Dear Shareholders,
While the global economy is still making slow and gradual progress
toward recovery, the Indian economy has consolidated its position as one of the
fastest-growing major economies in FY 2022-23. This remarkable economic growth can be
attributed to a series of key reforms, such as the liberalisation of its economy,
reduction of bureaucracy and corruption, investments in infrastructure, and improved
access to finance for small and medium-sized enterprises. These reforms have allowed India
to emerge as a significant player in the global economy, and its upward growth trajectory
is expected to be sustained in the years to come.
In 2022, global trade hit an all-time high of US$32 trillion, driven by
strong growth in the first half of the year. However, trade growth slowed down during the
latter half of 2022, particularly in the last quarter. Despite mounting geopolitical
tensions, global trade displayed remarkable resilience over the course of 2022.
Nevertheless, deteriorating economic conditions, the easing of zero-COVID policies, and
renewed concerns over inflationary pressures led to a significant trade deceleration
during Q4 2022. Looking ahead, while the economic outlook has improved, global trade
growth is expected to remain tepid in 2023, with the possibility of a pickup in the second
half of the year. Despite the uncertain global trade outlook, positive factors are
anticipated to offset the negative trends.
The year 2022 marked a significant turnaround for the real estate
industry in India, with residential and retail segments recording strong year-on-year
growth after rebounding from the COVID-19 pandemic. This remarkable recovery has earned
2022 the title of a turnaround year for the industry. A recent report projects a Compound
Annual Growth Rate (CAGR) of 9.2% for the Indian real estate market between 2023-2028.
This growth can
be attributed to increasing business activity, better job markets, and
higher income levels, which are expected to fuel demand for real estate in the coming
years.
Our performance
I am happy to share that we have achieved an encouraging performance
during FY 2022-23. Our unwavering efforts have yielded significant results, including
higher revenues, greater international visibility, and increased customer satisfaction.
In FY 2022-23, our total income amounted to ' 24,772.97 Lacs as
compared to ' 25,478.32 Lacs in the previous year. Furthermore, our Profit before
Tax rose to ' 2,433.81 Lacs in FY 2022-23 from ' 1,591.22 Lacs in FY
2021-22. In addition, our Profit after Tax for FY 2022-23 was ' 1,913.14 Lacs which
was higher than ' 1,183.37 Lacs recorded in the preceding year.
We have implemented technology- driven operations to improve customer
convenience while reducing documentation. In a volatile commodity market, it is essential
to develop a stringent price monitoring technique, and our team of highly skilled
professionals monitors the markets closely. Our organisation's sustainability is
rooted in our commitment to building strong relationships with our customers. We believe
that trust is the cornerstone of any lasting relationship, and we work every day to
reinforce it by offering assurance, convenience, and a wide range of choices to our
customers.
Our focus on relationship-building extends to our supply chain partners
and buyers, ensuring timely deliveries integrated with product safety. We strive to create
long-term partnerships that perform well in both good times and bad.
We have taken strategic measures to broaden our product portfolio and
explore new markets. Additionally, we have adopted a more risk-focused approach and
diversified our business operations, leading to significant improvement in our performance
and growing confidence in our business. We continuously seek out new trading and financing
opportunities to leverage our strong financial position and robust distribution
capabilities.
We recognise that our people are the cornerstone of our success and
their contributions are highly valued. Accordingly, we have made
substantial investments in developing and nurturing talent through
robust processes, cultivating future leaders, and promoting continuous learning
initiatives to support our global and culturally diverse workforce.
Road ahead
We are committed to enhancing our financial and operational performance
by increasing our scale and scope, sharpening our strategies, diversifying our product
mix, exploring new SPVs for real estate development, upgrading our human resources, and
ensuring complete customer satisfaction.
As an agile and flexible business, we understand the importance of
adapting to changing market trends and will continue to leverage our core strengths to
create value for our shareholders. Our focus on consolidating our capabilities across
products and domains will enable us to capitalise on new growth opportunities. Going
forward, I am optimistic that we will continue to enhance our operating profile and
deliver superior performance in the years to come.
Amid these changing times, I would like to express our sincere
gratitude to all our shareholders, customers, vendors, partners, suppliers, bankers and
other stakeholders for their unwavering support. I would also like to express my gratitude
to my fellow board members for their invaluable strategic guidance. We remain steadfast in
our commitment to fortify our core businesses and distinguish ourselves in the marketplace
through a customer-centric approach, with the goal of creating a stronger, more
sustainable future for our Company.
Warm regards,
Gautam M. Jain
Chairman