GLOBAL ECONOMY
Overview
In 2023, global economic growth slowed to 3.0%, down from 3.5% in 2022, and is forecasted to further decrease to 2.9% in 20241. This deceleration is attributed to various factors, including the efforts of major central banks like the Federal Reserve, the European Central Bank and the Bank of Japan to combat inflation by raising rates and trimming balance sheets at an unprecedented pace. Consequently, global GDP growth dipped to 2.9% in 2023, a decline from 3.4% in 2022, though it surpassed economists late 2023 prediction of 2.2%2.
Consumer confidence, a crucial waned due to elevated interest rates, which escalated borrowing costs and subdued consumer spending.
Despite this, overall global Foreign Direct Investment (FDI) flows increased by 3% to an estimated $1.4 trillion in 2023 3. However, economic uncertainty and higher interest rates did impact global investment, with FDI flows countries declining by 9%.
Exploration budgets for primary battery metals, including nickel, lithium and cobalt, continued their upward trajectory, reaching a new all-time high of $1.64 billion in 2023, reflecting a notable 42% increase from $1.15 billion in 20224.
Inflation, as measured by the Consumer Price Index, rose by 0.3% in December and by 3.4% in 20235. Core inflation, excluding volatile food and energy prices, decreased to 3.9%, down from its 12-month December 2022 rate of 5.7%. Despite headline inflation instances of its increase, particularly in the United States, primarily due to rising oil prices. Nevertheless, inflation ofeconomicactivity, expectations among most countries remained stable and well-anchored at around 2% to 3%.
The average price of Brent crude oil stood at $83 per barrel in 2023, a decrease from $101 per barrel in 2022, indicating a difference of $19 per barrel after rounding6. to developing
Outlook
In its latest Economic Outlook, the Organisation for Economic Co-operation and Development (OECD9) paints a picture of a global economy maintaining a steady stride forward. Projections indicate a consistent global GDP growth rate of 3.1% for 2023 and 2024, with a slight uptick to 3.2% anticipated in 2025. The report underscores the resilience of global activity, a downward trend in inflation and buoyant private sector confidence.
However, amid this positive trajectory, the OECD sounds a cautionary note, highlighting high geopolitical tensions as a significant risk to Governments face mounting fiscal challenges driven by elevated debt levels and the imperative for substantial additional spending on population ageing, climate adaptation and mitigation. Projections suggest a decrease in global headline inflation to an estimated 5.7% in 2023, further dipping to 3.9% in 2024.
The ramifications of heightened global interest rates overshadow the anticipated recovery in global trade growth from 0.6% in 2023 to 2.4% in 2024. Monetary policy tightening by central banks such as the Federal Reserve and the
European Central Bank has amplified debt servicing costs, especially for nations with foreign currency-denominated debts. Consequently, many countries are confronting the necessity of debt restructuring to navigate their escalating debt burdens effectively.
Developed nations have witnessed a robust recovery, boasting low unemployment rates, notably 3.7% in the U.S. and 6.0% in the EU in 202310, alongside rising nominal wages and a narrowing wage gap. Conversely, progress in developing countries presents a mixed picture. Persistent challenges in gender equality and youth employment are underscored by a decline in global female labor force participation to 47.2%11 in 2023, compared to 48.1% in 2013, and a high number of young activity and inflation. people not engaged in education, employment or training (NEET) rate of 23.5% among youth.
Despite surpassing expectations in 2023, global economic growth faces underlying risks and vulnerabilities exacerbated by simmering geopolitical tensions and the escalating frequency of extreme weather events. Tightening financial conditions further compound risks to global trade and industrial production. Consequently, global investment growth is projected to remain subdued due to economic uncertainties, mounting debt burdens and rising interest rates. Effective policy action is imperative to ensure macroeconomic stability and enhance medium-term growth prospects.
INDIAN ECONOMY
Overview
India forecasted an annual growth of 7.3%12 for the FY ending in March 2024, the highest rate among major global economies. India remains the fastest-growing large economy in the world.
Growth of the Indian Economy
FY22 | FY23 | FY24 | |
Real GDP Growth | 9.1% | 7.2% | 7.3% |
Quarter-wise Growth FY 24
Q1 | Q2 | Q3 | Q4 | |
Real GDP Growth13 | 7.8% | 7.6% | 8.4% | 8% |
In 2023, monsoon showers during June-September were at 94.4% of the long-period average, according to the India Meteorological Department. Indias foodgrain production is estimated to be 6.1%14 lower in the 2023-24 crop year (July-June) due to the poor monsoon caused by the El Ni?o weather phenomenon, potentially adding to inflationary pressures. Total foodgrain production is estimated to be 309 million15 tonnes (mt). Wheat output is set to reach a record 112 million tonnes, while rice production is expected to fall to 123.8 million16 metric tonnes during the 2023-24 crop year, according to the Ministry of Agriculture and Farmers Welfare.
