Forward Looking Statement
The report includes forward-looking statements, which are indicated by terms such as plans, expects, will, anticipates, believes, intends, projects, and estimates. Any statements concerning future expectations or projections, including but not limited to the Companys growth strategy, product development, market position, expenditures, and financial results, are considered forward-looking statements. These statements are based on certain assumptions and expectations regarding future events, and the Company cannot ensure their accuracy or that they will be realized. Actual results, performance, or achievements may differ from those projected in the forward-looking statements. The Company is not obligated to publicly amend, modify, or revise any of these statements due to subsequent developments, information, or events, except as required by law.
INDUSTRY STRUCTURE AND DEVELOPMENTS
Global Economy Overview
The global economy remains remarkably resilient, with growth holding steady as inflation returns to target. The journey has been eventful, starting with supply-chain disruptions in the aftermath of the pandemic, a Russian-initiated war on Ukraine that triggered a global energy and food crisis, and a considerable surge in inflation, followed by a globally synchronized monetary policy tightening. Yet, despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops. Moreover, the inflation surgedespite its severity and the associated cost-of living crisisdid not trigger uncontrolled wage-price spirals Instead, almost as quickly as global inflation went up, it has been coming down. On a year-over-year basis, global growth bottomed out at the end of 2022, at 2.3 percent, shortly after median headline inflation peaked at 9.4 percent. According to our latest projections, growth for 2024 and 2025 will hold steady around 3.2 percent, with median headline inflation declining from 2.8 percent at the end of 2024 to 2.4 percent at the end of 2025. Most indicators point to a soft landing. Resilient growth and faster disinflation point toward favorable supply developments, including the fading of earlier energy price shocks, the striking rebound in labor supply supported by strong immigration flows in many advanced economies. Decisive monetary policy actions, as well as improved monetary policy frameworks, especially in emerging market economies, have helped anchor inflation expectations. Despite these welcome developments, numerous challenges remain, and decisive actions are needed.
While inflation trends are encouraging, we are not there yet. Somewhat worryingly, the most recent median headline and core inflation numbers are pushing upward. The global view can mask stark divergence across countries. The exceptional recent performance of the United
States is certainly impressive and a major driver of global growth, but it reflects strong demand factors as well, including a fiscal stance that is out of line with long-term fiscal sustainability. Chinas economy is affected by the enduring downturn in its property sector. Credit booms and busts never resolve themselves quickly, and this one is no exception. Domestic demand will remain lackluster for some time unless strong measures and reforms address the root cause. At the same time, many other large emerging market economies are performing strongly, sometimes even benefiting from a reconfiguration of global supply chains and rising trade tensions between China and the United States.
As per the latest forecast by International Monetary Fund (IMF), in emerging market and developing economies, growth is expected to be stable at 4.2 percent in 2024 and 2025, with a moderation in emerging and developing Asia offset mainly by rising growth for economies in the Middle East and Central Asia and for sub-Saharan Africa. Low-income developing countries are expected to experience gradually increasing growth, from 4.0 percent in 2023 to 4.7 percent in 2024 and 5.2 percent in 2025, as some constraints on near-term growth ease. Growth in emerging and developing Asia is expected to fall from an estimated 5.6 percent in 2023 to 5.2 percent in 2024 and 4.9 percent in 2025, a slight upward revision compared with the January 2024 WEO Update. Growth in China is projected to slow from 5.2 percent in 2023 to 4.6 percent in 2024 and 4.1 percent in 2025 as the positive effects of one-off factorsincluding the post pandemic boost to consumption and fiscal stimulusease and weakness in the property sector persists. Growth in India is projected to remain strong at 6.8 percent in 2024 and 6.5 percent in 2025, with the robustness reflecting continuing strength in domestic demand and a rising working-age population. Growth in emerging and developing Europe is projected at 3.2 percent in 2023 and 3.1 percent in 2024, with an easing to 2.8 percent in 2025, an upward revision of 0.5 percentage point for 2023 and 0.3 percentage point for 2024 and 2025 since January. The moderation reflects a prospective decline of growth in Russia from 3.2 percent in 2024 to 1.8 percent in 2025 as the effects of high investment and robust private consumption, supported by wage growth in a tight labor market, fade.
