Forging Ahead:
Transformative Growth and Strategic Excellence in FY2024
Dear Shareholders,
I am delighted to present to you the Annual Report for Platinum
Industries Ltd. for the financial year 2024. This year has been a transformative period
for our company, characterised by robust financial performance, strategic market
expansion, and resolute commitment to innovation and sustainability.
Our product mix is intricately aligned with India's growth
trajectory. As a leading player in the specialty chemicals sector, our range of PVC and
CPVC additives, metal soaps, and lubricants is integral to the nation's
infrastructure and industrial development. The surge in urbanisation, infrastructure
projects, and the burgeoning automotive and healthcare sectors in India are significantly
bolstering the demand for our products. Specifically, our products enhance the durability
and performance of PVC pipes, fittings, wires, cables, SPC floor tiles, and packaging
materials, which are critical to these expanding industries. Our diverse product portfolio
ensures that we are well-positioned to capitalize on these growth opportunities, providing
a hedge against cyclicity and ensuring safety in diversity. This strategic approach
reaffirms our role as a pivotal contributor to India's economic progress.
Our Research and Development (R&D) initiatives remain a cornerstone
of our growth strategy. The state-of-the-art R&D facility in Dhansar, Palghar, is the
hub of our innovative endeavours. This year, we havemadesignificant strides in developing
new formulations that meet the stringent environmental and quality standards required by
our global clientele. Our continuous investment in R&D not only enhances our product
offerings, but also solidifies competitive edge in the market. For instance, our technical
collaboration with HMS Concept E.U., led by Dr. Horst Michael Schiller, has been
instrumental in pioneering advanced and eco-friendly solutions. By also focusing on
sustainable innovation, we are ensuring that
This year, we have made significant strides in developing new
formulations that meet the stringent environmental and quality standards of our global
clientele.
Mr. Krishna Rana
Chairman & Managing Director our products remain at the
forefront of the industry, meeting the evolving needs of our customers and the regulatory
landscape.
Our strategic expansion into new markets is a testament to our vision
of becoming a global leader in our chosen group of specialty chemicals. We are excited
about the upcoming operationalisation of our new manufacturing facilities in Egypt and
India within the next four quarters. These plants will significantly augment our
Our financial performance for FY24 represents the culmination of
sustained effort and dedication over the years.
production capacity and provide us with strategic access to lucrative
markets in the MENA, European and Latin America regions. The establishment of these
facilities is poised to propel us into a new orbit of growth, enabling us to efficiently
meet the escalating global demand for our products. Additionally, these expansions will
optimize our freight and transportation costs, keeping us competitive and accessible.
Our financial performance for FY2024 represents the culmination of
sustained effort and dedication over the years. I am pleased to inform you that we
achieved a revenue of
2,643.92 million, reflecting a 14% increase from the previous year.
Our Operating EBITDA grew by 16% to 636.89 million, and our Profit
After Tax (PAT) reached 435.02 million, showcasing a robust PAT margin of 16%. These
figures are a testament to our strategic initiatives and operational excellence. Our
balance sheet remains strong, with a low debt-to-equity ratio of 0.02, reflecting our
prudent financial management. This robust financial health positions us well to undertake
further strategic investments and navigate potential market fluctuations with confidence
and resilience.
As we look ahead, we remain committed to driving sustainable growth
through innovation, expanding our global footprint, and maintaining our market leadership.
Our focus will be on leveraging our enhanced production capacities,
exploring new market opportunities, and continuing our investment in R&D to develop
innovative solutions that meet the evolving needs of our customers. We also aim to
maintain our leadership position in the domestic market while expanding our global
footprint through strategic investments and partnerships.
In closing, I extend my heartfelt gratitude to our dedicated employees,
valued customers, esteemed shareholders, and all other stakeholders for their support and
trust in Platinum
Industries Ltd. Together, we will continue to drive progress and build
a sustainable future. This annual report captures our journey of driving progress through
technological advancements, sustainable practices, and strategic global partnerships. It
reflects our commitment to pioneering solutions that not only meet today's demands but
also pave the way for a sustainable future.
Sincerely,
Mr. Krishna Rana
Chairman & Managing Director Platinum Industries Ltd.