The Indian automobile industry has posted a satisfactory performance, with the domestic industry growing by 12.5%17. The passenger vehicle segment led this growth, with overall sales touching almost 5 million units, including 4.2 million domestic sales (an 8.4% increase) and 0.7 million exports. Commercial vehicles registered a degrowth of 4%, posting sales of more than 268,000 units.
Indias merchandise exports in January 2024 registered a 3.12%18 growth, reaching $36.92 billion compared to $35.80 billion in January 2023. However, India experienced a 3% decline in goods exports to $437 billion, alongside a 5.4% decrease in imports to $677 billion, leading to a narrowed trade deficit of $240 billion.
The Indian banking sectors asset quality improved during FY23 and FY24, with the gross non-performing assets (GNPA) ratio declining to its lowest in a decade. The combined balance sheet of scheduled commercial banks (SCBs) expanded at an accelerated pace, driven by credit to retail and services sectors.
Foreign Direct Investment recorded a net inflow of $4.2 billion19 in Q3 FY24, compared with a net inflow of $2.0 billion in Q3
FY23. Indias forex reserves stood at $642.6 billion20; these reserves have seen significant fluctuations, countrys economic dynamics and global financial conditions. The current account deficit stood at $10.5 billion in the third quarter of FY24, compared to $11.4 billion, or 1.3% of GDP, in the preceding quarter. FY24 marked a milestone with a total gross GST collection of 20.18 lakh crore, a 11.7% increase compared to the previous year21.
According to data released by the National Statistics Office (NSO), Indias retail inflation rate dropped to 5.09%22 in February 2024. The inflation rate in rural areas,at 5.34%, remains 0.56%23 higher than in urban areas (4.78%). According to a report by the National Sample Survey Organisation (NSSO), Indias unemployment rate for individuals aged 15 and above dropped to 3.1%24 in 2023, marking the lowest rate in the past three years. Indias per capita disposable income is expected to be 2.14 lakh25, growing 8% in FY24 following a 13.3% increase in the previous year. Private consumption, which accounts for nearly 58%26 of GDP, expanded by 4.4% year-on-year, compared to 7.5% in the last FY.
According to the Economist Intelligence Unit (EIU), India improved its ranking by six spots globally in the latest Business Environment Rankings (BER). This upward shift is due to improvements in parameters like technological readiness, political environment and foreign investment.
Outlook
Indias economy has demonstrated remarkable resilience amid global challenges and geopolitical tensions, propelled by strong domestic demand, substantial investments and dynamic growth across manufacturing and services sectors. Forecasts indicate that India is poised to claim the mantle of the fastest-growing economy among the G-20 nations in 2024, with GDP projected to surge to 6.7%27 in FY24. This surge is underpinned by a resurgence in private consumption and investment, further bolstered by government initiatives to enhance infrastructure and foster a conducive business environment.
The countrys attractiveness as a foreign investment hub is rising, particularly as it is set to outpace Chinas growth forecast of less than 5% in 2024. Moreover, global trends such as offshoring, digitalization and energy transition have positioned India to become the worlds third-largest economy by 2027.
Indias retail inflation 28 in March 2024, easedto4. down from 5.09% in February, prompting the Reserve Bank of India (RBI) to pause rate hikes and maintain the benchmark repo rate at 6.50%. The management of inflation remains a critical focus for policymakers.
In 2024, key industries beckoning foreign investors include healthcare and insurance, fintech, renewable energy and climate tech, electric vehicles and automobiles, IT and services, real estate and infrastructure, fast-moving consumer goods
(FMCG), and R&D, tech innovation, and artificial
(AI). The digital economy, currently at 11%29, is projected to constitute more than 20% of Indian GDP by 2026.
The Indian IT industry continues to thrive and is expected to generate $350 billion30 in revenues by 2030, up from contributing 8% to the GDP presently. Emerging industries for investment-led growth in 2024 include battery energy storage solutions, green hydrogen, biotechnology, AVGC (animation, visual effects, gaming, comics) and semiconductor chip manufacturing, assembly and design.