As the global economy approaches a soft landing, to achieve this growth, policymakers must aim to keep inflation closer to target levels and calibrate their monetary policies to balance inflation and growth. Cross-country differences call for tailored policy responses. Intensifying supply-enhancing reforms would facilitate inflation and debt reduction, allow economies to increase growth toward the higher pre pandemic era average, and accelerate convergence toward higher income levels. Multilateral cooperation is needed to limit the costs and risks of geoeconomic fragmentation and climate change, speed the transition to green energy, and facilitate debt restructuring.
(source: https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic- outlook-april-2024)
Indian Economy Overview
Over the past decade, India has showcased a robust and resilient growth story driven by perseverance, ingenuity, and vision. In the face of unprecedented challenges such as the Covid pandemic and geopolitical conflicts, the Indian economy has demonstrated a remarkable ability to bounce back and convert challenges into opportunities while striving to achieve strong, sustainable, balanced, and inclusive growth.
The Indian economy has undergone many structural reforms that have strengthened its macroeconomic fundamentals. These reforms have led to India emerging as the fastest- growing economy among G20 economies. In 2023-24, as per current estimates, it is estimated to have grown 7.3 per cent on top of the 9.1 per cent (FY22) and 7.2 per cent (FY23) in the previous two years, and the economy is generating jobs. This impressive post pandemic recovery has seen the urban unemployment rate decline to 6.6 per cent. The government is building a road network and expanding rail and air networks at a record pace. Many initiatives have been introduced under the Aatmanirbhar Bharat and Make in India programmes to enhance Indias manufacturing capabilities and exports across industries. Production Linked incentives (PLI) are being provided to firms to attract domestic and foreign investments and to develop global champions in the manufacturing industry. Strategic sectors, such as defence, mining, and space, have been opened up to enhance business opportunities for the private sector. The FDI policy has also been further liberalised, with most sectors now open for 100 per cent FDI under the automatic route.
A common thread through all the reforms undertaken has been the use of technology and digital platforms. Indias digitalization reforms and the resulting efficiency gains in terms of greater formalisation, higher financial inclusion, and more economic opportunities stand as a model for other economies to follow. Digital infrastructure has enabled the creation of digital identities, improved access to finance, access to markets, reduced transaction costs, and improved tax collection and has provided the foundation for sustained and accelerated economic growth this decade.
Indias growth is expected to remain strong, supported by macroeconomic and financial stability. Presently, the official estimate for growth in FY24 stands at 7.3 per cent and the headline inflation is expected to gradually decline to the target. Resilient service exports and lower oil import costs have resulted in lowering Indias current account deficit to 1 per cent of GDP in the first half of FY2427. This growth outlook is anchored primarily by the digital revolution, a facilitating regulatory environment supportive of entrepreneurship, measures targeted at economic upliftment of the most vulnerable sections of the society, developing niche and complex manufacturing sectors while building the supporting physical infrastructure, and efforts directed at diversifying its export basket and moving toward higher value-added products. With the policy reforms that the government has already rolled out and which are on the anvil, there is significant optimism and confidence in the Indian economy and its prospects today. India embarks on her Amrit Kaal with confidence and the attitude that challenges to growth and inclusive development are stepping stones and not obstacles.
Automobile Sector Industry-
The Indian automobile industry has historically been a good indicator of how well the economy is doing, as the automobile sector plays a key role in both macroeconomic expansion and technological advancement.
India enjoys a strong position in the global heavy vehicles market as it is the largest tractor producer, second-largest bus manufacturer, and third-largest heavy truck manufacturer in the world. Indias automobile sector is split into four segments, i.e., two-wheelers, three- wheelers, passenger vehicles, and commercial vehicles, each having a few market leaders. Two-wheelers and passenger vehicles dominate the domestic demand. The two-wheelers segment dominates the market in terms of volume, owing to a growing middle class and a huge percentage of Indias population being young. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles. Future market growth is anticipated to be fueled by new trends including the electrification of vehicles, particularly three-wheelers and small passenger automobiles.
