Everest Kanto Cylinder Ltd Management Discussions

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements identified by words like ‘plans, ‘expects, ‘will, ‘anticipates, believes, ‘intends, ‘projects, ‘estimates or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to the Companys strategy for growth, product development, market position, expenditures, and financial results, are forward–looking statements. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realised. The Companys actual results, performance or achievements could thus differ materially from those projected in any forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

ECONOMIC OVERVIEW

Global Economy

The global economy remained resilient in 2023, with a cautious sense of optimism amidst ongoing challenges. This period began with several challenges, including supply-chain disruptions following the pandemic, the Russia- Ukraine conflict that led to a global energy and food crisis, and a significant surge in inflation. These factors led to a synchronized tightening of monetary policy across the globe.

Despite facing headwinds, the global economy avoided a recession. Major emerging market economies weathered the turbulence, and global growth, estimated at 3.2% in 2023, is projected to maintain a similar pace in 2024 and 2025, according to the International Monetary Fund (IMF). However, the pace of expansion remains slower than historical averages due to factors like high borrowing costs, withdrawal of fiscal support, and ongoing geopolitical tensions. Additionally, the risk of increasing geoeconomic fragmentation poses further challenges. Moving forward, concerted efforts in policy coordination and international cooperation will be crucial in navigating the uncertainties and fostering a more resilient and inclusive economic recovery.

Indian Economy

Indias economy continued its robust growth trajectory in 2023-24, driven by strong domestic demand and an upsurge in the manufacturing and services sectors. The governments focus on infrastructure development and digitalization bolstered economic activities, attracting both local and foreign investments. While inflationary trends and global economic uncertainties posed some risks, the Central Governments proactive policies and Reserve Bank of Indias stable monetary framework provided a strong cushion.

For the next fiscal year, Indias GDP is expected to grow by 6.8%, retaining its position as the fastest-growing large economy. Looking ahead, between fiscal years 2025 and 2031, the size of the Indian economy is projected to approach the $7 trillion mark, based on CRISILs expectation of an average annual growth rate of 6.7%. This would make India the third-largest economy in the world.

Additionally, the Indian economy is continuously benefiting from a growing middle class with increasing purchasing power and a favorable demographic dividend. The governments commitment to sustainable development and clean energy initiatives aligned with global trends, further enhances Indias economic outlook.

Source: CRISIL report

INDUSTRY SCENARIO

Indias natural gas sector, one of the key components of the nations core industries, is undergoing significant transformations driven by ambitious targets and market dynamics. The government aims to boost the share of natural gas in the overall primary energy mix The gas sector plays a critical role in multiple industries, supporting everything from manufacturing to energy production. As global energy needs shift towards more sustainable sources, the gas sector has become a focal point for innovation and growth. The demand for natural gas, in particular, has increased due to its application in various sectors.

This evolution in the gas sector is driven by a broader focus on sustainability. Natural gas, as a cleaner energy source, has gained popularity in the transition from coal and oil. Governments worldwide are promoting the use of gas in transportation, industrial processes, and residential applications. This shift has led to an increase in infrastructure development, with new pipelines, city gas distribution networks, and compressed natural gas (CNG) stations being established to meet the growing demand. The expansion of the gas sector is also influenced by innovations such as Green Hydrogen, which offers a sustainable alternative to traditional energy sources.

The continued growth of the gas sector underscores its adaptability and resilience. Despite challenges such as supply chain disruptions and fluctuating raw material prices, the sector has maintained a steady trajectory. Companies in the gas sector are investing in new technologies and exploring alternative energy sources to stay ahead of the competition. This ongoing evolution reflects a commitment to sustainability and an understanding of the changing energy landscape.

The role of gas cylinders is critical in the evolution of the gas sector. As demand for natural gas and other industrial gases increases, the importance of safe and reliable gas storage and transportation grows. Gas cylinders serve as the backbone for delivering compressed gases to various industries. They are essential in facilitating the distribution of gases for a wide range of applications, from medical treatments to transportation fuels.

Gasification of the Indian economy

• Target to increase share of natural gas in energy mix from 6.7% to 15% by 2030.

• Approximately US $ 67 billion investment in the Indian Gas Sector over the next 5-6 years.

• City Gas Distribution (CGD) rollout update: target to achieve 100% city gas coverage by 2030.

