HPL Electric Management Discussions


After experiencing high market volatility frommultipleheadwinds Domestic Product (GDP) grew in2022, the global economy is showing resilience. The slowdown is expected to be less pronounced in 2023 than previously

continue to impact the conditions,andtheRussia-Ukrainewar global economy. Persistent headwinds are International Monetary Fund (IMF), threatening global economies, and the severity of these impacts loom. However, the rebounding of Chinas economy, improved supply-chain functioning, and the recent decline in energy and food prices activity in 2023.indicate Further, improvementineconomic global inflation is projected to decline from 8.7% in 2022 to 7% in 2023 and 4.9% in 2024.

Despite the global challenges, the U.S. economy remains strong and at 2.1% in its real Gross 2022 on the back of increased private investment and consumer spending. It is projected to grow at 1.6% in 2023 and 1.1% in 2024. The European economy recorded 2.7% growth in 2022 and is projected to decline to 0.8% in 2023 before rising to 1.4% in 2024. Accordingtothe global GDP growth is projected to decline from 3.4% in 2022 to 2.8% in 2023 and rise to 3% in 2024. Growth across Advanced Economies (AEs) is expected to decline from 2.7% in 2022 to 1.3% in 2023 before rising to 1.4% in 2024. Emerging and Developing Economies (EMDEs) fared better and grew at 4% in 2022 and are expected to grow at 3.9% in 2023 and 4.2% in 2024. Asia-Pacific will be the most dynamic of the worlds major regions in 2023, with China and India leading the growth.


The Indian economy is relatively insulated from global spillovers and continues to be among the fastest growing economies in the world. Indias real GDP grew by 7.2% in FY 2022-23 as against 9.1%inFY2021-22and lesser dependence on global demand. Despite the weak external demand, the merchandise exports registered healthy growth. It was the highest-ever at US$ 448 billion with 6.03% growth during FY 2022-23 surpassing the previous years record exports of US$ 422 billion.

supply chains, Following the gradual softening of global commodity prices, and successive hikes in the policy repo rate by 250 basis points in FY 2022-23 by the Reserve Bank of India inflation (RBI), the wholesale price index (WPI) subsided to -3.48% (provisional) in May 2023 against -0.92% recorded in April 2023 and the consumer price index (CPI) inflation decreased to 4.25% (provisional) in May 2023 against 4.70% recorded in April 2023. Further, the core industries registered a combined ICI (Index of Eight Core Industries) increase of 7.6% (provisional) during FY 2022-23 compared to the corresponding period of last year. The gross Goods and Services Tax (GST) revenue collection in May 2023 was Rs 1.57 trillion with 12% YoY growth. Moreover, increasing disposable income will stimulate consumption and boost the demand for goods and services across industries.

According to the IMF, the Indian economy is expected to advance steadily at 5.9% in FY 2023-24 before rising to 6.3% in FY 2024-25. The economic growth is primarily driven by robust domestic consumption, abating of inflation, technology-enabled development, export growth, and revival in credit growth among others. Additionally, increased capital expenditure infrastructure and the growth-enhancing policies such as the PLI schemes, ‘Make in India and ‘Atmanirbhar Bharat will strengthen the infrastructural and manufacturing base, lead to higher productivity, promote Indian products in the global markets and build a strong foundation for sustained economic growth.


Power Sector

India is the third-largest producer of electricity worldwide with a total installed power capacity of 417.66 GW as on 31.05.2023. Power generation sources range from conventional sources such as coal, lignite, natural gas, oil, hydro, and nuclear power to non-conventional renewable sources such as wind, solar, and agricultural and domestic waste. Solar energy is the largest renewable energy source in India.

The total generation of electricity (including renewable sources) in FY 2022-23 was 1,624.158 BU compared to 1,491.859 BU during FY 2021-22, representing 8.87% YoY growth. The electricity generation target including renewable energy for FY 2023-24 has been fixed at 1,750BU, i.e. growth of ~7.2% over the actual generation of 1,624.158BU for the previous year.

The demand for electricity in India has been growing rapidly, driven by the growing population, rapid urbanisation, accelerating industrial and economic activities, infrastructure development, rising electrification, energy transition and consequent per-capita consumption. The governments initiative ‘Power for All has accelerated capacity addition in the country. Power consumption in India grew 9.5% to 1,503.65 BU YoY in FY 2022-23. To meet the rising power demand, the government is pushing renewable energy (RE) to the forefront and undertaking various measures to increase RE capacity, increase cross-border linkages and improve the power transmission sector.

