Paired Technologies:
Bridging the Gap between Technology & People
Dear Valued Shareholders,
I am delighted to present to you the 25th Annual Report of Palred Technologies Limited
for the Financial year (FY) 2023-24.
I hope this letter finds you safe and in good health.
The past year presented significant macroeconomic challenges for the Indian consumer
electronics industry. High inflation, rising advertisement costs, and a slowdown in
consumer spending, particularly in non-essential goods, created a difficult operating
environment. Despite these headwinds, we remained committed to our long-term vision of
bridging the gap between technology and people by offering affordable and innovative
products across a wide range of categories, including Headphones, Speakers, Smart
Wearables, Power Banks, and Cables & Chargers.
A key highlight of FY 2023-24 was our transition into full-fledged manufacturing
processes. We successfully moved 75% of our product assembly to our own manufacturing
facility in Nacharam, Hyderabad. This strategic shift not only enhances our control over
quality but also improves our cost efficiency and supply chain management. Our in-house
assembly now covers a broad spectrum of our product line, including Headphones, Smart
Watches, Speakers, Chargers, and Power Banks. This vertical integration marks a
significant milestone in our growth journey and sets the stage for greater agility and
responsiveness to market needs.
While we made significant progress operationally, we also faced challenges that
impacted our financial performance. The degrowth in revenue was largely driven by reduced
market demand and heightened competition across key segments like Headphones and Smart
Wearables. However, our Power Banks segment showed notable growth, reflecting a shift in
consumer priorities towards essential and utility-driven electronics. The Speaker category
also performed well, which continues to align with our value-driven market positioning.
Our financial results for the year reflect these dynamics, with a decline in revenue
and increased losses due to market conditions and sustained marketing investments.
Looking ahead, we anticipate a challenging yet rewarding path as we continue to
navigate economic uncertainties. Our focus remains on leveraging our enhanced
manufacturing capabilities, driving innovation, and capitalizing on growth opportunities
in resilient segments like Power Banks and Speakers. We are committed to optimizing
operations and strategically positioning Palred for sustained growth.
In conclusion, FY 2023-24 was a year of significant transformation for Palred. While
the financial results may not fully reflect our efforts, the strategic decisions we made
during this period have laid a strong foundation for the future. I am confident that with
our unwavering commitment to quality, innovation, and customer satisfaction, we will
continue to build on this foundation and achieve long-term success.
I would like to thank our shareholders, employees, partners, and customers for their
continued support and trust in Palred. Together, we will navigate these challenges and
emerge stronger.
| Thank you, |
| Palem Supriya Reddy |
| Chairperson & Managing Director |