• Introduction of a unified tariff structure for gas pipelines to promote a more integrated and accessible gas market.

• National Green Hydrogen Mission aims to make India a global hub for Green Hydrogen.

• Planned growth in the number of CNG stations to 17,500 stations by 2030.

• Government policies supporting public-private partnerships (PPPs) to accelerate infrastructure development in the gas sector.

Source: Ministry of Petroleum and Natural Gas, Government of India; Industry News Article

Domestic Trends

The Indian government has announced a substantial investment of USD 67 billion over the next six years to enhance the natural gas sector, aiming to increase consumption from 185 MMSCMD to 500 MMSCMD by 2030 and stabilize gas prices. This initiative includes policy and regulatory frameworks to boost natural gas usage, complemented by Unified Tariff reforms by PNGRB that simplify structures and benefit customers, particularly in remote areas. The expansion of the City Gas Distribution (CGD) network and the National PNG Drive campaign are key components of this initiative, with the number of CNG stations rising significantly, indicating progress in expanding the countrys natural gas infrastructure.

In addition, there has been notable growth in the coverage of CGD networks both population-wise and area-wise, significantly increasing from minimal coverage in 2014 to nearly complete coverage in 2023. This comprehensive expansion ensures that the benefits of natural gas reach a broader segment of the population, aligning with the governments goal to increase natural gass share in the energy mix to 15% by 2030.

Moreover, collaboration with state governments and the formation of expert committees by PNGRB underscore a commitment to enhancing safety standards, consumer protection, and advancing the gas share in the energy mix. While these efforts have significantly boosted the infrastructure and adoption rates for PNG and CNG, challenges such as dependence on imported gas and the need to boost domestic production remain critical to achieving the 2030 target.

CNG

Compressed Natural Gas (CNG) vehicles are gaining traction for their environmental benefits and cost-effectiveness compared to traditional vehicles. CNG vehicles are gaining popularity due to their environmental benefits and cost-effectiveness compared to traditional gasoline and diesel vehicles. The trends in CNG vehicles reflect a broader shift towards sustainable transportation, with an increasing number of automakers offering CNG-compatible models. This shift is driven by the need to reduce carbon emissions and improve air quality, especially in urban areas where air pollution is a significant concern.

The expansion of CNG fueling infrastructure is a key driver in the adoption of CNG vehicles. As more CNG stations are established across the country, vehicle owners find it easier to refuel, promoting the use of CNG vehicles. This expansion is supported by City Gas Distribution (CGD) networks, which distribute natural gas to residential, commercial, and transportation sectors. The growth of CGD networks underscores the focus on building a robust infrastructure to support the transition to cleaner transportation fuels.

Gas cylinders are central to the operation of CNG vehicles, providing secure storage for compressed natural gas. These cylinders must meet stringent safety standards to ensure they can handle high pressure and avoid leaks. The reliability and safety of gas cylinders are critical to the safe operation of CNG vehicles, as they need to store and transport compressed natural gas without compromising safety.

The demand for CNG cascades made from gas cylinders is increasing alongside the growth in CNG stations. CNG cascades are composed of interconnected gas cylinders and serve as large storage units at fueling stations. They play a vital role in maintaining a steady supply of compressed natural gas, allowing gas stations to refuel CNG vehicles efficiently. This demand is driven by the expansion of CGD networks, supporting the broader transition to CNG as a transportation fuel.

Green Hydrogen

Green Hydrogen has become a focal point in Indias energy landscape. As the country seeks to reduce its carbon footprint, Green Hydrogen offers a sustainable alternative to conventional energy sources. Indias push towards Green Hydrogen aligns with its broader commitment to sustainability and the global trend of reducing carbon emissions. The government has announced ambitious plans to expand the use of Green Hydrogen across various sectors, including transportation, industry, and energy storage. This transition is driven by the need to find cleaner energy sources and reduce dependence on fossil fuels. Moreover, Green Hydrogen has the potential to support Indias energy security and reduce its reliance on energy imports.

Gas cylinders play a crucial role in the Green Hydrogen ecosystem. As hydrogen is a highly flammable gas, safe storage and transportation are essential. Cylinders designed for hydrogen storage must meet strict safety standards, offering high strength and durability. Innovations in gas cylinder technology, such as composite materials, have improved the safety and efficiency of hydrogen storage and transportation.