In the National Action Plan on Climate Change 2008, the government announced that the development of renewable energy will be one of its goals for reducing dependence on fossil fuels and combating climate change. In the Union Budget 2023-24, an increased fund of Rs 10,222 crore is allocated to the Ministry of New and Renewable Energy (MNRE), which is 45% over the revised estimated allocation of Rs 7,033 crore the last year. The government allocated Rs 7,327 crore for the solar power sector including grid, off-grid, and PM-KUSUM projects.

The transmission sector plays a catalyst role in the power system value chain in India by supplying power to the consumers through the vital link between the generating stations and the distribution system andby extending the grid to renewable rich areas and facilitating renewable energy projects to connect into the grid. India has become one of the largest synchronous interconnected electricity grids in the world with 4,71,817 ckm of transmission line and 11,85,058 MVA of transformation capacity (as on April 2023) 177,641 ckm of transmission line and 628,329 MVA of transformer capacity are added in FY 2022-23. This has led to 1,12,250 MW inter-regional power transfer capacity with a staggering increase of 212% since 2014. The transmission network has been growing at a significant pace with the addition of transmission capacity both at interstate and intra-state levels, driven by rising power demand, the addition of renewable energy capacity, and the transition to renewable energy. The growth of electrification and consumption has led to a need for the expansion and upgradation oftransmission and distribution (T&D) systems. The government has adopted several measures to strengthen the T&D network in the country which include:

Fund allocation ofRs 3,03,758 crore for the Revamped Distribution Sector Scheme (RDSS) for five years from FY 2021-22 to FY 2025-26 to provide financial assistance to DISCOMs for modernisation and strengthening of distribution infrastructure, aiming to improve the quality, reliability, and affordability of power supply through a financially sustainable and operationally efficient transmission and distribution sector.

I mplementation of Saubhagya Scheme, a concurrent to Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) to improve last-mile connectivity to rural households and Integrated Power Development Scheme (IPDS) for strengthening the power sub-transmission and distribution networks in urban areas.

Supporting financial and operational turnaround of and National Smart Grid Mission to improve distribution system. (Source: Ministry of Power)

Increasing privatisation of the power distribution expansion of power distribution infrastructure, smart grid projects.


The Central Electricity Authority (CEA) estimates Indias power requirement to grow to reach 817 GW by 2030. The CEA, in its National Electricity Plan, 2023 estimates that the share of non fossil fuel energy generation would increase to 57.4% by 2026-27 and further to 68.4% by the end of FY 2031-32. The governments target of achieving net-zero carbon emissions by 2070 with 50% cumulative installed capacity for electric power from non-fossil fuel-based energy resources by 2030 will create lucrative opportunities for the power transmission sector.

Indian Electrical Equipment Industry

Indias Electrical Equipment Industry can be broadly classified into two segments Generation equipment (boilers, turbines, generators) and Transmission & Distribution (T&D) equipment which includes energy meters, transformers, cables, transmission lines, switchgears, capacitors, etc. According to market research and advisory firm Technavio, the electrical equipment market size in India is expected to reach US$ 33.74 billion by 2025, growing at a CAGR of 9%. The rise in residential and commercial real estate projects will lead to an increased demand for power and drive the growth of the electrical equipment market in India. According to the Indian Electrical and Electronics Manufacturers Association (IEEMA), the Indian electrical equipment industry witnessed a record double-digit growth of 13% in FY 2022-23. Industry production (estimated) for FY 2022-23 is Rs 2,56,000 crore with increased exports touching Rs 94,169 crore in FY 2022-23.

Metering solutions: Smart meters are being installed under various schemes of the government as well as by the State Utilities. Smart meters are connected through a web-based monitoring system which will help to reduce commercial losses of utilities, enhance revenues and serve as an important tool power sector reforms. Under the Revamped Distribution Sector Scheme (RDSS), the Ministry of Power aims to install ~25 crore smart meters across India by March, 2025, which will create a huge potential market of Rs 60,000 to Rs 90,000 crore.

State-owned Energy Efficiency Services Ltd (EESL), the agency through which the governments Smart Meter National Programme (SMNP) is being implemented, has already installed 30 lakh smart meters in Rajasthan, Uttar Pradesh, Delhi, Haryana, Bihar and the union territory of Andaman under SMNP. EESL further aims to install a total of over 47 lakh smart meters by December 2023.

