dear shareholders,
It is a pleasure to communicate my thoughts through this narrative as your Company
posted a satisfying performance despite the multidimensional global challenges that cast a
shadow on India's progress.
Notwithstanding prevailing volatility, our resilient nation deftly maneuvered through
the maze to register solid economic progress that buoyed corporate India's sentiments and
the ordinary person on the street.
Moreover, the real estate also rebounded well, with all segments within this vast space
reporting appreciable growth. These realities provided tailwinds to the Company's
performance. The improvement in profitability parameters was particularly heartening as it
happened in a period of elevated inflation and rising interest rates. It adds a
credibility watermark to our business model and strategies. As we step into the current
year, we hope to sustain our momentum, which will help us create significant value for all
our stakeholders.
Into the future
India is the beacon of economic hope for the world. While the Western world strives to
battle recessionary conditions, India is marching ahead to strengthen its position in the
global economic pecking order. The Government is leaving no stone unturned to establish
India as a global manufacturing hub. Its policies are alluring global conglomerates to set
shop in our country.
As the trend gains momentum over the coming years, I am optimistic that it will usher
in considerable positivity for the real estate and our business space over the
medium-term.
India's demographic dividend is another important positive that should contribute to a
more promising outlook for our sector and business.
1) India's more than 1.4 billion people, with an average age of 29, has one of the
youngest populations globally.
With this youth force stepping into the workforce, it will create a 'demographic
dividend' to spur demand across sectors.
2) India's middle-class will continue to grow. According to the estimate of People
Research on India's Consumer Economy (PRICE), the share of the middle class with an annual
household income in excess of '5-30 lakh has more than doubled from 14% in FY05 to 31% in
FY21. It is projected to rise to 63% by FY47.
Our plan for tomorrow
Over the years, the entire Archidply parivaar has persevered to build a strong base for
our plywood and laminate verticals. We have created new products that have gained
considerable traction among opinion-influencers and decision-makers. It is reflected in
our growing business volumes and increasing topline.
Having established our brand in the minds of discerning customers, we have planned to
add a critical business level that promises to transition the organisation into the next
level of growth.
We are foraying into the high-potential MDF Boards business under our Wholly Owned
Subsidiary (WOS), with a capacity of 250 CBM per day greenfield facility at Sitarganj,
Uttarakhand. This strategic initiative marks a significant milestone in our journey to
become a future-ready organisation.
Alongside, we will continue to invest in augmenting our capacities and capabilities,
drive product innovation and process improvement with equal zeal and accelerate our
digital outreach efforts to cement our brands among the new-age consumers - the Indian
youth. Moreover, we will work consciously on growing our dealer network to ensure we
remain proximate to all consuming markets. Additionally, we will rejuvenate our product
basket to ensure we effectively cater to premium and value segments. These prudent
strategies will allow us to effectively capitalise on emerging opportunities and sustain
our growth momentum well into the future.
Before I sign off, I sincerely thank all our stakeholders for their confidence and
support. I am optimistic that we will script an exciting growth journey and unpack
promising value for all those who believe in us.
Thank you.
Deen Dayal Daga
Chairman.