India has ample growth potential for the automobile industry considering that the car ownership in India lags significantly behind developed regions like the US, China, and Europe, where 80-90% of the population owns a car, compared to only around 8% in India. With a projected growth from 3.99 million units in 2023 to 6.38 million units by 2030 at a CAGR of 6.94%, Indias automotive industry is accelerating towards a vibrant future. Delve into the dynamics, segments, regional insights, and competitive landscape shaping this dynamic market.
According to the Society of Indian Automobile Manufacturers (SIAM), overall automotive production grew by 8.8% and domestic sales grew by 11.4% in the FY 2023-24. Passenger vehicle production was closer to the 5 million units for the first time. Two-wheeler sales in the domestic market have also picked up and increased by 13.3% year-on-year. However, exports declined compared to the previous year due to lower demand from developed markets and high channel inventory. Positive consumer sentiments, rising aspirational middle class, and launch of new vehicles drove passenger vehicle sales, especially compact SUVs. Similarly, increased business activity and infrastructure development supported commercial vehicle sales, while an increase in rural income levels powered sales of two and three-wheelers. These evolving industry dynamics created a positive demand environment for our products with the OEMs and in the replacement market.
To keep up with the growing demand, several auto makers have started investing heavily in various segments of the industry during the last few months. The automobile sector received a cumulative equity FDI inflow of about US$ 35.65 billion between April 2000 - December 2023. India is on track to become the largest EV market by 2030, with a total investment opportunity of more than US$ 200 billion over the next 8-10 years.
The Government of India encourages foreign investment in the automobile sector and has allowed 100% FDI under the automatic route. Some of the recent initiatives taken by the Government of India are:
Under Electric Mobility Promotion Scheme 2024 government aims to support 3,72,215 EVs including e-2W (3,33,387) and e-3W (38,828 including 13,590 rickshaws & e-carts and 25,238 e-3W in L5 category).
Ministry of Heavy Industries, Government of India with the approval of Department of
Expenditure has launched Electric Mobility Promotion Scheme 2024 to further accelerate the adoption of EVs in the country which is a fund limited scheme with a total outlay of Rs. 500 crore for the period of 4 months, from 1st April 2024 to 31st July 2024.
In January 2024, the Ministry of Heavy Industries extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year. The incentive will now be applicable for a total of five consecutive financial years, until March 31, 2028.
Ministry of Heavy Industries (MHI) officials revealed that India plans to launch a new scheme to incentivise electric vehicle purchases and improve charging infrastructure, aligning with the interim budgets focus on eco-friendly transportation. Also, the allocation of US$ 321.5 million (Rs. 2,671.33 crore) for 2024-25 is expected to be utilized by March 31, 2024.
The interim budget laid the Government focus on infrastructure development. Three major economic railway corridor programs will be implemented. These are: (i) energy, mineral and cement corridors, (ii) port connectivity corridors and (iii) high traffic density corridors. Forty thousand normal rail bogies will be upgraded to Vande Bharat standards to ensure passenger safety and comfort. Rooftop solarisation of one crore households will be taken up. EV manufacturing and charging infrastructure will be strengthened and expanded. Adoption of E-buses for public transport will be encouraged. Blue economy 2.0 scheme will be launched to restore coastal aquaculture and mariculture and so on.
(Source: https://www.ibef.org/industry/india-automobiles & https://prsindia.org/budget)
Auto Components Industry-
India has become the fastest-growing economy in the world in recent years. This fast growth, coupled with rising incomes, a boost in infrastructure spending and increased manufacturing incentives, has accelerated the automobile industry. The two-wheeler segment dominated the automobile industry because of the Indian middle class, with automobile sales standing at 23.85 million units in FY24.
Indian Auto Component Industry clocks highest-ever turnover of $69.7 Bn, grows 33% in FY 2022-23. The growing presence of global automobile Original Equipment Manufacturers (OEMs) in the Indian auto components industry has significantly increased the localization of their components in the country.(source: https://www.investindia.gov.in/sector/auto- components)
Indias auto component industry is an important sector driving macroeconomic growth and employment. The industry comprises players of all sizes, from large corporations to micro entities, spread across clusters throughout the country. The auto components industry accounted for ~ 2.3% of Indias GDP and provided direct employment to more than 1.5 million people. By 2026, the automobile component sector will contribute 5-7% of Indias GDP. The Automotive Mission Plan (2016-26) projects to provide direct incremental employment to 3.2 million by 2026.The automobile component industry turnover stood at Rs. 5.6 lakh crore (US$ 69.7 billion) between April 2022-March 2023. The industry had revenue growth of 23% as compared to 2018-19. The auto components industry is expected to grow to US$ 200 billion by FY26. According to ICRA, Auto ancillaries revenue is estimated to increase by 8-10% in FY25.