Industrial Gases

Indias industrial sector continues to grow, driven by an increased focus on domestic manufacturing and a favorable economic environment. As part of this expansion, the demand for industrial gases is expected to rise, supporting a wide range of activities across different industries. The demand for gases like oxygen, hydrogen, nitrogen, and carbon dioxide is projected to witness a growth driven by demand from several key sectors. Cylinders play a crucial role in storing and transporting these gases, ensuring safety and reliability throughout the supply chain. As industrial usage trends continue to evolve, the role of gas cylinders remains central to the efficient operation and expansion of these industries.

Supply to Medical Establishments

Medical gas supply systems are essential in hospitals and healthcare facilities, creating a framework of specialized gases and gas mixtures. This system provides gases such as oxygen, medical air, nitrous oxide, nitrogen, carbon dioxide, medical vacuum, and anesthetic gases. These gases are utilized in various healthcare environments, including operating theatres, intensive care units, general wards, recovery rooms, and other critical treatment areas. As medical facilities expand, the demand for medical gases, gas cylinders, and related equipment is expected to increase.

Gas cylinders are central to medical gas supply systems, offering a safe and dependable means of storing and transporting these gases to healthcare facilities. Oxygen cylinders are especially crucial for emergency care and intensive treatments, ensuring that life-saving oxygen is always available. The use of medical gas cylinders ensures that gases are accessible where they are needed most, allowing healthcare facilities to operate smoothly and respond quickly to patient needs.

Defence

Heightened global tensions and geopolitical risks have resulted in increased spending on defence expenditures and security. Gases like oxygen, nitrogen, and hydrogen are used in welding, cutting, and heat treatment, supporting the production and upkeep of military equipment such as aircraft, combat ships, and vehicles. Further, Gas cylinders play a crucial role in submarines, storing oxygen for life support and compressed gases for buoyancy control. These cylinders ensure that submarines can navigate underwater, adjusting their depth and position with precision. They are also integral to safety systems, providing emergency breathing devices and supporting fire suppression systems. Overall, Gas cylinders are essential for the defence industry as a whole, providing a safe and efficient method for storing and transporting industrial gases.

Fire Safety Equipment and Fire Suppression Systems

Fire safety equipment and fire suppression systems are vital in protecting lives and property in various settings. Modern fire safety systems are designed to extinguish fires or contain them before they cause significant damage. These systems use a variety of agents, including water, foam, dry chemicals, and gases like carbon dioxide, to suppress fires. Advanced fire suppression systems are tailored to specific environments, such as data centers, industrial facilities, and commercial buildings, providing targeted protection based on the unique risks in each setting. Gas cylinders play a crucial role in fire safety equipment and fire suppression systems. They store and transport the gases used in these systems, ensuring they function correctly when needed. The reliability and safety of gas cylinders are essential in ensuring fire safety systems operate effectively.

EKCS BUSINESS FRAMEWORK

• Everest Kanto Cylinder Limited (EKC), established in 1978, is a clean energy solutions Company and a leading global manufacturer of seamless gas cylinders.

• EKC operates two manufacturing facilities in India located at Tarapur (Maharashtra) and Kandla SEZ (Gujarat) and two international facilities through subsidiaries as mentioned below at Jebel Ali Free Zone in Dubai and Pittsburgh (PA), USA, with an aggregate capacity of over 1.5 million cylinders annually.

• EKC offers a diverse product line, including industrial, CNG, and jumbo cylinders, catering to the high-pressure storage needs of gases like oxygen, hydrogen, nitrogen, argon, helium, and air. These products find applications across various industries, including manufacturing, fire equipment/ suppression systems, medical establishments, aerospace/ defense, and automotive sectors, catering to a wide customer base

• EKCs strong market position is supported by a significant domestic market share and broad international reach, cultivated over four decades. The Company is well-positioned to capitalize on the growing industrial and automotive use of gases, driven by economic and environmental factors. EKCs strategic framework leverages its extensive manufacturing capabilities and industry experience to meet diverse market demands, emphasizing quality, safety, and reliability in fostering trusted supplier relationships.

