Vesuvius India Ltd

Dear Stakeholders,

Vesuvius India's journey in the year 2024 has been one of transformation – characterised by record growth, breakthrough innovation, and unwavering commitment to excellence.

The strategic initiatives we undertook in the preceding years spanning capacity expansion, technological advancements, operational have led to outstanding progress, reaffirming our industry leadership. Leveraging robust fundamentals and a forward-looking vision, we continue to set new industry benchmarks, create stakeholders value and shape the future of the refractory sector.

At Vesuvius India, we remain inspired by India's dynamic growth trajectory, fuelled by rapid industrialisation, infrastructure development, and a strong emphasis on self-reliance. The thriving manufacturing sector, coupled with growing investments in core industries, is propelling the nation into an era of unprecedented progress. As India solidifies its position as a global manufacturing powerhouse, the demand for advanced materials and resilient solutions continue to rise.

India's steel industry is poised for steady growth, outpacing global peers driven by strong demands from the housing, infrastructure, and industrial sectors, supported by national initiatives like PM Awas Yojana and Gati Shakti. Alongside this momentum, the industry is sharpening its focus on sustainability by adopting green technologies and energy-efficient practices in line with climate goals and future-ready growth.

Building on this momentum, we remain committed to aligning our growth with the nation's evolving industrial landscape, ensuring that our solutions and innovations continue to empower India's economic ascent.

We successfully translated this vision into tangible results in 2024, delivering a strong financial performance. Revenue from operations grew by 16.6%, while Net Profit rose by 24.2%, reflecting our ability to effectively convert topline momentum into strong profitability and reaffirming the strength of our strategic execution and operational discipline.

Building on this strong financial foundation, we continue to drive innovation and product excellence, to meet the evolving needs of our customers. With a firm focus on quality, efficiency, safety, and sustainability, our customer-centric approach enhances productivity and reinforces our leadership in the refractory industry. Our advanced technology, access to cutting-edge research, and continuous improvement enables us to deliver high-performance solutions that optimise durability, thermal efficiency, and cost-effectiveness.

Our commitment to value creation and operational excellence allows us to offer bespoke solutions to our customers that reduce downtime and support a more sustainable industrial ecosystem.

As a responsible corporate entity, we remain at the forefront of addressing the pressing challenges of climate change and resource scarcity, while prioritising environmental preservation for our future generations. We are focused on minimising our environmental footprint both within our operations and across our customers' value chains. Embracing the principles of the circular economy, we continue to reduce waste generation, enhance product recovery, and integrate recycled materials into our processes. Embedding sustainable practices throughout our business remains a top priority as we aim to drive long-term environmental stewardship and deliver innovative solutions aligned with global sustainability goals.

In 2024, we enhanced our efforts to empower our people by fostering a culture of growth, inclusion, and excellence, we are equipping our teams to navigate an evolving business landscape, with meaningful progress in workforce development, diversity, learning, and safety. These efforts have strengthened our organisation and reinforced our commitment to employee engagement and growth. Safety remained our priority embedded in every process and decision. Through continuous and sustainability upgrades to safety protocols and redefined processes, and enhanced training, we have strengthened our safety culture and created a secure and safe work environment for all.

Beyond our organisation, we are equally committed to making a meaningful and lasting impact on the society. Through our social responsibility initiatives in education, healthcare, sustainability, and inclusivity we continue to drive positive transformation. Our WASH programme promotes hygiene in schools, improving student wellness and attendance. Meanwhile, our STEM and vocational training initiatives empower young minds, especially girls by expanding opportunities for women in technical fields and advancing inclusive learning.

As we forge ahead, sustainable development and community empowerment remain central to our mission ensuring that our progress contributes to a better future for generations to come.

Strong corporate governance forms the bedrock of our organisation, built on integrity, transparency, and accountability. Our unwavering adherence to the highest standards of ethics, regulatory compliance, and risk management fosters stakeholder trust and driving long-term value creation.

With sound internal controls and responsible leadership, we continue to deliver operational excellence and reaffirm our commitment to sustainable growth.

Looking ahead, we remain optimistic.

Infrastructure development and forward looking government initiatives continue to unlock fresh avenues for growth. By leveraging our core strengths, fostering innovation, and exploring new pathways for expansion, we are well-positioned to drive long-term sustainable value.

I extend my sincere gratitude to our shareholders, customers, business partners, and dedicated employees for their continued trust and support. Together, we will build on our achievements, strengthen our leadership, and shape a future defined by innovation, sustainability and enduring growth for Vesuvius India.