Cables and wires: The wires and cables industry is estimated to value at Rs 600-650 billion in FY 2022 and constitutes ~40-45% of the electrical equipment market in India. The wires and cables industry is characterised by intense competition from existing and new players and its fragmentation is marked by the presence of both larger organised players and numerous smaller players in the unorganised segment. The rapid rise of the organised sector and the governments focus on investment in infrastructure and development projects would promote large-scale growth across sectors, such as infrastructure, power, telecom, transmission and distribution, manufacture, real estate, engineering, and -automotive. Growth in renewable power generation, expansion and revamping of T&D infrastructure, increasing investments in metro railways and smart grid projects and growth in the data centre sector will also contribute to a robust demand for wires and cables in India. Increasing urbanisation and commercialisation are expected to bolster investments in the real estate industry and and drive the demand for low-voltage insulated wires and cables. The W&C market in India is expected to grow at a CAGR of 12% between FY 2021 - FY 2026.

Switch gears and modular switches: The India switchgear market size reached US$ 10 million in 2022. The market is expected to reach US$ 16.5 million by 2028, exhibiting a CAGR of 6.84% during 2023-2028. The growing demand for reliable and environment-friendly switchgear, increasing electricity consumption, replacement of old switchgears at sub-stations due to the rapid development in the power distribution sector and the growing implementation of the smart grid and smart meters, and renewable energy transition in the country are some of the key factors aiding the growth of the switchgear market in India.

Lighting equipments: The Indian lighting market is expected to grow at a CAGR of 9.8% between 2023 and 2028 and reach a projected value of US$ 5.51 billion by 2027. Rapid increase in the population, rising disposable income, increasing power consumption and high presence of numerous market players in the country is expected to drive the growth of the Indian lighting market. Based on light type, the market can be segmented into LEDs, CFLs, HIDs and halogens, and incandescent, among others.

inThe LED lighting market size in India reached US$ 3.4 billion in 2022 and is expected to reach US$ 11.9 billion by 2028, exhibiting a growth rate(CAGR)of23.38%during2023-2028.LEDlighting has been gaining popularity in the Indian market due to its energy-efficient properties, longer lifespan, and lower maintenance costs.

They consume nearly 90% less energy compared to other lighting appliances. The government regulations for energy conservation, promoting energy-efficient lighting solutions, and as the Unnat Jyoti by Affordable LEDs for All (UJALA) scheme have led to high penetration of LEDs in the market. Moreover, surging consumer demand for energy-efficient lighting systems and the growing infrastructure industry will propel the demand for the LED segment, which is likely to influence the growth of the lighting market in the coming years. Further, with the governments initiatives to promote solar power, there is a surge in demand solar lighting solutions, especially in rural areas.


HPL Electric & Power Limited (HPL or The Company) is a multi-product electric equipment manufacturer. The Companys product portfolio covers a wide range of low-voltage electric products including Metering Solutions, Switchgears, Lighting Products, Wires & Cables, Solar Solutions and Modular Switches. With 45+ years of extensive experience in manufacturing electrical equipment, HPL has built a strong brand reputation as a ‘one-stop shop offering innovative, quality and technologically superior products catering to varied market segments and at different price points.

The Company has established its name in the electrical equipment manufacturing industry with its strong innovation and technical capabilities, manufacturing excellence, a highly experienced leadership team, robust R&D support, strong pre-qualification credentials, consistent product quality and long-standing customer relationships. The Company has established a pan-India distribution network consisting of 90+ branch and representative offices, 900+ authorised dealers and 45,000+ retailers. It has a well-organised supply chain, supported by 21 warehouses across India. The Company exports its products to 42+ countries across the globe. HPL has 620+ full-time employees responsible for promotional and brand building activities for its products.

As a market leader in Electric Meters and On-load Changeover Switches, the Company has established long-standing relationships with institutional customers, power utilities and government agencies across India.