GLOBAL OPERATIONS

Dubai

EKC International FZE, a wholly owned subsidiary of EKC located in Dubai, specializes in the manufacture and distribution of CNG cylinders, industrial cylinders, cascades, multiple element gas containers, and specialized fire suppression and detection systems. Serving the Middle East, South America, Eastern and Western Europe, this subsidiary has recently achieved PESO (Petroleum & Explosive Safety Organization) Approval, allowing it to supply cylinders globally, including exports to India. This approval is particularly significant as it meets the rising demand from multinational companies in the fire-fighting sector within the Indian market, requiring gas cylinders that adhere to international standards and are approved by the Chief Controller of Explosives (CCOE) for import into India. The Dubai plants certification provides EKC with a strategic advantage to supply global firms operating in India, enabling efficient inventory management while maintaining the quality associated with the EKC brand.

USA

In the United States, EKC operates through CP Industries Holdings Inc, (CPI) a leader in the innovation and production of large, seamless pressure vessels. CPIs product range includes ground storage and mobile transportation solutions for industrial gases and alternative fuels, onboard cylinders for passenger and commercial vehicles, flasks for U.S. Government shipboard systems, and specialty vessels for foreign military applications. Additionally, CPIs offers oil and gas exploration cylinders and other specialty vessels. CPIs also markets DOT-approved industrial cylinders that are sourced from EKCs facilities in India and Dubai, further integrating EKCs global operational capabilities.

STRENGTHS

Established Market Leader in India

Since its inception in 1978, EKC has been at the forefront of the high-pressure seamless cylinders industry in India. As one of the first entrants in this sector, EKC has successfully leveraged its early market presence to establish a dominant position. This dominance is supported by a comprehensive network of longstanding customer relationships and an efficient supply chain, reinforcing its status as the largest cylinder producer in the country.

Robust Manufacturing Infrastructure

EKC operates on a global scale with state-of-the-art manufacturing facilities located in India, Dubai, and the USA. The companys products are renowned worldwide for their high quality, adhering to strict international and local standards such as ISO, EN, and IS specifications. This well-established manufacturing base allows EKC to meet the diverse needs of its global clientele effectively.

Global Recognition

EKCs global presence extends to over 25 countries, including markets in Southeast Asia, the Middle East, the USA, Europe, South America, and the Commonwealth of Independent States. The companys commitment to stringent quality standards and efficient production practices has made its products competitive on the world stage, supported by superior logistical capabilities.

Experienced Management Team

The core management team at EKC comprises individuals with extensive expertise and a deep understanding of the industrys nuances. Many team members have been with the Company for decades, playing a pivotal role in shaping its current market-leading position.

Dedication to Technological Innovation

EKC has consistently been a pioneer in adopting cutting-edge technologies in cylinder manufacturing. The Company is expanding its technological footprint by developing Type 3 cylinders in India, which consist of a composite wrap around a metal liner, offering enhanced safety and lighter weight. This initiative demonstrates EKCs proactive approach in integrating state-of-the-art technologies into its offerings. In the United States, EKCs subsidiary has already developed capabilities for producing Type 4 cylinders, which are entirely made from composite materials and represent the latest in lightweight cylinder technology. However, this technology is currently expensive, leading to limited traction in the Indian market. EKC plans to adopt this advanced technology in India when the conditions become more favorable and cost-effective.

Wide Product Range

EKC and its subsidiaries offer a diverse and adaptable product lineup, encompassing a range of cylinder capacities from 1 litre to 3,000 litres. This extensive range includes everything from smaller capacity industrial gas cylinders to larger capacity Jumbo cylinders and advanced Composite cylinders. This breadth of products allows EKC to effectively meet the varied needs of customers across different industries.

Established Long-Term Relationships

One of EKCs strengths lies in its established relationships within the industry, fostered by its longstanding reputation for producing high-quality, reliable products. The long gestation period required for obtaining necessary approvals in this sector underscores the critical nature of quality, as EKCs products are typically used to carry high-pressure gases. The attention to quality and safety ensures that EKC maintains trust and credibility among its clients, many of whom operate in industries where the integrity of gas cylinders is paramount.

Financial Stability

EKCs financial stability is a cornerstone of its operational strength, marked by a robust balance sheet and a near net-debt position. This financial health enables the Company to invest in growth initiatives and technological advancements while equipping it to withstand market fluctuations. Such a solid financial foundation ensures that EKC can pursue strategic opportunities, expand market presence, and maintain its competitive edge in the cylinder manufacturing industry, even in times of economic uncertainty.

