Loyal Equipments Ltd

LETTER TO THE SHAREHOLDERS

Dear Member(s),

With great pleasure, I welcome you to the 17th Annual General Meeting of Your Company.

I feel immense pleasure to share with you all that the year 2023-24 has been a remarkable year for Loyal Equipments Limited in terms of growth, expansion and accreditations.

Throughout the year, we successfully reached several major milestones that underscore our progress and achievements. Notably, our company has demonstrated exceptional financial growth, reflected in our impressive revenue and profit figures. This remarkable increase highlights the effectiveness of our strategies, the dedication of our team, and the strong market demand for our products. Our ability to achieve such substantial growth not only positions us favorably within the industry but also sets a solid foundation for continued success and expansion in the future.

About the financial side, during the financial year under review, company achieved significant growth in revenue from operations, reaching Rs. 7081.99 Lakhs compared to Rs. 4929.29 Lakhs in the previous year, marking a growth of 43.67%. This growth was the result of well-planned and executed business expansion operations. For the year ending March 31, 2024, the profit before tax amounted to Rs. 950.44 Lakhs, compared to Rs. 624.38 Lakhs in the previous year. The total net profit for the year is Rs. 708.74 Lakhs, an increase from the previous year's net profit of Rs. 596.79 Lakhs.

In the long term, we anticipate enhanced profitability for Loyal Equipments Limited as we continue on our growth trajectory. We plan to further advance our success by leveraging our integration capabilities. Our strategy for future business development is well-defined: we have secured customer orders, formulated a focused strategy, and assembled a capable leadership team to execute our plans. The favorable market conditions have underscored the potential opportunities available to us. We are confident that there are numerous avenues for growth within our reach.

We would like to take this moment to express our sincere gratitude to our dedicated and hardworking staff, as well as to our valued customers and all those who have steadfastly supported us throughout this journey. As we conclude, we also extend our heartfelt thanks to our shareholders, suppliers, distributors, and all other stakeholders for their unwavering commitment.

I would like to place on record my sincere appreciation to the Board of Directors for their guidance. I would like to express my gratitude to all our stakeholders for their continuing faith in the Company and I look forward for their support, trust and confidence.