense of purpose and responsibility, driving us towards continued
success and greater achievements.
The theme for this year's annual report, ‘Unlocking
Possibilities. Moving Forward.', perfectly encapsulates the essence of Kamdhenu
Ventures' journey and aspirations.
Reflecting our sustained focus on strategic expansions and
premiumization efforts, this theme captures the significant expansion of our capabilities.
It symbolizes our progress in strengthening foothold and harness momentum across metros,
Tier-I and Tier-II cities, and rural regions to drive growth. Thriving on our cutting-edge
products, tailored to evolving consumer demands, we are unlocking new possibilities to
widen our market share. Additionally, our persistent pursuit of excellence leads us to
enhance our brand image, increase dealer's network and drive economic development.
With a strong foundation and finely tuned strategic approaches, we foresee substantial
revenue growth and a robust future, solidifying our position as a key market player.
Macro Environment
Over the past year, the global economic landscape was riddled with
undercurrents, including geopolitical tensions and an overall slowdown in consumption,
that tested the resilience of paint businesses worldwide. Despite these formidable
challenges, we remained firm in our resolve, serving as a catalyst for innovation and
efficiency. Our robust commitment to navigate this complex environment is evident in our
endeavor to maintaining a delicate balance between our business objectives and the trust
and goodwill of our customers. Indian economy continued to perform eloquently amid the
global uncertainties, registering striking growth, buoyed by high investment activity and
private consumption. Sustained investment in infrastructure, urban and rural development,
coupled with targeted Government initiatives, culminated into the strong growth trajectory
of India. Continuous Government push for infrastructure development, which includes key
schemes like ‘Housing for All', ‘Make in India',
11.11 Lakh Crores capital outlay in the Interim Union Budget for
infrastructure, coupled with a shift in consumer preference towards premium paint
solutions, are instrumental in driving the growth of the paint industry. Additionally, the
paint industry benefits from the Government's ambitious plans to position India as a
global manufacturing hub through initiatives such as the
Production Linked Incentive (PLI) scheme and ‘Atmanirbhar
Bharat', translating into significant advancements in the
manufacturing sector.
These efforts foster economic growth and create a conducive environment
for industries like ours to thrive.
Industry Dynamics
In FY 2023-24, the Indian paint industry stands at USD 9.56 billion and
is on track to reach USD 15 billion by FY 2028-29, with a CAGR of 9.38%. The primary
growth enablers for this advancement are slated to include Government incentives, tax
benefits, subsidies for the construction and real estate sector, and rising disposable
incomes in the country. Moreover, the market is also being driven by a growing consumer
preference towards aesthetically appealing and durable paints, boosting the demand for
premium and specialized coatings in both residential and commercial segments.
Additionally, eco-friendly policies are transforming the industry, with a major shift
towards innovative and sustainable paint solutions egacy as that significantly enhance
property aesthetics and longevity. With growing emphasis on construction and renovation
activities, India's paint industry is set for continued expansion.
Moving Ahead
At Kamdhenu Ventures, we stay committed to assist our customers paint
their dream homes, while remaining firm on generating enhanced value for our stakeholders.
Our strategic focus on manufacturing value-added paint products remains our mainstay,
complemented by our mission to gradually reduce the production of basic products. Our
strong performance is primarily attributed to our constant efforts our sales mix with a
growing focus on premium products.
Expansion in underserved smaller towns continues to occupy a major part
of our strategic decision-making. As the economy advances, and these cities start
urbanizing, the resulting surge in infrastructure projects will lead to the rise in demand
for paint-related products. To cater to this enhanced demand, we respond with our strategy
to forge partnerships with numerous dealers and expand our reach across several
geographies in India. Our vision is to become the preferred choice of customers,
leveraging our innovative and extensive product portfolio as a prime enabler for growth,
while unlocking further potential in the years ahead. Through these tactical initiatives,
we continue to lead sustainable growth,affirming our a leader in eco-friendly paint
manufacturing in India.
Moving forward, we draw traction from our clear strategy to shape a
prosperous future in the paint business. Our focal points include the development of
value-added products, the expansion of our dealer network, amplifying our brand
visibility, and increasing the premiums charged to franchises. With a positive outlook for
the paint industry, driven by growing urbanization, burgeoning disposable incomes, and a
surge in infrastructure projects, we anticipate rapid growth. Our goal is to achieve
revenue growth of over 20% in FY 2024-25, while improving our EBITDA margin. We are
confident in our ability to meet these objectives and elevate our brand to new heights of
success in the paint industry.
Commitment to Sustainability and ESG
At the core of our operational excellence lies an unflinching
commitment to sustainability and the principles of environmental, social, and governance
(ESG). This commitment serves as our guiding force, propelling us to make a positive
impact on the world around us. Advancing this objective, we are focused on taking
proactive steps to address our ESG responsibilities and establishing ambitious targets for
the coming years. With the introduction of eco-friendly and low-VOC (volatile organic
compound) paint products, we are well-set to contribute significantly to environmental
conservation, while fulfilling the growing demand for sustainable products. These
initiatives are designed to drive meaningful progress in key areas of environmental
sustainability, social responsibility, and corporate governance.
Conclusion
As we look ahead, we reflect proudly on our achievements and are even
more excited about the future possibilities. We remain dedicated to unlocking future
potential with our adept strategic interventions, while staying committed to sustained
value creation for all stakeholders. Above all, we continue to prioritize investing in our
people, fostering an environment of perpetual learning, growth, and promoting diversity
and inclusion. As we advance on our journey, I deeply appreciate the wisdom, engagement,
and support of our Board of Directors, along with the trust and confidence of our
stakeholders. You have my assurance that our future is bright, and the spectrum of
possibilities is immense.
Looking ahead, we will continue to deliver excellence, enrich lives and
unlock new frontiers of sustainable progress.
| Warm regards, |
| Sunil Kumar Agarwal |
| Chairman |