Agile steps for a more digital and sustainable tomorrow
Dear Shareholders,
As we reflect on the past year, I am filled a sense of pride and
gratitude. Our collective efforts have not only enabled us to report sustainable growth
but also positioned us for future success. This annual report serves as a testament to our
journey, our achievements and our aspirations for the future.
Evolving macro-economic environment
The global economy remains remarkably resilient, with steady growth and
a slowdown in inflation. This journey has been eventful, starting with supply chain
disruptions from the lingering effects of the pandemic, followed by an energy and food
crisis triggered by Russia's war on Ukraine. The subsequent surge in inflation led to
synchronised monetary policy tightening, shaping the current economic landscape.
Amid this global landscape, India is currently experiencing remarkable
growth, emerging as one of the world's fastest-growing economies and ranking as the 5th
largest with a GDP of US$ 3.7 trillion. The country is witnessing substantial investments
of a trillion dollars in infrastructure, evenly split between the public and private
sectors. Ambitious plans focusing on roads, railways, airports, and ports are underway,
facilitating trade and overall economic development. This robust investment climate
underscores India's pivotal role in the global economy and highlights its potential as a
significant driver of future economic growth. This sustained growth is fuelled by several
key factors. Firstly, the rapid expansion of digital infrastructure, led by initiatives
like Digital India and Aadhaar, has revolutionised business operations and individual
lifestyles. This has spurred e-commerce, financial inclusion and access to information,
accelerating economic activity. Secondly, the Make in India initiative aims to position
the nation as a global manufacturing hub, attracting foreign investment and boosting
domestic manufacturing, job creation and exports. Lastly, India's thriving startup
ecosystem is fostering entrepreneurship and innovation, creating new businesses and job
opportunities.
Striking a balance between economic growth and environmental
sustainability is critical for India's future success. The nation is proactively investing
in renewable energy sources like solar and wind power, implementing clean technologies for
mitigating pollution, adopting climate-smart agricultural practices, and developing
sustainable infrastructure. These efforts reflect India's commitment to sustainable
development, ensuring that economic progress is achieved without compromising the
environment.
Towards a more sustainable and resilient tomorrow
India has committed to achieving net-zero emissions by 2070, aligning
with global efforts to combat climate change. The country aims to reduce its carbon
footprint by transitioning to renewable energy sources, increasing energy efficiency, and
promoting sustainable land use practices. With a strong policy framework and increasing
investment in clean technologies, India is on track to meet its net-zero emissions goal.
At Schneider Electric, we align our values with India's climate goals, dedicating
ourselves to reducing the country's carbon intensity and assisting our clients in reaching
net-zero emissions. We are ready to deploy cutting-edge technologies and design efficient,
sustainable solutions tailored for India's electrified future.
Our strategic priorities
We are making significant progress with well-thought-out strategies
that enable us to grow sustainably. These strategies encompass a comprehensive approach to
innovation, operational excellence, and sustainability. We are consistently expanding our
digital equipment, automation, and digital services to enhance efficiency and
sustainability for our customers, helping them achieve their decarbonisation goals.
Additionally, we are pursuing SF6-free initiatives to further propel
our journey towards a greener tomorrow.
Aligned with the Make in India initiative, we are fostering synergies
to develop efficient and innovative local solutions. By empowering our partner network of
complementary businesses, we facilitate collaborative efforts to drive growth and success
in the local manufacturing ecosystem. We actively participate in catalysing a new energy
landscape in India, establishing a strong presence in data centres, EV infrastructure, and
the semiconductor industry, leading in technological innovation. We support renewable
energy management, focusing on solar and wind, aiding the global shift to sustainable
energy.
We offer full asset life cycle services from the capex stage to the
opex stage for efficient asset management, along with opportunities for modernisation and
upgrades, helping businesses stay ahead of technological trends and achieve sustained
growth. On the forefront of driving all our transformation are our empowered teams. We
take pride in creating a unique culture, built on strong, practiced values, and
implemented by the right talent and processes, positioning us as an IMPACT Company.
Our strategies are driving our growth by strengthening operations,
expanding market reach, and creating value-added services for our customers.
Our performance during the fiscal year
Looking back at FY 2023-24, I am pleased to share that it has been a
year of significant growth and evolution for our Company. Our financial performance was
stellar, reflecting the success of our strategic initiatives and the resilience of our
business model. We achieved a revenue of 2,206.7 crore in FY 2023-24, marking an
impressive 24.2% increase compared to the previous year's revenue of 1,777.2 crore. Our
EBITDA grew by a remarkable 69.5%, reaching 305.0 crore in FY 2023-24, up from 179.9
crore in FY 2022-23. Additionally, our net profit saw an extraordinary increase of 39.1%,
amounting to 172.0 crore in FY 2023-24, compared to 123.6 crore in FY 2022-23. These
financial achievements underscore the strength and effectiveness of our strategies across
all business segments and highlight our commitment to sustainable growth and
profitability. In our journey through the digital age, we are pioneering innovative
Digital products and solutions for our customers. Our success is driven by a balanced
business model, unwavering commitment to superior quality and an efficient supply chain,
ensuring resilient and sustainable growth. At our core, we are committed to becoming the
digital partner for sustainability and efficiency, empowering all individuals we engage
with, whether customers, vendors or partners. We firmly believe that Life is On
everywhere, for everyone, at every moment.
Our people drive our progress
Our workforce is our greatest asset, and our culture embodies
empowerment, inclusivity, and innovation. We foster an environment where everyone is
valued, heard, and encouraged to contribute unique ideas. Committed to growth and
development, we provide learning opportunities, empowering employees to excel and
contribute to our collective success.
Way forward
In conclusion, I extend my gratitude to all our stakeholders for their
unwavering support and belief in our philosophy of 'Life is On'. We will continue to
strive for excellence, innovate, enhance shareholders' value and adapt to the
ever-changing business landscape. With the backing and guidance of our customers,
employees, shareholders, bankers, governments and the Board, we are committed to advancing
on our exciting journey of growth. We will persist in our role as proactive contributors
to nation-building, enriching our product and service portfolio and pursuing opportunities
that drive both our business and the nation forward.
Thank you for your continued faith in Corporate Overview our journey.
Namrata Kaul
Chairperson