Dear Shareholders,
It gives me immense Pleasure to represent you 32nd Annual Report of your
company M/s. Zodiac Energy Limited.
The World has left the COVID-19 Pandemic behind us and Humanity with its great
resilience once again attain the speed which we had before pandemic.
The Financial year 2023-24 was one of the best years for our business with
restoration of global supply chain and falling prices of Solar panels have given us
tailwinds to achieve all time high performance by the Company.
The now visible effects of global warming and climate changes with unpredicted weather
pattern have compelled the world leaders to take this issue seriously and commit their
plans to reduce carbon footprints in definite ways.
The prime Minister of India, in line with our nation's commitment to attain net zero
status by 2070 had announced on 22-01-2024, the PM-Suryaghar yojana to
solarise 10 million homes across the country with subsidy as high as Rs. 78,000
per system. This move has boosted solar energy sector in big way. Apart from this the
PM-KUSUM Yojana has also gained lots of momentum and with favourable open access policies
and imposition of carbon tax on imports by developed countries have opened up huge
opportunities for your company.
With all these tail winds, your company registered revenue of Rs 221.02 Crores,
a significant jump of 59.6 % in turnover against Rs 138.49 Crores turnover
in previous financial year. The net profit jumped by 244.96 % over last year at Rs
10.97 Crore as against Rs 3.18 Crores. The EPS for the year is Rs 7.50 per share.
Your company was able to achieve this surge in revenue and profitability due to
continued support of shareholder's and pragmatic leadership provided by the Board of
Directors. The support at all the levels of operations by all the employees of your
company also played crucial role in surviving these difficult times.
I would like to thank the board of Directors, management team, the work force, the
bankers, and the Business Associates of the company for enabling your Company to achieve
these results. I have also taken this opportunity to thank my fellow Directors for their
immense efforts in formulating and steering your Company's strategies and policies.
Now, as the global economy is again stabilising with rebooted supply chain and robust
demand with strong push by Government of India to achieve 500 GW of renewable by 2030
and net zero targets by 2070, as committed by honourable PM shri Narendra Modi,
the outlook for coming years is very encouraging.
In order to make state utilities more financially robust and make them free from free
farm electricity burden, The Govt. of India introduced PM-KUSUM Yojana nationwide. Your
company has participated in to feeder level solarisation under KUSUM -C and setting up 12
solar power plants of 26.8 MW aggregate capacity at the total approximate cost of Rs.
150.00 Crores. It will give long term steady revenue to the company and will boost its
profitability.
As mentioned last year, your company is going ahead with nationwide presence in solar
energy field and in line with that plan, the company has opened its office in Lucknow in
Uttar Pradesh and have plan to open office in Pune in Maharashtra with plans to open more
branches in coming time across the nation.
In line with GoI push for renewables, the Govt. and PSU market for solar power is
rising exponentially. The company is taking efforts to take maximum business from that.
The concept of energy storage to reduce the dependence on fossil fuels is gaining the
momentum and lot of work is being undertaken in this field. Your company also plans to
foray into Energy Storage business to tap the full potential of its activities.
India is embarked to deploy green hydrogen technology and aim to become No. 1 in the
world in green hydrogen space. Your company also plans to be present in the value chain of
green hydrogen in coming time.
Your company is prepared for being the part of these journey of energy transmission by
world. I am confident that your Company will achieve greater heights in the times to come
and will deliver long term value addition to all the stakeholders, namely shareholders,
customers, Financiers and employees.
I thank you all very much and I look forward to receiving even greater support from all
of you in forthcoming years.
With warm Regards,
Kunjbihari Shah Chairman