inani marbles & industries ltd share price Management discussions

The Management of Inani Marbles & Industries Limited is pleased to present the following Management Discussion and Analysis Report which contains a brief write-up on the industry structure, opportunities and concerns, performance of the company with respect to the operations other information. This chapter on Management Discussion and Analysis forms a part of the compliance report on Corporate Governance.

Economic Overview:

Global Economy

The growth has taken a fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Advanced economies have seen an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 percent in 2023 with advanced economy growth falling below 1 percent. Global headline inflation in the baseline is set to fall from 8.7 percent in 2022 to 7.0 percent in 2023 on the back of lower commodity prices but underlying (core) inflation is likely to decline more slowly. Inflations return to target is unlikely before 2025 in most cases. (World Economic Outlook 2023). The year saw geopolitical uncertainty with the prolonged Russia-Ukraine conflict and economic challenges leading to disruptions in the global supply chain and elevated inflation with increase in commodity and energy prices. This prompted central banks to aggressively tighten their monetary policy, which further impacted economic activity.

Indian Economy and Industry Overview

The World Bank now fears that the ongoing slump in global economic growth will likely result in a "lost decade." Despite this gloom, many market analysts believe that this could well be Indias decade. And there are enough reasons and data to back this claim. Recent data revisions by India suggest the economy has fared better than previously believed despite continuing global uncertainties. The International Monetary Fund (IMF) expects India to grow by 5.9% in FY 2023 24 and by an average rate of 6.1% over the next five years.

Industry Structure and Development

Real Estate sector and consumer confidence witnessed a complete turnaround with signs of economic stabilization and moderate growth in global economic performance. Property markets in India began to exhibit signs of revival during this time with the return of liquidity in the real estate sector and firm prices in the recent months, cash flows of realty players improved resulting in renewed construction of stalled projects and a few new launches as well. Clearly we believe that we are entering and exciting new phase of development. We are fully geared to take advantage of the buoyant real estate demand which will generate a huge demand for the companys products.

Emerging out of the world economic crisis with only minor bruises, the industry is poised to enter a growth phase and is on the threshold of a major transformation. In terms of demand, Marble, Granite, Tiles & Stones and quartz slab Industry is fortunately placed and this should spur its growth.

Financial and Operational Performance

The table below gives the Companys financial performance for 2022-23 compared with 2021-22.

The Financial Results of the company for the year under review are summarized below:

Financial Results

For the Year Ended 31-03-2023 (Rs. In Lacs) For the Year Ended 31-03-2022 (Rs. In Lacs)

I Income

Revenue from operations 7183.95 8155.17
Other Income 196.72 257.80


7380.67 8412.97

II Expenditure

Cost of Raw material consumed 2766.76 3587.05
Purchase of traded goods 840.25 578.53

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

113.66 (197.05)
Employees Benefit Expenses 602.15 503.63
Finance Cost 227.91 225.99
Depreciation and amortization expense 337.62 299.96
Other expenses 2371.43 2986.33


7259.78 7984.44

Profit before Exceptional Items &taxes

120.89 428.53
Exceptional Items 33.76 0

Profit for the year before taxes

87.13 428.53

Tax expenses :

Current Tax 11.47 60.97
Deferred Tax (Net) 19.23 42.25
Previous Years Income Tax 0 0

Profit for the Year after taxes

56.43 325.31
Add : Profit brought forward 4234.75 3928.88

Profit available for appropriation :

4291.18 4254.19
Adjustment Related to Transitional provision contained in schedule II - -
Dividend Paid 7.44 7.44
Corporate Dividend Tax 0.00 0.00
Transferred to General Reserve 12.00 12.00


19.44 19.44

Surplus carried to balance sheet

4271.74 4234.75

Segment-wise or product-wise performance:

The company manufactures and deals in Marble/Granites/Stone Blocks, Slabs Tiles, quartz slab and allied products. The Company deals in single Segment of Granite, Marble, stone and Quartz products.


There are excellent opportunities in Marble & Granite and Quartz slab industry due to large scale investment in Infrastructure and construction activity. The constant growth in construction sector has escalated the demand for marbles and granites substantially both in domestic and international markets and Quartz Slab which are having huge demand in international Market. Your company has capabilities to quickly adopt to the changing market condition and sustain the projected growth in sales and profits.

Business Outlook

The company is proactively responding to the changing business environment and is confident of sustaining its market share by improving competitive positioning in the market. The overall business outlook for the company is promising with improvement in overall economic environment. Efforts towards higher operational efficiencies shall continue. The company continues to examine the possibilities of expansion and shall make the necessary investments when attractive opportunities arise.

Threats and Risk Management

The nature of companys business is such that various risks have to be confronted with not only to successfully exist in the said business but even to grow at a respectable pace. However, these risks are no different than the ones faced by the industry as a whole. A comprehensive and integrated risk management framework forms the basis of all the de-risking efforts of the company. Formal reporting and control mechanisms ensure timely information availability and facilitate proactive risk management. These mechanisms are designed to cascade down to the level of the managers so that risks at the transactional level are identified and steps are taken towards mitigation in a decentralized fashion.

Internal Control Systems and their adequacy

The company strongly believes that Internal Control Systems are necessary for good Corporate Governance and that the freedom of management should be implemented through the framework of proper checks and balances.

The Company has in place an effective system of internal controls to ensure that all assets are properly safeguarded and protected and used optimally and financial transactions are reported accurately. The Audit committee and the Board of Directors review the adequacy and the effectiveness of the internal controls at periodic intervals. For better governance the company is in the process of introducing internal audit system.

Human Resources

The Company considers the quality of its human resources to be its most important asset and places great emphasis on training and development of employees at all levels. Communication exercises are treated as continues process to keep the employees informed of the challenges being faced by the Company and also motivate them to take up higher responsibilities, in tune with the requirements of the Company.

In order to sustain the competitive edge, the Company has been taking various initiatives for improving the human resources strength and creating a conducive work atmosphere.

Cautionary Statement

Statements in this management discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be ‘forward looking statements within the meaning of applicable laws and regulations. Actual results may differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include a downtrend in the industry global or domestic or both, significant changes in political and economic environment in India, applicable statues, litigations, labour relations and interest costs.

For and on behalf of the Board of Directors

Place: Chittorgarh

Capt. S.K. Inani

Mahesh Kumar Inani

Date : 11.08.2023 (Managing Director) (Jt. Managing Director)
DIN NO.00219702 DIN NO. 00322735