Dear Stakeholders,
Over the past three decades, ASM has firmly established itself as a
global leader in the areas of Engineering Services and Design led Manufacturing (DLM). The
last year has only solidified our presence and reputation in these areas.
DLM is an integrated approach in which our highly skilled designers and
manufacturing engineers collaborate closely to manage every aspect of a product's
life cycle. We take up complete ownership of the end-to-end design, development and
manufacturing. We support and value engineer the entire product lifecycle. It also allows
us to ensure design excellence and produce high-quality products, while reducing costs and
increasing speed-to-market.
In recent years, given the strong engineering competence and
capabilities that India provides coupled with geopolitical factors has led to several
global enterprises move their design and manufacturing needs to India. This "India
pivot" can be traced to Indian-born but globally-conscious companies like ASM that
provide cost effective, global-quality engineering and product design services. We believe
that India will become a DLM hub in the near future, with Indian firms like ASM leading
the way forward with high-value DLM services and solutions.
ASM has been an environmentally- socially- and governance-conscious
firm. In recent years, we have started several new ESG initiatives and strategies that
support our goals to be a steward of the environment, a champion of our people, and an
well governed organization. We will stay true to the ESG path we have set for ourselves
and continue to fulfill our responsibilities to our customers, the environment, and the
communities we operate in.
Future Outlook
We had a successful financial year on several counts. Not only did we
convert our financial projections to reality, we also achieved all the operational and
human resource-related goals we had set for ourselves. We continue to progress from design
to a design-led manufacturing (DLM) company. We have substantially increased our
infrastructure, production facilities, talent pool, and processes.
In the near future, we will continue to grow our DLM Our focus area
will be:
• Investments in fixed assets: We will scale up our
investments in fixed assets, including physical infrastructure that will enable us to
design and manufacture high-quality products for a global market.
• Investments in people: Knowing that DLM is all about
designing for human needs and purposes, we will invest more in the most critical asset for
our business: people. In addition to hiring new talent, we are also upgrading our training
and development programs for existing employees to ensure that we can effortlessly handle
all aspects of DLM and deliver all its benefits to our customers.
• Strategic acquisitions: We will continue to look for
strategic acquisitions and partnerships that will allow us to innovate more, expand global
foot print and achieve greater cost/operational economies of scale.
• Product qualifications: We will continue with our new
product initiatives with necessary qualification for future volume manufacturing.
This past year has opened up new avenues for ASM, particularly in DLM.
We will keep exploring growth avenues and scale up our efforts and investments to become
DLM leader.
On behalf of the company management and leadership, I take this
opportunity to thank:
-Our esteemed customers, stakeholders, vendors, business partners,
advisors and consultants for their support, -Employees for their valuable contributions,
sustained efforts, and dedicated spirit,
-India- State Bank of India, Incube Branch, ICICI Bank Limited, Axis
Bank Limited, HSBC Bank
US- HSBC Bank, Premier Bank
UK- State Bank of India
Singapore- Indian Bank, ICICI Bank
Japan- State Bank of India, Rakuten Bank.
-Central and State Government, Customs, Reserve Bank of India, Software
Technology Parks (STPI) and NASSCOM for their guidance.
Rabindra Srikantan Managing Director
Place: Banglore Date: 30th May 2023