Dear Valued Stakeholders,
This year has been a monumental year in our growth journey. Every small
and big event has played a significant role in creating notable milestones that have
resulted in this success story. The theme we have chosen this year, "Building
Excellence, Driving Growth," perfectly captures the essence of who we are and what we
aim to accomplish.
At Spectrum Electrical Industries Limited, we understand that our role
as a trusted contract manufacturer and white-label producer comes with responsibility and
accountability. Our continued business with our partners is a mark of our unwavering
commitment to quality and the trust our customers show in us. We take our customer's
reputations very seriously, and we ensure our products uphold the stellar standards of
integrity our customers demand.
This trust is the foundation of our long-standing relationships and the
reason why we remain the preferred choice for leading companies across the electrical
industry.
Market Insights
The annual production growth rate in the manufacturing industry was 4.7
percent during fiscal year 2023. India, in particular, has emerged as a key player,
contributing significantly to this growth. With the government's push-through initiatives
like "Make in India," the country has seen its manufacturing sector grow at an
impressive rate. As per data published by the Ministry of Petroleum & Natural Gas,
India, the manufacturing sector currently comprises 17% of the nation's GDP and over 27.3
million workers.
In 2023, India's Index of Industrial Production (IIP) rose by 5.2% YoY
in May 2023 inclusive of growth in manufacturing, power generation, and mining sectors.
Manufacturing output surged 5.7% YoY while power generation grew by 0.9% YoY as against a
decline in April. 2023.** These positive figures position the country as a hub for
innovation and efficiency in the global manufacturing landscape.
Performance Outlook:
The company has achieved turnover of Rs. 32,226.27 Lakhs as compared to
previous year turnover of Rs. 25,334.99 Lakhs. The turnover for the year ended 31st
March 2024 grew by 27.18 % basis as compared with the previous year.
Over the past year, our company has achieved remarkable growth and
performance milestones. These achievements not only highlight our dedication to quality
and efficiency but also underscore our role as a leading force in driving growth within
the industry.
As we move forward, our mission remains clear: to build on our legacy
of excellence and drive meaningful and enduring growth. We are excited about the
opportunities ahead as we move towards more sustainable projects aiming to boost green
energy and sustainability. I am confident in our ability to deliver value to our
customers, partners, and communities.
In a bid to expand the Spectrum ethos forward, the company is also
exploring new avenues within the IT space and electrical components in medical industry.
Both these acquisitions are a stepping stone towards business expansion and
diversification into newer avenues to scale growth.
Thank you for your continued trust and support as we embark on this
journey together.
| Sincerely, |
| Chairman and Managing Director - DeepakChaudhari |