To
The Members,
Your directors take pleasure in presenting the 40th Annual Report on the
operations of your Company and the Audited Accounts for the financial year ended 31 st
March, 2024, together with the Auditors' Report thereon.
Financial Results:
Your Company's results for the year, and the comparative figures for the previous year,
are given below in a summarized format:
(Rs. in Lakhs)
|
Standalone |
Consolidated |
Particulars |
2023-24 |
2022-23 |
2023-24 |
2022-23 |
| Net Sales |
83762.26 |
80633.22 |
83762.38 |
80632.23 |
| Other Income |
26.12 |
16.67 |
19.39 |
14.59 |
Total Revenue |
83788.38 |
80649.89 |
83781.77 |
80646.82 |
| Profit before interest and depreciation |
4648.34 |
3605.59 |
4629.55 |
2480.86 |
| Less: Interest |
114.60 |
282.03 |
118.93 |
282.11 |
| Depreciation |
285.44 |
275.40 |
292.94 |
276.10 |
Profit before exceptional & extraordinary |
4248.30 |
3048.16 |
4217.68 |
3039.07 |
items and tax |
|
|
|
|
Profit before Tax |
4248.30 |
3048.16 |
4217.68 |
3039.07 |
Profit Tax after |
3159.96 |
2265.76 |
3115.51 |
2256.62 |
| Add/less: Other Comprehensive Income |
-2.09 |
7.06 |
-2.09 |
7.06 |
Total Comprehensive Income |
3157.87 |
2272.82 |
3113.42 |
2263.68 |
Add: Opening balance in Statement of Profit & Loss |
17896.91 |
15684.13 |
17860.80 |
15657.15 |
Amount available for appropriation |
21054.78 |
17956.95 |
20974.22 |
17920.83 |
Appropriations: |
|
|
|
|
| Transfer to General Reserve |
|
|
|
|
| Dividend on equity shares |
90.06 |
60.04 |
90.06 |
60.04 |
| Dividend Distribution Tax on Interim Dividend |
|
|
|
|
Surplus/(Deficit) carried to Balance Sheet |
20964.72 |
17896.91 |
20884.16 |
17860.79 |
Note: Previous year's figures are regrouped and presented wherever necessary.
Dividend:
Your directors declared and paid dividends for the financial year as per the following
details:
Dividend |
Date of declaration |
Amount per share |
Paid in |
| Interim |
6th November, |
Rs 3/- |
December |
| Dividend |
2023 |
(30%) |
2023 |
Your directors wish to inform you that no further dividends will be paid for the
2023-24 financial year.
Transfer to Reserves:
No amount is proposed to be transferred to reserves of the Company.
Operations:
Operations of the Company's three divisions for the year under review were as follows:
Lead Division:
This year, the Lead division recorded sales of Rs. 83,069 lakhs as against Rs. 80,600
lakhs in the previous year, an increase of 3.06%
Windmills:
The entire wind energy generated at Ramagiri was sold to Andhra Pradesh Southern Power
Distribution Company Ltd. The total revenue was Rs.37 lakhs against Rs.33 lakhs in the
previous year.
Trading:
This year, the Trading division recorded sales of Rs.656 lakhs.
Total:
The combined turnover of the Company, thus, was Rs. 83,762 lakhs for the year under
review, as against Rs. 80,633 lakhs for the previous year.
Capital Structure:
There is no change in the capital structure during the year.
Particulars of loans, Guarantees, security, and Investments:
The Company gave a loan of Rs. 1.65 crores @ 7.11% rate of interest to Nile Li-Cycle
Private Limited, a wholly owned subsidiary of the Company for project works. Corporate
Guarantee was given to Axis Bank against the project loan taken by Nile Li-Cycle Private
Limited. No security is given by the Company to which provisions of sections 185 and 186
of the Companies Act, 2013 are applicable. The Company has complied with the provisions of
sections 185 and 186 of the Companies Act 2013 with respect to investments in wholly owned
subsidiaries as disclosed in notes to accounts.
SUBSIDIARY COMPANIES: Nile Li-Cycle Private Limited:
Your Company subscribed to 95,00,000 Equity shares @ 10 each and 1,84,000 Equity shares
@ 300 each (Rs.10 each face value and Rs.290 as a Premium).
Nile Li-Cycle Private Limited received all statutory approvals for Phase 1 of its
Lithium-ion battery recycling plant located at Industrial Park, Maheshwaram, Ranga Reddy
(Dist), Telangana (State).
Phase 1 operations, which involve the production of mixed metal oxide from Lithium-ion
batteries, commenced on 16th March, 2024. Successful installation and commissioning of the
machine, along with full trial runs, has been completed (after facing delays due to the
unavailability of technicians from the supplier for commissioning of the plant).
The company has started the process of reaching out to Original Equipment Manufacturers
(OEMs), vendors, traders, wholesalers of battery scrap and others for sourcing of raw
materials. Sales are expected to pick up in the coming months and will steadily accelerate
as the company builds up relationships with new vendors and suppliers. Pilot scale
operations of the second phase are expected to commence by March 2025, and thus higher
realizations are expected in the next financial year."
Nirmalya Extracts Private Limited:
Your Company subscribed to 3,35,000 Equity shares @ 10 each.
Your company has decided to put on hold the planned foray into the plant extract and
phytochemical space through its wholly owned subsidiary: Nirmalya Extracts Private
Limited. This is because of increased competition in the space, lack of period for the
project.
A separate statement containing the salient features of the financial statements of the
subsidiary companies in Form
AOC-1 as per the provisions of Section 129 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014 as amended and is attached in Annexure A.
Corporate Governance:
Your Company has complied with all provisions of Corporate Governance, as required
under the SEBI (LODR) Regulations, 2015. A report on Corporate Governance, along with the
certificate on its compliance from the Auditors, forms part this report.
Integrated Management System (IMS): i) The certification transferred to a new
Certificationbody ‘URS Certifications
Limited.' from 22 ii) Management Programs for further improving the productivity and
environmental aspects at both the plants have been successfully implemented during the
year.