Dear Shareholders.
Suryaamba is happy to present to you its 17th Annual Report pertaining
to financial year 2023-24. On behalf of the Board of Directors and the Company, it is my
pleasure to extend a warm welcome to you all to the 17th Annual General Meeting
of the Company. The Company focused to play on its strengths and posted a stable financial
performance. We take this opportunity to acknowledge the support, expertise and faith in
us. demonstrated by you all.
I hope this message finds you in good health and high spirits. I am
writing to provide you the performance of Suryaamba Spinning Mills Limited in the fiscal
year 2023-24
The Financial year 2024 was yet another year of significant challenges
across the globe Deteriorated global geopolitical situation and economic uncertainty,
including higher energy and food prices, mounting inflation rates and volatile markets
prevailed. Almost all nations felt its impacts. However. India withstood the challenges by
leaning on high demand, moderate inflation, stable interest rate and strong foreign
exchange reserves
It was a challenging year for the Textile Industry also as a whole. The
fluctuation m raw material prices resulting in lower yarn realization: reduced demand from
downstream apparel companies; increase in energy cost; piling up of inventories, severe
competition from competing countries, etc. were some of the contributing factors.
Embracing the challenges and opportunities. Suryaamba once again demonstrated its
risk-bearing prowess by achieving considerable revenue and profitability with the support
of its integral strengths, aggressive competitiveness, ability to meet the changing market
trend and the supportive garment segment.
Recognizing its importance in steering the Nation's growth path we have
been contributing to these values ever since we commenced our business. Good corporate
governance, for us. does not mean just compliance with regulatory requirements, because
the spirit of governance goes beyond the statutory form protecting the interests of all
stakeholders in a just and equitable manner.
I wish to thank all our stakeholders who are standing by us through
this difficult time and express my sincere gratitude to our shareholders, bankers,
customers, Board of Directors and our committed employees. These are challenging and
uncertain times, as a company and community, we can get through this and rise together.
With best wishes Yirender Kumar Agarwal