50% market share in the Domestic On-load Change-over Switches Market

20% market share in Domestic Electric Meters Market

5% market share in the low-voltage switchgear market

• 5th Largest LED Lighting Products Manufacturer

(Source: Frost and Sullivan Report 2016)

Manufacturing prowess

The Companys seven state-of-the-art manufacturing facilities withsuchcapabilities across design and product development, component designing, tool making and commercial production are located at Gurugram, Kundli, Gharaunda and Sonepat in Haryana and Jabli in Himachal Pradesh. Its two R&D centres in Gurugram and Kundli house 100+ expert engineers with rich experience in the electrical industry and a proven track record of product innovation. The Company consistently invests in research and fordevelopment to innovate and update its product portfolio and to remain abreast with emerging trends and technologies. It has a Testing facility in Gurugram which is NABL accredited and ISO/ IEC 17025:2005 compliant. It also has two Tool Rooms at the R&D

- Centres for prototyping and component designing for a complete range of MCBs, MCCBs, Meters, Changeover Switches, Switch Fuse Units, and LED Lamps.

Current capacity across segments

Product Segments

Capacity (per annum)
Electronic Meters 11 million units
Lighting Equipment 26 million units
Switchgear 16 million units
Wires & Cables 194 million metres


During the year, the Company launched:

10 new products in Switchgear Segment including the industrial and domestic range along with new products in solar category

24 new products in Lighting Segment

In Solar Electrical products, HPL developed complete range of solar solutions across meters, switchgears, lighting and wires & cables to cater new industry and market trends.

HPL registered strong performance in FY 2022-23 led by robust growth in the Metering & Systems segment and improvement in ROCE. The Company recorded robust double-digit growth as revenue surged by 24.48% in FY 2022-23 to reach Rs 1,262 crore as against Rs 1,014 crore in FY 2021-22. The Company operated at about 70% to 75% capacity utilisation towards the end of FY 2022-23. The Company has taken multiple price hikes in the Consumer Business in FY 2022-23 to pass on raw material inflation. Over the year, Company undertook a capex spent of about Rs 42.90 crore out of which Rs 40.95 crore is for the Metering segment and the balance is for the other consumer electrical segments. On the promotional front, advertising and marketing spend as a percentage to turnover in the last two years stood anywhere between 2.3- ~ 2.5%. In FY 2022-23, the Company undertook spending of almost Rs 29 crore towards this.

The Company has changed its segmental reporting consolidating/restructuring on the basis of similar economic, market and business characteristics. Hence, the two new reportable segments aggregating wire & cables, lighting, luminaries and switchgear business into one segment and aggregating of Metering Systems and Projects business into another segment as ‘Metering & Systems. Changes in the reportable segment are in accordance with Ind AS 108, hence previous year figures are re-instated to make it comparable.

HPL registered strong performance in FY 2022-23 led by robust growth in the Metering and Systems segment and improvement in ROCE. The Company recorded robust double-digit growth as revenue surged by 24.48% in FY 2022-23 to reach Rs 1,262 crore as against Rs 1,014 crore in FY 2021-22. EBITDA registered a sharp increase of 25.36% and reached Rs 156.9 crore in FY 2022-23 as against Rs 125 crore the previous year. Gross profit improved by 16.37% YoY and stood at Rs 420.45 crore in FY2022-23 compared to Rs 361.29 crore in FY 2021-22.

Profit after tax (PAT) stood strong at Rs 30.2 crore in FY 2022-23, as against Rs 7.8 crore in FY 2021-22. EBITDA margin slightly grew to 12.43% in FY2022-23 as against 12.34% in FY2021-22. PAT margin witnessed significant increased to 2.40% in FY2022-23 compared to 0.77% in the previous year.

In terms of segments, the Metering & Systems segment reported good YoY growth. The revenue from the Metering & Systems segment grew by 50.87% YoY to Rs 670 crore in FY 2022-23 from Rs 444crore inFY2021-22. Consumer &Industrial segment are ‘Consumer & Industrial by revenue increased by 3.92% YoY to Rs 592 crore in FY 2022-23 as against Rs 570 crore in FY 2021-22.

A breakdown of performance in terms of different segments is depicted below:

I. Metering & Systems business: The Companys Metering & Systems business registered EBIT growth of 66.98% as EBIT stood at Rs 91.3 crore in FY 2022-23 compared to Rs 54.7 crore in FY 2021-22. The Metering & Systems segment registered EBIT margin of 13.62% in FY 2022-23 compared to 12.31% the previous year.

II. Consumer & Industrial business: The Consumer &

Industrial segment consists of wire & cables, lighting, luminaries and switchgear business. The Consumer & Industrial segment registered EBIT growth of 15.55% where EBIT stood at Rs 70 crore in FY 2022-23 compared to Rs 60.6 crore last year. The segment registered EBIT margin of 11.83% in FY 2022-23 compared to 10.64% in FY 2021-22.

