Artson Ltd

I am delighted to share that your Company has achieved four consecutive profitable quarters, concluding FY23-24 on a High. This marks the beginning of a significant journey of recovery, growth, and resilience, following the disruptions and losses of recent years. As the saying goes, "The journey of a thousand miles begins with a single step," and we have indeed taken that step with determination and purpose.

With the signing of the Brand Equity and Business Promotion agreement with the Tata group, we now have the privilege of leveraging the 150-year legacy of the Tata brand for our marketing initiatives. This partnership adds further strength to the robust Artson brand, which has been a distinguished name in tankages and process equipment since 1978.

This year has been a period of many firsts and remarkable achievements. We recorded the highest revenue ever at our Nashik factory and established a new manufacturing facility in Parli, near Mumbai. We implemented SAP to better prepare for tomorrow and introduced new leadership to the Artson Board. We also signed multiple MoUs in the shipbuilding sector. Notably, manufacturing contributed more to our revenue than EPC projects for the first time, reflecting a strategic shift that was initiated 2 years ago. As part of our efforts to stabilize the EPC business unit, we completed or closed all but one of the onerous projects. We ended the year with all manufacturing business units in profit, and the tankage and EPC business unit showed strong recovery. The waiver of liquidated damages for the IOCL Dhumad and IOCL Paradip (P2) projects by virtue of the Government's Vivad se Vishwas scheme provided much-needed relief.

Towards the end of last financial year and the beginning of this year, we experienced a robust recovery in customer demand and the finalization of new orders. We secured a 125 crore fuel farm development project at Guwahati airport for GIAL, our third such project following successful deliveries at MAFFFL in Mumbai and GMR in Hyderabad. With over a hundred more airports planned in the coming years, we foresee numerous similar opportunities.

Tata Projects has been a steadfast pillar of support, providing unwavering assistance. Artson has formally adopted the values and applicable policies of Tata Projects and is now co-located with TPL to enhance collaboration and provide supply chain resilience within the ambit of related party transactions.

India's robust economic growth, driven by investments in infrastructure, commitments to sustainability, and defense expenditure to build a world-class navy, has created more market opportunities than we can address. This is indeed the time to 'Make in India', and we are at the forefront of this movement. Our focus remains on pursuing nation-building opportunitiesthatarebothprofitable and cash positive.

I have unwavering belief in our boundless potential. With financial discipline and operational rigor, we can anticipate significant growth in both top and bottom lines in the short to medium term. We reaffirm our commitment to contributing to a 'Viksit Bharat' by 2047.

I extend my heartfelt gratitude to the members of the Board for their unwavering support and encouragement, and to our Management team for their dedication and commitment.

To our valued customers, stakeholders, bankers, suppliers, and subcontractors, thank you for your trust and partnership. I also extend my deepest appreciation to our employees, whose hard work, dedication, and passion have been instrumental in navigating through this period.