Geekay Wires Management Discussions


Geekay Wires Limited is an ISO 9001:2008 company, located at Hyderabad, engaged in manufacturing of niche quality Galvanized Steel Wires which find applications in Power Transmission, Cable & Conductor, General Engineering, Construction etc.

Today with robust infrastructure & testing facilities we are in the preferred-vendor list of PGCIL and in all most all State Transmission & Distribution Companies, Electrical Contractors, corporate engaged in turnkey business of creating infrastructure for Power Transmission & Distribution, Cable & Conductor Manufacturing, etc. our products are not only accepted in India but we have received accolades from overseas customers also. The company has the following major products and it also holds BIS License for most of these.

a. WIRES Products for Fencing
Galvanized Steel Wire Barbed Wire, Chain Link Fence, Welded Wire Mesh
Products for Power Industry
Cable Armour Wire Round & Flat IS-3975, Steel Tape,
Earth Wire, Stay Wire IS - 2141 &BS - 183
Products for Infrastructure Industry
Hot Dipped Galvanized Wire, Binding Wire, ACSR Core
Wire IS - 398 (Part-2), Bright & Black Annealed Wire
Products for general Engineering
Fasteners (Nuts, Bolts & Rivets), Mild Steel Drawn Wire
(HB/HHB), High Carbon Drawn Wire, Welding Electrode
Wire(EQ Wire)
b. NAILS Coil Nails, D-Head Nails, Full Head Plastic Strip
a. STAINLESS STEEL NUTS & BOLTS Stainless steel Nuts & Bolts - Haxagon Head Bolt,
Haxagon Head Screw, Round Head square Neck Bolt,
Hexagon Nut, Square nut etc.

The Company has an installed capacity of 30,000 MTS P.A of Galvanized Steel Wires in various grades & sizes and 30,000 MTS PA of Nai ls& 10,000 MTS PA of Stainless Steel Nuts & Bolts for manufacturing of the above products. During the year the Company added a new main object of Transportation Logistic Services by Amendment in the Memorandum.


The global economy recovered reasonably well in the financial year 2022-23 as the effect of new variants of the COVID-19 virus is fading. Robust policy support in advanced economies, availability of vaccines and relaxation of pandemic restrictions helped economies bounce back, collectively expanding world output by an estimated 6.1%. The war in Ukraine is expected to causes significant slowdown in the global growth in 2023-24 and add to inflation. Global growth is expected to slow down to 2.2 % in 2023-24 (Organization for Economic Co-operation and Development (OECD)


The eight core industries comprise more than 40% of the weight of items included in the Index of Industrial Production (IIP). The cumulative growth of the core industries during FY 23 was estimated to be about 7.4 %. Despite being hit by COVID-19, the steel industry, one of the major sectors catered to by the Company, benefitted by the rally in commodity prices. India was 2ns top country among the top 10 steel producing countries during 2023.


The Indian construction industry is expected to receive a significant boost in 2023 which will be supported by a sharp increase in capital expenditure as part of the Financial Year 2023/2024. Budget In 2023-24, construction and manufacturing activities in India are likely to be supported by spending on infrastructure and gradual revival in automotive production, with an expected improvement in semiconductor supply. In the Budget 2023-24 the prime minister and the finance minister have announced Rs. 10 lakh crore capital expenditure plan that becomes the source of great demand for our industry.

The minister said that there is a structural shift at international level from West to East has enabled India to emerge as an epicentre of evolution and growth of the Steel sector. He said that India is set to become a power house of manufacturing which will increase the share of Steel in GDP from 2 to 5%.

Indias domestic steel demand is estimated to grow annually by 7.5% to reach 128.85 million tonnes (mt) in the current financial year. According to estimates by the Indian Steel Association (ISA), domestic steel demand stood at 119.86 mt in fiscal 2022-23. Demand is expected to rise further by 6.3% to reach 136.97 mt in the next financial year 2023-24 as per the ISA projections.

The construction industry in India is expected to expand by 5% in real terms in 2023. This estimate has been revised down from an earlier projection of 5.2% growth due to a decrease in foreign direct investment (FDI).

What factors are expected to drive growth in the construction industry

India s rich deposit of iron ore and coal are offset by countrys insufficient reserves of cooking coal . To achieve its goal of 300 million tonnes of steel making capacity as outlines in the National steel policy, India plans to rely heavily on the blast furnace method , which necessitates the use of cooking coal. However, Indias reliance on Imports from Australia to meet its cooking coal demand is subject to fluctuations in supply and price due to unpredictable weather patterns.

Though the expectation of a continued and stable recovery from the pandemic had been shaken by the war in Ukraine and rising inflation, Foreign Direct Investment (FDI) had declined at $ 70.97 Billion in FY 23 as compared to US $ 83.57 billion in the fiscal year 2021-2022.


The following are relevant financial performance details with respect to the operational performance of the Company.

(Rs In Lakhs)



Income from Operations


Other Income


Total Revenues


Operating expenditure


Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)


Finance costs


Depreciation and amortization expense


Profit before exceptional item and Tax


Exceptional Item


Profit before Tax (PBT)


Tax expense


Profit after Tax (PAT)



Key Opportunities include:

? Robust Demand :

Increased demand in India, USA , Europe and developing countries.

? Increasing Investments:

The industry is witnessing consolidation of players, which has led to investment by entities from other sectors. The ongoing consolidation also presents an opportunity to global players to enter the Indian market.

? Policy Support:

Implementation of production -linked incentive scheme (PLI) for the approved speciality steel Key Threats include:

? Capital and labour intensive industry.

? Logistic Hurdles and International and local slow down.

? The high inflation impacting input cost.

? Disruptions in raw material supply


Your Company has segments of revenue. Audited financial results of the segments are furnished in Note 22 of Notes forming part of the Financial Statements.

The Company has put in place Risk Management Policy and Procedures for identification, assessment, management, monitoring and minimization of risks. It has identified potential risks under various categories like Business, Operations, Liquidity, Market, Industry, Human Resources and Systems. The Company is periodically reviewing the risks and their identification, assessment, monitoring and mitigation procedures. It does not perceive any major technological, operational, financial or environmental risks in the near future except for the prevailing Russian Ukraine conflict and its impact on the global economy.


Your Company has adequate internal control systems combined with delegation of powers and periodical review of the process. The control system is also supported by internal audits and management reviews of documented policies and procedures.


The Companys Industrial relations at all the levels remained cordial throughout the year.


This report contains several forward-looking statements that involve risks and uncertainties, including, but not limited to, risks inherent in DP Wires growth strategy, acquisition plans, dependence on certain businesses, dependence on availability of qualified and trained manpower, economic conditions, government policies and other factors. Actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. This report should be read in conjunction with the financial statements included herein and the notes thereto for & on behalf of the Board of Directors.


The Financial Statements have been prepared in accordance with Indian Accounting Standards (IND- AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 and other relevant provisions of the Act.