CHALLENGES, RISKS AND CONCERNS

CNG Demand Slowdown

The demand for CNG vehicles could be impacted owing to high gas prices, which might deter users from choosing CNG over traditional fuels like petrol and diesel. While CNG is generally seen as a cost-effective alternative, significant increases in gas prices could deter users and impact the overall adoption rate of CNG vehicles. Furthermore, the Indian governments active promotion of CNG usage through various incentives and a favorable pricing mechanism aims to counterbalance these cost concerns. These government efforts are designed to sustain the adoption of CNG, supporting the demand for CNG cylinders in a market sensitive to fuel price fluctuations.

Increase in Input Cost

Unforeseen price fluctuations in essential raw materials such as seamless steel tubes could impact EKCs profitability and temporarily affect performance. To address this concern, EKC maintains strong relationships with its critical raw material suppliers to ensure uninterrupted manufacturing. The Company also actively nurtures its relationships both locally and globally to secure a reliable supply of necessary materials. Additionally, the marketing division regularly evaluates raw material costs to mitigate financial risks associated with price volatility.

Intensified Competitive Landscape

EKC faces competition from both domestic and imported products, despite its leading position in the market and being the preferred choice for high-pressure gas cylinders among both public and private customers. This competitive landscape can pressure market share and pricing strategies. In response to this challenge, EKC continues to leverage its strong market standing by emphasizing the quality, reliability, and innovation of its products.

Innovation in product Development

The evolution of technology in the cylinder manufacturing industry introduces the risk of high acquisition and maintenance costs associated with newer, advanced products. In response, EKC prioritizes innovation in its product development strategy. The Company invests in R&D to integrate new manufacturing techniques and materials, ensuring its products remain competitive and technologically advanced. By staying abreast of market trends and technological advancements, EKC effectively navigates potential disruptions and maintains its leadership in the industry.

Fluctuations in Currency Exchange Rates

Continuous fluctuations in foreign currency exchange rates, influenced by global economic and geopolitical events, pose a risk to EKCs profitability. Since seamless steel tubes—a crucial raw material—are predominantly imported and priced in foreign currencies, these fluctuations can have an impact. To manage this risk, EKCs treasury department actively monitors global currency exchange rates and assesses the cost of hedging net exposures, aligning these efforts with the Companys comprehensive internal risk management policies.

Risk of Transition to Electric Vehicles

While the push for Electric Vehicles (EVs) has garnered significant attention, their widespread adoption faces considerable hurdles due to insufficient infrastructure, like the lack of a comprehensive network of charging stations. Limitations of EVs, such as increased costs, environmental impacts depending on the power source, limited charging infrastructure, longer refueling times, and reliance on rare metals for batteries, also pose significant challenges.

In response, the government is implementing a long-term multi-fuel strategy by presenting a diversified energy approach that includes both electric and gas-powered options. Gas as a fuel remains a viable, environmentally friendly alternative given its lower emissions compared to conventional fuels. This balanced approach helps maintain a competitive landscape for companies like EKC that rely on the demand for gas cylinders.

Litigation Risks

Due to the Companys extensive scale and geographic reach, litigation risks may arise from various sources such as commercial disputes and employment-related matters. As the Companys business stature grows, there is a possibility of facing frivolous litigation lacking legal merit, a risk common to all business entities. Apart from incurring legal expenses and diverting management attention, litigation also attracts negative media coverage and heightens reputation risks. Adverse rulings could lead to significant damages.

FINANCIAL VIS-A-VIS OPERATIONAL PERFORMANCE

The discussions in this section relate to the consolidated, Rupee-denominated financial results pertaining to the year ended March 31, 2024. The financial statements of the Company and its subsidiaries (collectively referred to as ‘EKC or ‘the Company) are prepared in accordance with the Indian Accounting Standards (referred to as ‘Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.

FY2024 marked a stable year for EKC. While FY2023 presented significant challenges, particularly in the CNG cylinder industry, this year demonstrated a steadier performance with demand picking up in the second half. The CNG segment maintained its crucial role in the Companys portfolio, contributing to over half of the revenues. Despite a prior reduction in contributions from the higher-margin segment, margins have shown improvement. The consistent and reliable performance of the industrial segment further strengthened the overall results, ensuring a stable financial position throughout the year.