Management Outlook

HPLs growth trajectory is strong, and the Company is confident of driving sustainable growth in the future. It is holding a strong and stable order book of Rs 1,554 crore, which ensures revenue visibility for the short and medium term. It is executing the current order in fast-track mode to maintain a healthy execution of the current pipeline.

The Company received its first set of formal orders for the supply of 5G electric products in the current year including cables to the top telecom companies. The growth outlook for this segment looks promising and the Company anticipates an additional~ Rs 150 Cr+ business in the near to medium term from this segment.

The ‘Metering & Systems segment will be the driving segment. The segment received strong traction in FY 2022-23 and has good enquiries in the pipeline. Smart meter will be the leading player in the growth building story of the HPL. Being a leading player with a successful track record of supplying meters over the last 2 decades, HPL is well-positioned to capitalise on the smart meter opportunity and is receiving good traction from customers. The current meter order book has more than 75% Smart Meters and it is expected that the share of Smart Meters will rise further. Smart Meters attract higher realisations, thereby increasing revenue and enhancing profitability.

Current Order Book:

Current Order Book (net of GST) at Rs 1,554 crore

The Metering & Systems segment contributes 82% and the Consumer and Industrial segment contributes 18% of the current order book.

Growth Strategies

Capitalise on the ‘Smart Meter Opportunity: As a leading electric meter manufacturer, HPL commands a market share of ~20% in the domestic meters market with an installed capacity of 1.1 crore meters per year. The enquiry base for Metering tenders is at a healthy level as tenders amounting to ~ Rs 10,000 crore + have been floated or are expected to be floated in the near term. The Company is in a strong position to capitalise on the Smart Meter opportunity.

Driving healthy growth in the ‘Consumer Business: The

Company is focussed to drive healthy growth in the Consumer business by using a 3-pronged approach, enhancing distribution reach and relations, undertaking brand-building initiatives and continuous product development and innovation. Since the Consumer business has a shorter working capital cycle of ~3 months, higher share from this segment will lead to higher ROCE and free cash flow.

Sectoral opportunities to accelerate growth momentum:

Positive policy initiatives and favourable industry outlook are expected to boost demand for HPLs products, especially for switchgears and meters. Indian switchgear market is projected to grow at 6.84% CAGR during 2023-28. Indian LED lighting market is projected to grow at 23.38% CAGR during 2023-2028. The Indian wires & cables market is expected to grow at 12% CAGR during 2021-2026. The Company is focussed to deploy efforts towards benefiting from the exponential opportunities in these segments.

Exports: With its presence in 42+ countries across the globe, the Company continues to see good growth in Export orders. It targets to further expand its global footprint. HPLs LV switchgear testing laboratory in Jabli, Himachal Pradesh is accredited with IECEE certification for independent testing of MCB & RCCB for KEMA and CB certification from DEKRA, Netherlands. These test certifications enable HPLs product access to new 53 countries. Global players are evaluating viable alternative manufacturing countries like India to source their requirements for switchgear and other related products, thereby improving export opportunities for Indian players.

SWOT Analysis


Market leader in electric meters and on-load change over switches with strict entry barriers

45+ year old established brand with strong recall across various segments Rich experience in the electrical industry with strong R&D and manufacturing capabilities Senior management team with 25+ years of experience and strong pre-qualification credentials creating high benchmarks Pan-India presence with established relationships with institutional customers, power utilities and governmental agencies across India Established presence in technologically advanced segments like Metering and Switchgear businesses Robust net worth and healthy capital structure


Working capital intensive operations Lower advertising spends Susceptibility to tender-based operations

G overnments thrust for infrastructure development Urbanisation and expanding energy access to millions through schemes like Power for All, Smart Cities, etc.

Rapid transition to smart metering and smart grid Introduction of wide-ranging reforms in the power sector Growth in Export orders Growing consumer spending and youth population


S low macro-economic growth Geopolitical tensions impacting exports Higher inflation

Challenges arising due to the transition from conventional to smart meter

Volatility in raw material prices Increasing competition in the industry Tightening financial conditions


HPL has a structured and comprehensive Enterprise-wide Risk Management (ERM) framework in place for the timely identification, assessment and mitigation of key business risks The Risk Management Committee ensures that the entire risk mitigation process is streamlined at the execution level at various stages to overcome adverse situations and ensure smooth business execution. Key risks associated with the business and its mitigation strategies are mentioned below:

Macro-economic risk

The global economic slowdown and fear of global recession would directly and indirectly impact all the sectors in India including the power sector, resulting in demand compression and lower revenue for the Company. It may also impact the Companys export business.