State governments in India offer competitive incentives to attract cutting-edge technology and generate large-scale employment, positioning foreign companies favorably in the Indian market. Increasing Indias participation in global value chains remains a top target for government and domestic stakeholders.
Indias infrastructure sector is poised for unparalleled growth, supported by government initiatives and increased investments. Under the National Infrastructure Pipeline (NIP), investments worth $1.4 trillion are planned by 2025, focusing on expanding public digital infrastructure, clean and renewable energy projects and resilient urban infrastructure.
Despite global economic uncertainties, Indias merchandise and services exports remained stable at approximately $776.68 billion31 in FY24. Strategic measures such as the Production-Linked Incentive (PLI) scheme, particularly in electronics, have enhanced Indias global competitiveness and reduced import dependency.
Discussing the Interim Union Budget: FY25
The government is estimated to spend 47,65,768 crore32 in FY25, 6% higher than the revised estimate of FY24. The government has estimated a nominal GDP growth rate of 10.5% in FY25 (i.e., real growth cum inflation). deficit in FY25 is targeted at 5.1% 33 of GDP. 70,449 crore has been allocated to the Department of Economic Affairs for new schemes, while the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGS) has the highest allocation in FY25 at 86,000 crore. Programmes for the welfare of women and children have been allocated 4,19,183 crore in FY25, an increase of 18.6%.
The focus on renewable energy, exemplifiedby initiatives such as the rooftop solarization of one crore households and the strengthening of EV manufacturing and charging infrastructure, reflectsintelligence the governments environmental sustainability and innovation.
The PM Matsya Sampada Yojana will be expanded to enhance aquaculture productivity from 3-5 tonnes per hectare, double seafood exports to 1 lakh crore34, and generate 55 lakh employment opportunities.
In FY25, capital expenditure is expected to increase by about 17% and revenue expenditure is expected to increase by 3.2% over the revised estimates of FY24. The government is estimated to meet 49% of its disinvestment target. Gross tax revenue is budgeted to increase by 11.5%35 in FY25.
The Ministry of Defence received the highest allocation in FY25, at 6,21,541 crore. It accounts for 13% of the total budgeted expenditure of the central government. Other ministries with high allocations include Road Transport and Highways (5.8% of total expenditure); Railways (5.4%); and Consumer Affairs, Food and Public Distribution (4.5%).
Overall, the interim budget for FY25 reflects a balanced approach to addressing socio-economic challenges while laying the foundation for sustainable growth. Effectively executing budgetary plans and policies will be pivotal in realizing the governments vision for a prosperous and resilient India.
INDUSTRY OVERVIEW: INDIAN CONSUMER ELECTRONICS
The Indian consumer electronics market is experiencing significant growth, ranking fifth consumer electronics and appliances industry stood at H1430 billion in FY22 and is expected to grow at 9-10% to reach
~ H2200-2300 billion in FY27. There is massive potential for growth as penetration levels are very low in India as compared to other emerging countries and even lower in the core markets of Hindi heartland states. Rising disposable incomes leading to focus on health, wellness, and entertainment, easy fiscal availability of interest-free financing, better power supply conditions, and adverse changes in climate are increasing the demand for consumer durable goods in India. Premiumization is an industry trend witnessed across product categories as consumers are increasingly opting for high-end, higher volume, feature rich products over basic models.
The penetration of room air conditioners on a national level is only around 7-8% in India while it is 30% globally. The market is expected to grow at a CAGR of ~12% to reach ~ H50,000 crore by FY29. Consumers are opting for more premium products as seen by increasing share of sale of inverter AC (70-75% in towards
FY22 vs. 10-15% in FY17) and declining share of window AC (19% in FY22 vs. 25% in FY17).
The penetration of refrigerators in India stands at ~30-35%. It is projected to grow at a CAGR of 9.5% from FY22-27 (volume growth). With consumers perceiving a refrigerator as a necessity rather than a luxury and power supply improving in tier-II and III cities, sales growth is expected to be faster in these areas. Consumers are preferring large refrigerators, as can be seen by increasing share of sale of 184+ litres of direct cool refrigerators (85-87% in FY22 vs. 79% in FY17) and 270+ litres of frost-free refrigerators (53-55% in FY22 vs. 48% in FY17).
Washing machines have a lower penetration at ~10% and are projected to grow volumes at 8-9% in FY22-27. Share of sale of fully automatic washing machines is increasing (43% in FY22 vs. 39% in FY17).
