"Only those who will risk going too far can possibly find out how far one can
go."- T.S. Eliot."
Greetings, Fellow Shareholders,
It's always a pleasure to share my views and present the 29th Annual Report of your
Company with our valued stakeholders. We remain committed to delivering value to our
stakeholders and enhancing shareholder value. Thank you for being a part of our journey.
PERFORMANCE IN THE FINANCIAL YEAR 2023-24:
Financial Highlights
As the technology is changing rapidly at the global level so as quality of product, we
need to keep our standard up to mark to compete with global and domestic market, hence
company is in transit mode to develop and install technological upgradation. Your Company
has recorded a Turnover of Rs. 294.50/- Crores while the Net Profit stood at Rs. 7.89
Crores during the Financial Year 2023-24. Due to expansion cost in unit II the Board of
Directors hasn't recommended any dividend this year. This decision is due to increase in
capital cost of the Company to install best & latest technology in unit II.
Plant Highlights
The Company has completed its Commercial - Trial production at Unit II with Phase I
machine installations on 01 January 2024. All the assets related to Phase I have been
capitalized in the books as on 01 January 2024. The Company believes to complete the
installation of Phase II machineries by the end of second quarter of FY 2024-2025. As far
as Unit I is concerned, it is working without any hindrance and performing smoothly as
expected.
Corporate Governance
Your Company believes that good Corporate Governance is essential for building trust
and maintaining transparency with our stakeholders. As such, we are dedicated to upholding
the highest standards of Corporate Governance and are fully committed to complying with
the regulations set by the Securities and Exchange Board of India (SEBI).
Corporate Social Responsibility
The Company has always been committed to the cause of social service and has repeatedly
channelized its resources and activities, which positively affects the society socially,
ethically and environmentally. Your Company has taken up various Corporate Social
Responsibility ("CSR") initiatives and enhanced value in the society. We have
attained CSR objectives in a professional and integrated manner. During the Financial Year
2023-24, we have spent a total of Rs. 57.28 Lakhs as part of CSR activities.
Future Outlook
The market in India is majorly driven by the increasing demand for sustainable
packaging solutions. In line with this, the rising awareness of the environmental impact
of traditional packaging materials, such as plastic, is significantly contributing to the
market growth. Besides, the versatility of Kraft paper for a range of packaging and
non-packaging applications is bolstering the market expansion.
Acknowledgment
As we look ahead to the next financial year, we remain committed to delivering
exceptional value to our stakeholders and driving sustainable growth for our company. In
conclusion, I would like to express my sincere gratitude and appreciation to the
distinguished Board Members for their unwavering support and guidance and our hardworking
employees for their commitment and determination to carry out our activities successfully.
I would also like to extend my heartfelt thanks to our valued customers, suppliers,
vendors, consultants, and investors for their trust and cooperation, which have been
instrumental in our success.
I hope that the next financial year will be a successful one and expect this company to
grow further with the trust and support of our esteemed shareholders. On behalf of the
Board of Directors and management of Shree Ajit Pulp and Paper Limited, we wish everyone a
successful future ahead.
Thank you very much!
With Best Compliments.
Gautam D. Shah
Chairman & Managing Director
DIN:00397319.