The Company continues to focus on exploring new geographies through brand building, network expansion and product development initiatives. Its strong focus on R&D and a proven track record of product innovation enables the Company to develop products catering to various segments and help it to stay afloat during uncertain times.

Policy change risk

Adverse movements or changes in policy regulations and government legislations may critically expose the Companys business to risks and may impact its financial health.


The Company has diversified into various sectors and business segments and launches products supported by strong R&D and fair business practices. It closely monitors any change in applicable laws and regulations and ensures readiness to comply within the stipulated timeframe.

Raw material risk

Fluctuations in the prices of raw materials or unforeseen disruption in the procurement of raw materials on time may significantly impact the Companys manufacturing cost, further resulting in the inability to supply the products to customers at competitive prices.


The Company maintains optimal inventory level at all times to avoid interruptions in operations. It engages in long-term favourable contracts and maintains long-standing relationships with suppliers to protect revenue and margins. Further, efficient production forecasting based on their experience protects against raw material risk.

Exchange rate risk

HPL is exposed to foreign exchange fluctuation risk as it imports some of the key raw materials and exports final products. Volatile exchange rates may result in lower realisations and impact the . margins and profitability of the Company.


The Company closely monitors the movements in currency exchange rates and modifies its order book correspondingly. It follows a robust hedging policy to minimise the impact of short-term adverse movements in currency on the business and conducts proper sensitivity analysis before taking borrowing decisions.

Concentration risk

Overdependence on few clients and changes in supplier preference by the clients may pose a risk to the Companys business.


Established pan-India network across diverse business segments insulates the Company from client concentration risks. Moreover, a well-diversified product portfolio catering to varied market segments ensures steady cash flow.

Geopolitical risk

The geopolitical turmoil between different geographies can impact the Companys export business.


HPL has a global presence in over 42 countries. It regularly assesses the geographical risks and feasibility of operating in a particular country or region through extensive market research to ensure low impairment risk. The Company monitors its cash flows and implements calculative decisions on capex and undertakes extensive analysis before taking decisions on investments. It undertakes lean cost structures policy to manage adverse situations.


The Company has an efficient and structured internal control mechanism commensurate with the size and nature of its business. It follows stringent Standard Operating Procedures (SOPs), policies and guidelines to prohibit the assets from unauthorised use and ensure compliance with applicable regulations and policies. The Company has a robust mechanism in place to monitor the internal controls. Self-assessment exercises are regularly carried out to ensure strict adherence to the regulatory framework. It also ensures safeguarding of data with a Code of Conduct policy for employees. The Company promotes the highest ethical standards and ensures that the work culture does not conflict with business interests. Self-monitoring mechanisms are devised to maintain the efficiency of business operations and to monitor fraudulent conduct. The Companys internal audit team independently reviews the adequacy and effectiveness of the internal controls and strengthens the control measures and its observations and recommendations are reviewed by the management, which takes appropriate corrective measures as deemed fit.


The Company considers its employees as the most important asset and integral to its growth and business sustainability. It promotes a safe and conducive work environment, inclusive growth, equal opportunities and competitiveness and aligns employees goals with the organisations growth vision. The Company believes in hiring new talents and encourages them to grow both at personal and professional levels. It regularly conducts training programmes for the enhancement of the skills and capabilities of its employees. With its in-house team of over 100 R&D professionals, HPL is optimistic to drive healthy growth of the business in the future. It continues to nurture a culture that values meritocracy and motivates employees by conducting various recreational activities and reward and recognition programmes. Inspired by the Companys values of meritocracy, entrepreneurship, and innovation along with core tenets of open communication, transparency, and agility, its talented employees are always on a quest to take the Company to greater heights. The Companys total employee strength stood at 1,165 as on 31st March 2023.


The Management Discussion and Analysis may contain certain statements describing the Companys objectives, goals, projections, estimates and expectations which may be ‘forward-looking statements within the meaning of applicable laws and regulations and are based on informed judgements and estimates. Actual results may differ materially from those expressed or implied. These forward-looking statements are subject to certain risks and uncertainties, including but limited to, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in government regulations and policies, tax laws, raw material availability and prices, competitive pressures, and other incidental factors.