Charting the Path of Growth and Resilience
Dear Shareholders,
I am happy to present the Annual Report for FY 2023-24.
India remains the world's fastest-growing major economy, driven by
substantial government investments and a burgeoning manufacturing and services sector.
However, inflationary pressures have slowed discretionary spending, affecting consumer
sentiment. Despite these challenges, we demonstrated remarkable agility and resilience
through our focus on cost optimisation, operational efficiencies, product innovation and
strategic technology investments.
performance during FY 2023-24
During FY 2023-24, our Company reported a consolidated topline of
C2,800 crore with an EBITDA of C275 crore, and an EBITDA margin of 9.8%.
The Bathware business reported a revenue of C1,580 crore, with 18%
contribution from new products, a testament to our continuous focus on product innovation
and excellence. Supported by its strong fundamentals and enhanced by effective cost
management and operational efficiency, the business reported an increase in EBITDA margins
from 13.9% in FY 2022-23 to 15.4% in FY 2023-24. We continued investing in our brands
through focused marketing-led initiatives to enhance visibility and connect with our
consumers. We expanded our distribution network in Tier 1 and 2 cities, while
strengthening our presence in Tier 3 and 4 markets.
Our diversified product portfolio and strong brand presence solidify
our position as a preferred choice for consumers and industry partners alike.
In FY 2023-24, the Plastic Pipes and Fittings business reported a
revenue of C774 crore and an EBITDA of C72 crore, yielding a 9.3% EBITDA margin. As the
fastest-growing player in the sector, we rapidly expanded our market presence. This growth
is propelled by our targeted portfolio expansion, bolstered by a robust distribution
network and deep channel partnerships. The construction of our new manufacturing plant in
Roorkee, Uttarakhand, is progressing on schedule and is all set for commissioning in FY
2024-25.
This new plant will significantly enhance our capacity to meet the
demands of our expanding customer base across India.
The construction of our new manufacturing plant in Roorkee,
Uttarakhand, is progressing on schedule and is all set for commissioning in FY 2024-25.
This new plant will significantly enhance our capacity to meet the
demands of our expanding customer base across India."
The Consumer Appliances business revenue for FY 2023-24 stood at C422
crore, with a negative EBITDA of C13 crore.
embracing digitalisation
During the year, we accelerated digital transformation, leveraging
advanced technologies and data- driven insights to enhance efficiency and customer
experience. Key milestones included establishing a data framework, implementing
automation, optimising supply chain processes, and integrating IoT for smart factory
operations.
Our focus on data-backed decision- making has empowered us to drive
innovation and deliver exceptional value. We are committed to further utilising technology
to improve sales, empower our workforce, and refine our processes.
focus on sustainability
Our commitment to sustainability shapes our business practices, from
responsible manufacturing and designing products that conserve water and energy to
decarbonising our operations. By collaborating with customers and supply chain partners,
we aim to positively impact our communities and the planet.
We reduce our carbon footprint with energy-efficient technologies, and
embracing circularity.
Our governance is rooted in trust, transparency, and accountability,
integrating ESG factors into our strategy. We pursue ambitious sustainability goals and
partnerships to drive innovation.
building a dynamic workforce
I am delighted by our employees, whose talent, perseverance, and
commitment to excellence have been instrumental in enabling us to navigate challenges and
achieve our strategic aspirations. Our diverse and talented team fosters a culture of
collaboration and continuous improvement, driven by our passion for building exceptional
products and shaping a better future for the industry. We invest in the personal and
professional development of our employees, prioritising the creation of an empowering work
environment that nurtures their abilities.
wayahead
Moving forward, our strategic priorities will focus on expanding our
footprint, strengthening our product portfolio, deepening customer connections and
enhancing operational efficiencies. We aim to unlock synergies across our businesses by
integrating processes, supply chain, procurement, marketing, finance, and accounting
functions to further enhance our competitiveness and efficiency.
I would like to thank my fellow Board members for their invaluable
insights and guidance in steering our Company towards the path of progress.
Warm regards,
Sandip Somany
Chairman