On a standalone basis, EKC achieved revenues of 771.5 crore in FY24, with an EBITDA of 90.8 crore, reflecting a margin of 11.8%. The Profit After Tax (PAT) for the year stood at 53.9 crore. On a consolidated basis, the Company reported revenues of 1,223.0 crore. EBITDA for the consolidated operations was 160.5 crore, with a margin of 13.1%, and the PAT was 97.6 crore.

The CNG segment remained a significant contributor, generating 613.6 crore, which accounted for 51.1% of the total revenue.

The Industrial business followed, contributing 344.0 crore or 28.6% of the revenue, while the Jumbo cylinders segment added 188.1 crore, representing 15.7% of the total revenue.

The following table gives an overview of the Consolidated Financial Results of the Company

( In Crores)	FY23	FY24
Income from Continuing Business Operation	1,274.5	1,222.9
Earnings before interest, tax, depreciation and amortization (before other income)	161.1	160.5
Profit Before Tax (PBT)	115.8	120.3
Profit after Tax from continuing operation	75.9	97.6

DIVIDEND

For FY 2023-24, the Board of Directors recommended a dividend of 0.70/- per share. For details on dividend distribution policy, please refer to the Companys website at EKC - Dividend Distribution Policy

OUTLOOK

The Company is bullish on the seamless cylinder opportunity in both Indian and international markets. The increasing demand for high-quality, durable cylinders in various sectors presents significant growth potential. The robust R&D efforts and strategic technological advancements position the company to capture these emerging opportunities, ensuring a strong foothold in the global market.

The outlook for CNG cylinders in India remains optimistic. The governments commitment to expanding the use of eco-friendly natural gas, along with fiscal incentives and infrastructure development, creates a favourable environment for CNG vehicles. The Indian governments substantial investment of USD 67 billion over the next six years to advance the natural gas sector includes new policy and regulatory frameworks to boost natural gas usage. Unified Tariff reforms by PNGRB aim to simplify pricing structures and benefit customers, particularly in remote areas, enhancing the attractiveness of CNG as a viable and affordable fuel option. The continued expansion of the CNG distribution network across the country further supports the growth prospects of the CNG vehicle market.

In addition, the Company has commenced sales of composite cylinders in India, underscoring the robust R&D efforts. The Company is in strategic position to tap emerging opportunities in the evolving energy market. The increasing role of green hydrogen as a sustainable energy alternative, both globally and in India, is backed by multibillion-dollar investments in the U.S., UK, Europe, Saudi Arabia, and other parts of the Middle East. India is making significant strides with major corporations investing in green hydrogen to position the country as a leading producer and exporter by 2030.

EKC is already a key player in the sustainable energy landscape, supplying hydrogen cylinders through operations in India, Dubai, and the U.S. This strategic positioning enables the Company to leverage the expanding use of hydrogen and other sustainable energy solutions in the future. As a company deeply committed to sustainability, EKC is closely monitoring developments in this field and actively evaluating opportunities to further integrate sustainable energy solutions into its diversified portfolio. The aim is to solidify its place at the forefront of the sustainable energy revolution, opening new avenues for growth and stakeholder value creation.

INTERNAL CONTROL SYSTEM

The Company has an Internal Audit System commensurate with its size and nature of business operations. At the start of every financial year, the Audit Committee finalizes scope of work with the Internal Auditor wherein key and other areas are identified for verification for onward submission of their report to the Audit Committee of the Board. The Internal Auditor submits report on quarterly basis. EKC has also implemented adequate internal controls towards achieving efficiency of operations, management of resources, accuracy and promptness of financial reporting and compliance with the applicable laws, rules and regulations.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company recognizes importance of manpower in overall business growth of the Company; hence it provides substantial thrust on the human resources of the Company. The Company undertakes various HR initiatives to enhance productivity of the employees thereby leading to integration of their personal and Companys goal. Training and Development of the employees forms an integral part of the Companys policy towards achieving its objectives. The Company has resilient talent management framework facilitating in identifying and nurturing employees with long term potential to take up critical leadership roles. The objective of this meticulous and consistent effort is to build a strong future-fit talent pool that is empowered to take the organization into a new orbit of growth and sustainability, keeping in view the career aspirations. The Company has 651 employees as on March 31, 2024.