SEGMENT WISE OR PRODUCT WISE PERFORMANCE
The Company works only in one segment i.e., manufacturing of sintered auto components. CURRENT & FUTURE OUTLOOK
The outlook for your Companys operations is promising in the medium-to-long term. In addition to expected growth in the automobile sector, new opportunities are also arising.
Automotive vehicle production and sales likely to grow in the near term:
Despite being the third-largest vehicle market in the world, vehicle penetration in India is much lower than other advanced and emerging economies. According to industry experts, automotive demand in India will grow across vehicle categories supported by multiple factors:
Passenger vehicles: Urbanisation, increasing aspirational income, large youth population, and accessible financing options can drive car sales.
Commercial vehicles: Increased business activity and infrastructure development will increase intra-state and inter-state connectivity, supporting commercial vehicle growth.
Two-wheelers: Increased rural demand and middle class income to support two-wheeler demand.
The robust growth in automobile production and sales bodes well for your Companys business.
Growing export opportunities:
Due to a shift in supply chains, India can possibly increase its share in the global auto component trade to 4-5% by 2026, reaching US$ 200 billion, and the aftermarket of the industry is expected to reach US$ 32 billion. The auto components industry in India is predicted to increase by 10-15% in FY24, driven by both domestic and foreign market demand. The growth of global original equipment manufacturers (OEM) sourcing from India and the increased indigenisation of global OEMs is turning the country into a preferable designing and manufacturing base.
Adaptability of Sintered material in EV:
As EVs develop towards electrification, higher requirements for material made PM successfully implemented in the EV industry. And as we move into the future of the electric transmission system, powder metallurgy plays an important role in the manufacturing industry. Use of soft magnetic composite material (SMC) have begun to enter a period of rapid growth in incremental application fields such as electric vehicles, charging piles, sensors, automobile ABS systems, satellite measuring instrument, electric motor, positioning technology, pulse transformers, electric actuators, and energy storage due to their flexibility produces smaller and lighter electronics.
OPPORTUNITIES AND THREATS
a) Opportunities
Increasing demand for sintered products in non-automotive segment (industrial goods, consumer goods) to open new opportunities for the company products.
Increasing demand for lightweight sintered components in vehicles to meet CAFE II standards,
Use of SMC components in various EV applications.
De-risking of global supply chain from one geographical country to multiple countries could open further opportunities in Global market.
b) Threats
Tense geopolitical situation and the consequent elevated commodity and global food prices can have adverse impact on the margins in short term.
An ensuing negative consumer sentiment due to higher inflation could moderate spending thus reducing the demand.
Increase in borrowing cost and Inflation in prices has led to the increase in the cost of production of vehicles which may further increase the cost of vehicles, result in demand slow down and erosion in margins.
RISKS AND CONCERNS:
In accordance with the SEBI Listing Regulations, the Board of Directors of the Company is responsible for framing, implementing and monitoring the risk management plans of the Company. The Company does identify risks associated with the Company, assess its impact and take appropriate corrective steps to minimize the risks that may threaten the existence of the Company from time to time.
In the natural course of business, we evaluate emerging threats and risks and take mitigation measures to counter them. In the last few years, we have strategically invested in digitalising all business processes. Real-time data availability helps streamlines processes, ensures accurate decision-making, and reduces costs. It has also helped generate automated alerts, ensuring business risks were identified early and acted upon swiftly. There are several possible risks on the horizon, both global and domestic level. In India, rural recovery continues to be slow, and this significantly impacts the growth trajectory of the economy. Excessive heat in the recent past has impacted the market demand. Less than normal monsoon may also lead to a weaker performance of the rural agricultural sector impacting the already weakened rural demand. Further the economic recovery could be hampered due to any increase in oil & gas price. The above stated factors can create disruption to an already fragile global trade & supply chain situation, increased inflation, and dampen the demand.