While the penetration of television sets is highest (60%+), the demand is experiencing a steady, mostly driven by premiumization such as upgrade from basic televisions to UHD to OLED or QLED televisions. Volumes are expected to grow at 5-6% but prices are expected to grow at a higher rate.
The smartphone market faced challenges in 2022, with a 10% year-on-year decline in shipments to 144 million units.
High inflation and a lack of new launches in the entry-level segment contributed to reduced consumer demand despite improvements in supply.
Indian consumer-durable retail is seeing encouraging growth trends (9-10% CAGR over FY17-23) and has seen the strongest growth among all retail categories. Growth is further expected to improve as organized players have identified these tailwinds, and the increase in demand is being addressed through accelerated distribution expansion by large organized chains. Even online threats are lower due to higher ticket sizes, the need for touch and feel before purchase, high number of first-time purchasers, faster installation/after-sales and superior trust. globally by size. The Indian
Outlook
According to a CRISIL report, the consumer durables sector in India is expected to witness a revenue growth of 8-10% this fiscal year.
India is poised to become the fifth-largest consumer durables market globally and one of the fastest-growing electronics markets. This demand surge is driven by rising incomes in urban and rural areas, increasing urbanization, and changing lifestyles.
Key government incentives are bolstering this sectors growth. These include the Production-Linked Incentive (PLI) Scheme for white goods, targeting air conditioners and LEDs to boost domestic manufacturing; the Street Lighting National
Programme (SLNP), which aims to install or retrofitaround 30 million LED street lights by 2024; and the UJALA (Unnati Jyoti by Affordable LEDs and Appliance for All) Scheme, which has distributed over 366 million LEDs to households from 2015 to 2022 at 40% of the market price.
The PLI scheme for white goods was approved in April, 2021 with an outlay of H6,238 crore, to be implemented from FY22 to FY28. The Scheme for the air-conditioner industry has significantly boosted domestic value addition, increasing it from 25% to 45% within just 18 months of its inception.
Specifically, 26 companies have committed totalling 3,898 crore in air-conditioner components.
This strategic initiative underscores the governments commitment to enhancing local manufacturing capabilities and consequently making consumer durables more affordable.
Such schemes (for consumer electronics) and improved access to credit facilities are powering the sectors growth. They incentivize manufacturers to ramp up production and facilitate consumer spending, particularly on high-value items.
GROWTH DRIVERS
Increasing Disposable Income
Indias per capita Net National Income (NNI) at constant
(2011-12) prices has risen by 35.12%, from 72,805 in FY15 to 98,374 in FY23. This increase in disposable income, coupled with an improved economic outlook, is expected to drive higher consumer spending.
Urbanization
India is urbanizing rapidly. By 2036, its towns and cities are projected to house 600 million people, or 40% of the population, up from 31% in 2011. Urban areas will contribute almost 70% to the GDP. In urban centres, residents typically have higher purchasing power and better access to consumer durables, leading to increased penetration in urban markets.
Surging Electrification in Tier 2 & 3 Cities
The government has allowed 100% Foreign Direct Investment (FDI) in renewable energy, electricity, power generation and distribution. The 2020 Power for All initiative, aimed at providing 24x7 electricity to all villages, has expanded the national electricity network and increased demand for large consumer electronic products in tier 2 and tier 3 cities.
By achieving last-mile connectivity in rural areas, the initiative has enabled residents to use their savings, previously limited by lack of electricity, to purchase consumer durables like washing machines, air conditioners and televisions. This has created a new market for consumer electronics across India.
Government Policies
Favorable government policies and regulatory reforms have significantly impacted the consumer electronics industry.
The introduction of the Goods and Services Tax (GST) and the liberalization of Foreign Direct Investment (FDI) regulations in retail have enabled organized players to expand their reach. The government has also implemented reforms to enhance systemic efficiency in the power sector, spanning generation, transmission and distribution. Additionally, efforts to create a level playing field include restrictions on inventory ownership for online marketplaces, the listing of group companies as retailers and exclusive partnerships. Initiatives promoting energy-efficient appliances further support industry growth and sustainability.
Availability of Easy Finance
Schemes like instalment payments, zero or low-down payments and easy EMIs have made expensive electronic items accessible to a broader consumer base. Additionally, instant zero-cost financing options at the point-of-sale assist customers. With options such as zero interest loans, zero down payment, longer-tenure loans, cashbacks, and instant processing of loans, consumers enjoy greater flexibility in purchasing electronic goods.
