Chairman's Message to Stakeholders:
It is with immense pride and great optimism, I present the 28th Annual Report of
Mangalam Worldwide Limited, a pioneering force in the stainless steel manufacturing
industry in India. Today, we gather to celebrate our achievements, reflect on our journey,
and discuss the promising future that lies ahead for your company.
Your Company has a unique position in the stainless steel manufacturing industry being
a fully integrated facility from scrap melting to seamless pipes & tubes manufacturing
setup. Our end to end offering includes billets, forging ingots, forged bars, round bars,
bright bars and seamless pipes & tubes. Our products have exceeded the expectations of
customers globally as they meet the highest international standards of quality. As a
public limited company, our commitment to transparency, efficiency, and sustainable growth
has been the cornerstone of our success.
Over the past few years, we have achieved several significant milestones and financial
year 2023-24, has also been remarkable for all of us in the growth story of the
‘Company' as well as ‘Group Mangalam'. In this year, we have installed bright
bar manufacturing unit at Kapadvanj for conversion of 'Round Bar' to 'Bright Bars'. The
Bright Bar unit has enabled us to cater a wider range of customers in the end user segment
for various engineering applications. These products have found applications in sectors
such as automotive, railways, oil and gas and many more.
Our journey to become a global player in the stainless steel industry has been marked
by strategic expansions and a keen focus on export markets. We have established a presence
in markets of Europe and Southeast Asia. Your Company had participated in the
international trade fair ‘Stainless Steel World Expo & Conference' organized at
Maastricht, Netherlands as an Exhibitor. To further strengthen our export potential, we
have been investing in expanding our distribution network and building strong
relationships with international partners. Our goal is to continue to explore new markets
and establish Mangalam Worldwide Limited as a global leader in stainless steel
manufacturing.
As we look to the future, our strategic vision is centered around sustainable growth,
technological innovation, and expanding our global footprint. We are committed to
continuously improving our manufacturing processes, investing in research and development,
enhancing our operational efficiencies and adopting cutting-edge technologies to enhance
the quality and efficiency of our production.
India is one of the fastest-growing economies in the world, and the demand for
stainless steel is expected to rise significantly in the coming years. The initiatives by
our Government under the "Make in India" program for sectors like Defence,
Railways, Oil & Gas, Hydrogen, Aerospace, etc presents huge growth opportunities for
our products.
With the above initiatives your company continues to sustain a high growth rate and has
improved its performance in the Financial year 2023-24. The standalone revenue of the
Company is Rs. 822.47 Crores, registering growth of 27.21 % on YoY basis. Also, the
Company has earned a Net Profit of Rs. 20.10 Crores which is 20.49 % higher than previous
financial year. For sustainable returns to the Shareholders, the Board of Directors of the
Company have recommended the final dividend of Re. 1/- (Rupee One Only) for the Financial
year 2023-24.
In conclusion, the future of Mangalam Worldwide Limited is bright and filled with
exciting opportunities. As we continue our journey towards becoming a global leader in
stainless steel manufacturing, we remain committed to delivering superior quality, driving
innovation, and creating value for all our stakeholders
I would like to extend my heartfelt gratitude to all our stakeholders who have
contributed to the success of Mangalam Worldwide Limited. I am thankful to our employees
for their hard work, dedication, commitment to excellence, passion, creativity, and
perseverance that are the driving force behind our achievements. Together, we have built a
culture of innovation, collaboration, and continuous improvement, and I am confident that
we will continue to achieve new heights in the years to come.
Thanking You,
With Best Regards,
Vipin Prakash Mangal
Chairman