Meera Industries Ltd

Dear Shareholders,

I am pleased to present Annual Report for FY-2024. I am immensely grateful for your unwavering support and trust, which have fuelled our transformation and allowed us to emerge stronger than ever to overcome every obstacle that has come our way. in emerging stronger than ever. We have delivered on all our promises and commitments for the year, with many operational milestones and stellar numbers. These achievements reflect our strong strategic and execution capabilities while underscoring the future value and growth potential of our business.

FY24 was an important milestone as we embarked on a multi-year journey of strengthening our core, a critical initiative that will go a long way towards sustaining profitable growth over the long term.

I am happy to state that we have taken some definitive steps in our journey, which has been appreciated by our customers. This encourages us to move forward towards creating an exceptional experience for them.

THE BUSINESS

Ever since we started, our main driving forces have been being creative, real, and looking toward the future. We thought, "Let's give our all to those projects that got pushed aside when things were normal." It turned out to be a great move.

The Government's thrust on an industrialised nation through investment-inducing policies such as 'Make in India' and 'Atmanirbhar Bharat' has widened the opportunity matrix significantly, resulting in healthy volumes for all business sectors, including ours. The promising outlook has mandated a change in our business operations. Embracing the tenets of Industry 4.0 in earnest, we are working to transform ourselves into a Smart Enterprise.

Also, we have sharpened our focus on diversity - in products and markets. We continue to align our product portfolios in every business vertical against the dynamic market environment to expand our sectoral bandwidth. We are also working on expanding our geographic presence across high-growth markets globally. These strategies should serve as essential growth leaders over the foreseeable future.

Looking in the Future

Economic Outlook and Interest Rates

The global economy has been navigating through challenging waters for the past two years, with high interest rates dampening investment enthusiasm. However, there are strong indications that this high interest rate regime is nearing its end. According to recent projections by the International Monetary Fund (IMF), global growth is expected to accelerate to 3.1% in 2024, up from 2.9% in 2023. This positive trend is likely to be supported by more accommodative monetary policies across major economies.

As a company deeply integrated into the global textile machinery market, MEERA Industries is well-positioned to benefit

from this anticipated shift. Historically, the capital goods sector experiences a significant uptick when interest rates decline, as it encourages new investments that were previously on hold. We are optimistic that this change will have a positive impact on our order books in the coming quarters.

Government Initiatives Boosting Our Sector

The Government of India continues to demonstrate its commitment to the manufacturing sector, particularly to small and medium enterprises. The recalibration of the Production Linked Incentive (PLI) scheme to include businesses with turnover below ?100 crore is a game-changer for companies like MEERA. This initiative is expected to inject fresh vigor into the textile machinery manufacturing sector.

Moreover, the government's ambitious plan to develop large-scale industrial parks, reminiscent of the Golden Quadrilateral project, is set to transform the landscape for textile sector investments. These parks, strategically located across the country, will provide state-of-the-art infrastructure and logistical support, creating a conducive environment for new and expanding textile units. As a key supplier to this sector, MEERA is perfectly positioned to capitalize on this growth opportunity.

Future-Ready Product Line

I am proud to report that over the past several years, MEERA has invested significantly in research and development to enhance our product line. Our machines are now more efficient, technologically advanced, and aligned with Industry 4.0 principles. Features such as IoT integration, energy efficiency, and enhanced automation make our products future-ready and highly competitive in the global market.

For instance, our latest iTPRX-50 Twisting machine boasts a 15% increase in productivity and a 20% reduction in energy consumption compared to its predecessor. Such innovations not only meet the evolving needs of our customers but also contribute to sustainable manufacturing practices.

Outlook:

While the global economic recovery may still face some headwinds, the fundamentals for our industry are strong. The textile sector, being a basic necessity, has shown resilience even in challenging times.

MEERA Industries, with its robust product portfolio, global presence, and strategic focus on innovation, is well- equipped to capitalize on these opportunities. We anticipate that as soon as the economic conditions turn decisively positive, our sales growth could potentially exceed our current projections.

In Closing :

The change which we have visualised is genuinely invigorating. It is our opportunity to learn, grow, and push the boundaries of what's possible. While there will be challenges and moments of uncertainty, we will approach them with a spirit of curiosity and a relentless drive to succeed. We are charting a path towards a brighter horizon for customers, ourselves, our Company, and the impact we create. When we achieve our goals, we will have positioned ourselves as preferred partners to our customers in all our businesses. By making their businesses successful, we will make our business growth sustainable.

Acknowledgement:

With a strong foundation, we will continu? implementing our strategic priorities and accelerating our growth momentum.

In closing, I extend my heartfelt appreciation to our esteemed shareholders for their invaluable trust and steadfast support. Your partnership has been a cornerstone of our journey, and we are truly grateful for your continued involvement. We understand the importance of your investment and the trust you have placed in us. Rest assured, we will continue to strive for excellence, delivering consistent value and upholding the highest standards of corporate governance. Thank you, once again for being an integral part of our success, and we look forward to our continued collaboration as we write the next chapter of our journey.

On behalf of the Board of Directors, of Meera Industries Limited, I want to thank you all for your continued trust, confidence, and support.