Infrastructure Development
The development of modern infrastructure, including shopping malls, enhanced store designs and improved electricity connectivity, has incentivized organized players to invest in brick-and-mortar (B&M) stores. Theres a clear focus on modernizing stores and enhancing store infrastructure to provide comprehensive product displays.
Growing Internet Penetration
India currently boasts more than 820 million active internet users, with over half of them 442 million residing in rural areas. In 2023, internet penetration increased by eight per cent year-on-year, with an estimated 244 million households expected to be online by 2028. The surge in internet users, particularly in rural areas, expands the potential market for consumer electronics such as televisions, laptops and mobiles.
Competitive Pricing
Competitive pricing in the consumer electronics sector is a key driver for industry expansion, stimulating consumer demand and expenditure. By offering competitive rates, companies attract price-conscious consumers, strengthening their market position and potentially expanding their market share.
Growing Demand for Advanced Computing Devices Among the Working Population and Students
Amidst the technological revolution, consumers are prioritizing devices with top-notch performance and a wide range of features. The integration of cutting-edge technologies like artificial intelligence, Internet of Things, augmented reality, virtual reality and remote access, alongside advancements in microcontrollers and personalized technologies, is expected to drive adoption among working professionals and the younger generation, fuelling market growth in the consumer electronics sector. This trend is further bolstered by professionals increasing reliance on consumer electronics for work, entertainment and communication, driving innovation in the industry. Additionally, with the growing need and use of technology in education across levels of education, the demand for laptops among students and smart boards in educational institutions is on a steady rise.
Evolving Consumer Preferences and Technological Advancements
The rise in digital and tech-focused lifestyles, particularly among youth, drives increased electronics consumption.
This trend fuels demand for smart home devices, reflecting a growing preference for connectivity, integration capabilities and smart features. The surge in interest in the Internet of Things (IoT) ecosystem is driving demand for devices that offer seamless integration with other products and services, enhancing user convenience and digital experiences and boosting the consumer electronics industry.
SWOT ANALYSIS
Strengths
Market leader in under-penetrated states such as Bihar, Jharkhand and eastern part of UP
Established brand & strong standing partnerships with OEMs
Exceptional after-sales service
Investment-backed funding
Well-developed distribution networks in both rural and urban areas
First-mover in key markets
Increasing share of organized retail
Weaknesses
Stringent FDI laws impacting retail sector investment
Rise in raw material costs resulting in higher prices
Dependency on seasonal demand fluctuations
Opportunities
Lower penetration of white goods compared to other developing countries
Easy availability of finance
Untapped rural markets
Increase in purchasing power
Increasing demand for premium products
Improved electricity access in remote areas
Growing internet penetration
Threats
Competition from regional and pan-India players
Deterioration in electricity conditions
Changes in government policies
Sudden surge in commodity prices
Rise in e-commerce
COMPANY OVERVIEW
Aditya Vision, founded in 1999, is a multi-brand consumer electronics retail chain headquartered in Patna, Bihar, India. With approximately 50% market share in organized retail electronics in Bihar, Aditya Vision operates a network of retail stores, offering a wide range of electronics such as air conditioners, televisions, refrigerators, washing machines, mobile phones, and more. The Company has distinguished itself through a robust presence of physical stores, thereby enhancing accessibility and offering a superior customer experience. The Company is expanding into Jharkhand and Uttar Pradesh, entering these markets in FY22 and FY23, respectively. Aditya Visions focus on customer service and shopping experience has built strong brand equity and a loyal customer base, attracting over 100 leading consumer durable brands. The Company went public in 2016, becoming the first retailer of consumer electronics in India to be listed on the Bombay Stock Exchange.
Market Leader in Hindi Heartland
With consumer durable penetration in Bihar at 5-10% compared to the national average of 20-40%, Aditya Vision has capitalized on this opportunity, achieving a remarkable 30.15% topline CAGR from FY14 to FY23. Dominating the market, Aditya Vision holds over 50% market share in Bihar with 105 stores and has become the largest retailer in Jharkhand within two years of operations with 25 stores in the state. Furthermore, it has expanded into eastern Uttar Pradesh, operating 20 stores. The average store age of Aditya Vision stands at a youthful 3.6 years. Leveraging a creeping cluster-based expansion strategy and a leased store model, it has exponentially grown its store count from 43 in FY20 to 145 in FY24, achieving an exceptional EPS growth of 59% from FY20 to FY24.