The Board has established a Risk Management Policy which formalizes the Companys approach to overview and manages material business risks. The policy is implemented through a top down and bottom-up approach for identifying, assessing, monitoring and managing key risks across the Companys business units. Companys risk management framework is well embedded and continually reviewed by the Board. The Board is satisfied that there are adequate systems and procedures in place to identify, assess, monitor and manage risks. The Audit Committee also reviews reports by members of the management team and recommends suitable action. Risk Mitigation Policy has been approved by the Board.
Risk Mitigation
To mitigate various risks significant to its business, your Company took several strategic initiatives during the year, such as:
Putting in place monitoring and control mechanism to ensure availability of critical resources like manpower, material and power
Focused on manufacturing cost reduction
Diversification of business portfolio into non-automotive segments like industrial goods, consumer goods.
Formation of a special task force to develop alternative sources for its critical supplies
These initiatives have helped minimize the impact of uncertainties and helped the Company achieve its planned business objectives during the year.
Internal Control Systems and their Adequacy
The Companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations. Given the changing needs, the Company has deepened the focus on the function and enhanced the scope of the internal audit department and included areas establishing corporate governance policy, internal control framework, conducting internal audits, management audits, IT audits, drafting and implementing policies and procedures, complying with environmental laws, reviewing and reporting of statutory compliances
The Company has a proper and adequate system of internal controls. This ensures that all transactions are authorized, recorded and reported correctly, and assets are safeguarded and protected against loss from unauthorized use or disposition. In addition, there are operational controls and fraud risk controls, covering the entire spectrum of internal financial controls. An extensive program of internal audits and management reviews supplements the process of internal financial control framework. Properly documented policies, guidelines and procedures are laid down for this purpose. The internal financial control framework has been designed to ensure that the financial and other records are reliable for preparing financial and other statements and for maintaining accountability of assets. In addition, the Company has identified and documented the risks and controls for each process that has a relationship to the financial operations and reporting.
COMPANY AND PERFORMANCE OVERVIEW:
In the year passed by, your Company showed a resilient performance quarter over quarter. For each quarter passed by, Company registered a consistent margin improvement and steady growth in sales. Overall, Company could deliver growth of about 6% in line to the overall auto industry.
Your Company recorded net sales of Rs. 877 mn in FY 2023 24, against Rs. 822 mn in the previous year, registering a 6.7 per cent year-on-year growth. Sales growth was driven by an uptick in volumes from our major customers. Your Company has delivered a robust growth in profits. Earnings before interest, depreciation, and tax expenses (EBITDA) grew to Rs. 146.48 mn from Rs. 114.17 mn, and EBITDA margin increased to 16.7 per cent in FY 2023-24 from 13.9 per cent in FY 2022-23. The profit before tax for the year was Rs. 18.70 mn compared with Rs. 2.59 mn in the previous year. The cost optimization initiatives and other VAVE initiates yielded results, thereby supporting increase in profits. Furthermore, logistics costs and supply chain disruptions, which impacted performance in the previous year, were under control in the current year.
Your Company maintained a robust partnership with all OEMs by consistently delivering high- quality products and offering superior service support. Our goal for the OEM accounts is to maintain our strong position, which drives significant business volume and ensures that customers start their journey with our technology driven products, paving the way to secure future business.
DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PRECEDING FINANCIAL YEAR) IN KEY FINANCIAL RATIOS ALONG WITH DETAILED EXPLANATIONS THEREFOR AS REQUIRED VIDE PART B OF SCHEDULE V TO SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2018:
Particulars | Basis | Year Ended | Variance % | |
March 31, 2024 | March 31, 2023 | |||
1 Current ratio | Current Assets/Current Liabilities | 1.38 | 1.30 | 6% |
2 Debt - Equity ratio | Total Debt/Equity | 0.36 | 0.31 | 18% |
3 Debt Service coverage ratio | Earnings for Debt Service* /Debt Service | 1.92 | 1.71 | 12% |
4 Return on Equity ratio | Profit after tax/Shareholders Equity | 0.01 | -0.00 | |
5 Inventory Turnover ratio | Costs of Goods Sold**/ Average Inventory | 2.90 | 3.33 | -13% |
6 Trade Receivables turnover ratio | Revenue from Operations/ Average Trade Receivables | 2.79 | 2.98 | -6% |
7 Trade Payables Turnover | Costs of Goods Sold**/ Average Trade Payables | 2.71 | 3.13 | -14% |
8 Net Capital Turnover | Revenue from Operations/ Working Capital* | 3.67 | 4.94 | -26% |
9 Net Profit/(loss) Margin | Net Profit/(loss) after tax/Revenue from operations | 1.32% | -0.01% | |
10 Return on Capital Employed | Earnings before Interest and Tax**/ Capital Employed* | 11.36% | 9.40% | 21% |
11 Interest Coverage Ratio | EBITDA/Interest Costs | 3.54 | 3.49 | 1% |
12 Operating Profit Margin Ratio | Operating Profit/ Revenue from operations | 7% | 4% | 60% |
*Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for the year + Principal repayment of longterm debt liabilities within one year
**Cost of Good sold = Cost of materials consumed + Changes in inventories of finished goods, stock-intrade, work-in-progress + Manufacturing and operating expenses
#Working Capital = Current Assets - Current Liabilities
##Earnings before Interest and Tax = Profit after exceptional item and before tax + Finance costs (recognized)
$Capital Employed = Average of equity and total borrowings Details of significant changes are as below -
a) Return on Equity Ratio (times): Increase in the ratio is mainly on account of increase in net profit during the year due to increased sales and higher capacity utilisations as compared to previous year and margin improvements due to various costs savings initiatives by the Company.
b) Net Capital Turnover Ratio: Decrease in the ratio by 26% due to increase in net working capital during the year as compared to previous year mainly due to increase in inventory.
c) Net Profit/(Loss) Margin (%): Increase in the current year profit due to improvement in profitability during the year due to increase in sales and capacity utilisations during the year as compared to previous year.
d) Operating Profit Margin (%): Increase in the ratio by 60% during the current year due to improvement in profitability during the year due to increase in sales and capacity utilisations during the year as compared to previous year.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED:
As a Company, we focus on fostering a culture of transparency and meritocracy for our employees. We also emphasise driving excellence through optimal organisational structures, HR systems, processes, and policies. Our commitment to our human resources drives all our developmental initiatives. We also empower our employees and workers to reach their full potential, challenging them to exceed their expectations. We aim to create a work environment and experience where individual skills and contributions are valued.
During the year, the focus of the leadership team and the management team was on development of employees at each of the level. Various initiatives have been taken which includes formal and informal ways of interaction with the employees of each level directly with the top management. Trainings and skill development has been an integral part of the human resource function. During the year, the importance was also laid down on the importance of employees safety at work and outside. Various competition were conducted within the organization on the safety. The total number of employees of the Company as of 31 March 2024 was 77.
The Company has not had any work stoppages or cessations owing to labour disputes. The Company continues to lay great emphasis on Safety and Security. To ensure adherence to safety protocols, the company follows stringent procedures to safeguard and protect its workforce. The company also keeps prescribing policies and procedures while imparting training to its workforce. It has a system in place that promotes a positive work environment free of all forms of harassment. We thank all our employees for their sincere contributions to the Companys performance and growth.
DISCLOSURE OF ACCOUNTING TREATMENT
The Accounting treatment of your Company in the preparation of financial statements is in consonance with the Indian Accounting Standards 2015 (Ind AS) as amended and there is no deviation in the accounting treatment, different from the said Ind AS.
Note:
For sake of brevity the items covered in Boards Report are not repeated in the Management Discussion and Analysis Report.
Cautionary Statement:
Certain Statements in the Management Discussion and Analysis describing the companys objectives, projections, estimates and expectation or predictions may be forward looking statements within the meaning of applicable laws and regulations. It cannot be guaranteed that these assumptions and expectations are accurate or will be realized. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand/supply and price conditions in the domestic markets, changes in the Government Regulations, tax laws and other statues and incidental factors.
FOR AND ON BEHALF OF THE BOARD |
For Sintercom India Limited |
Hari Nair |
Chairperson |
DIN: 00471889 |
Pune, May 14, 2024 |
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