Electrification Driving Growth in Tier 2 & 3 Markets
Bihar and Uttar Pradesh, once power-deficient, full electrification, providing many with access to electricity ratio: 4.42% and driving up consumption. Since FY14, Aditya Vision has expanded its offerings of aspirational electronic products and 3 cities of Bihar. withtheelectrification
Government initiatives like Power for All have been key in boosting demand for consumer electronic products, especially in rural areas. As more households gain access to reliable electricity supply, there has been a noticeable surge in the demand for consumer electronics such as refrigerators, televisions, and smartphones, contributing to Aditya Visions growth prospects.
Early Expansion in Key Markets
Aditya Visions competitive advantage lies in its early expansion into Bihar, Jharkhand and Eastern UP, ahead of other prominent national stores. This early entry has allowed Aditya Vision to gain a deep understanding of customer behaviour and buying patterns, enabling the Company to train its sales staff according to local preferences. Aditya Visions market share in Bihar (more than 50% ) and its status as the leading consumer electronics retailer in Jharkhand underscore the success of this strategy.
Store Expansion
Post-COVID-19, Aditya Vision has aggressively expanded, increasing its store count and retail area at a CAGR of approximately 36% and 31%, respectively, over FY20-24. Aditya Visions growth will be driven by store expansion and increased sales per store as stores will mature. Aditya Visions expansion strategy focuses on consolidating its market leadership in Bihar and Jharkhand while replicating its success in Uttar Pradesh. With a combined population of ~ 400 million, these states are under-penetrated, providing significant opportunities for new store openings and same-store sales growth (SSSG).
Strong Management Team
The Company is led by a seasoned management team with a proven track record in the retail and consumer electronics sectors. Their strategic vision and operational expertise are crucial in driving Aditya Visions growth trajectory.
Key Strategic Priorities
Scale beyond Bihar, Jharkhand and Uttar Pradesh to the adjoining states in the Hindi Heartland over the next 3-5 years.
Increasing penetration in existing markets, especially in Tier II, Tier III and Tier IV cities.
Exceeding customer expectations by offering superior purchasing experience and after-sales service.
Increasing share of premium products in the product portfolio.
Key Financial Ratios
Current ratio (in times): 2.80x
Net Debt-Equity ratio (in times): 0.02x
Return on equity ratio: 24.74% now have Net profit
Return on capital employed: 24.00%
Risk Management
The Board diligently employs risk management processes, reinforced by internal controls, to ensure that the Company achieves its strategic objectives and remains safeguarded against unforeseen circumstances. At Aditya Vision, the focus is on becoming a sustainable business entity by acknowledging potential risks and establishing robust risk management policies. The effectiveness of our strategy directly correlates with the Companys ability to withstand unforeseen incidents. Consistency is a key aspect of the Companys risk management approach, prioritizing long-term business sustainability over short-term profitability corporate strategy. This ensures a clear understanding of feasible and non-feasible actions within our operational framework, involving all stakeholders.
The Company confirms that an extensive risk management framework, including policy, procedures and evaluation methods, is in place to help review organizational risks. The thoroughness of this process has improved corporate sustainability. Hence, risk management will play an important part in corporate management in the distant future.
Human Resources
The Company places great importance on its employees, considering them its most valuable asset. Its human resource policies and procedures are built on the principles of integrity, enthusiasm, quickness, devotion and seamlessness. The Company focuses on recruiting skilled individuals and provides performance-linked incentives and various employee benefits. Extensive training and engagement programs are conducted to enhance employee skills and foster a positive work environment. Employee growth and development are encouraged and loyalty is rewarded. The Company takes pride in maintaining a low attrition rate, reflecting its commitment to nurturing and retaining its workforce.
Information Technology
Building a technology-driven business backed by a customer-focused team is essential for Aditya Visions success. Information technology (IT) optimizes efficiency across operations and empowers data-driven decision-making. Seamless customer interactions are ensured through IT integration.
Internal Control Systems
The Company has a strong internal audit system that is regularly monitored and updated to safeguard assets, comply with regulations and promptly address any issues. The Audit Committee diligently reviews internal audit reports, takes corrective action as required and maintains open communication with statutory and internal auditors to ensure the effectiveness of internal control systems. This robust internal audit framework ensures that the Company operates with integrity, transparency and accountability while mitigating risks and safeguarding the interests of stakeholders.
Cautionary Statement
This statement made in this section describes the Companys objectives, projections, expectations and estimations, which may be forward-looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized by the Company. Actual results could differ materially from those expressed in the statement or implied due to the influence of external factors beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent developments.
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