triton valves ltd share price Management discussions

Annexure VIII


Global: According to the International Monetary Fund (IMF), the global economy is expected to slow down from 3.4% in 2022 to 2.9% in 2023. The slowdown will be more pronounced for advanced economies. Global headline inflation is expected to fall from 8.8% in 2022 to 4.3% in 2024. However, core inflation is more persistent and remains too elevated. China and India will account for 50% of global growth.

India: According to the Economic Survey 2022-23, Indias real GDP growth is expected to grow at 6-6.8 per cent during the next financial year 2023-24. It added that on a baseline scenario, the countrys economy is likely to grow 6.5 per cent in 2023-24, compared with 7 per cent in the current financial year 2022-23, 8.7 per cent in 2021-22. The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production activity, higher Capital Expenditure (Capex), near-universal vaccination coverage enabling people to spend on contact-based services, such as restaurants, hotels, shopping malls, and cinemas, as well as the return of migrant workers to cities to work in construction sites leading to a significant decline in housing market inventory, the strengthening of the balance sheets of the Corporates, a well-capitalised public sector banks ready to increase the credit supply and the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector to name the major ones.

Forecast: Looking ahead, our companys forecast reveals a landscape shaped by both opportunities and challenges. While the global economy is anticipated to experience a deliberate deceleration due to factors like geopolitical tensions and inflation, our strategic positioning within the automotive industry offers promising growth avenues. As we continue to engage with the evolving ecosystem, including our endeavours in the electric vehicle sector, we are poised to leverage our expertise and expand our market footprint.

Our commitment to sustainable practices, technological innovation, and fostering a diverse workforce underscores our resilience and adaptability. With a proactive risk management framework in place, we are equipped to mitigate potential threats and navigate uncertainties. Our strategic roadmap, guided by prudent financial management and a customer centric approach, positions us to seize emerging opportunities and drive sustainable growth in the coming years.


Our companys journey through the industry structure has been marked by transformative phases, showcasing our adaptability and strategic evolution. Since our inception in 1975, we initially focused on manufacturing Tube Valves, establishing a strong foothold in the automotive sector. In 2008, recognizing the changing dynamics, we pivoted to produce Tubeless Valves, aligning ourselves with emerging trends and customer preferences. This shift was pivotal in expanding our reach and catering to evolving market demands.

Building on this foundation, we embarked on a digital transformation in 2015, venturing into E-commerce, a move that enhanced our accessibility and customer engagement. This step was a precursor to our foray into TPMS (Tire Pressure Monitoring Systems) manufacturing in 2018, aligning with technology-driven advancements in the automotive industry. This transition showcased our commitment to innovation and our responsiveness to industry dynamics.

Our strategic trajectory continued its upward trajectory in 2020, as we entered the realm of Electric Vehicle (EV) components. With the EV space witnessing rapid growth, we capitalized on the opportunity, positioning ourselves as active contributors to this transformative sector. Collaborating with top global players, we are engaged in developing components that power these ground-breaking vehicles.

Looking forward, our strategic roadmap extends into 2024, as we prepare to enter the Mobility product sector. This bold move reflects our vision to provide comprehensive solutions that align with the changing landscape of personal and public transportation. With each step, we have transformed from being a Tube Valve manufacturer to a dynamic player in the tire industry. Our engagements with OEMs, sensor applications, and our current ventures into EV components and Mobility products reflect our foresight and commitment to meeting the demands of the future.

Our portfolio now spans diverse segments, from tire technology to EV innovation, and our engagements extend across the ecosystem, encompassing electric vehicle manufacturers and battery suppliers. The industrys growth potential is compelling, with the Tubeless Valve segment thriving, sensor applications gaining traction domestically and internationally, and the EV space witnessing robust expansion with numerous manufacturers and battery suppliers. This collaborative approach has positioned us at the forefront of innovation, allowing us to work with industry leaders and contribute to shaping the future of mobility. As we navigate this evolving landscape, our commitment remains unwavering: to provide cutting-edge solutions, anticipate market trends, and harness growth opportunities that will define our trajectory for the next phase of our journey.

As a forward-thinking company, our engagement with the ecosystem is deeply rooted in our strategic approach and commitment to staying at the forefront of industry developments.

Partnerships and Collaborations: We actively seek out partnerships and collaborations with industry leaders, innovative start-ups, research institutions, and technology providers. By collaborating with experts in various fields, we gain access to cutting-edge technologies, insights, and resources that enhance our product offerings and capabilities.

Industry Participation: We are committed to being active participants in industry associations, forums, and events. These platforms provide us with opportunities to network, exchange knowledge, and showcase our expertise. By contributing to discussions and sharing insights, we not only position ourselves as thought leaders but also gain valuable insights into market trends and customer needs.

Customer-Centric Approach: Our engagement extends to our customers, both current and potential. We actively listen to their feedback, understand their challenges, and tailor our solutions to meet their evolving needs. By maintaining open lines of communication, we build trust and ensure that our products and services are aligned with market demands.

Technology and Innovation: We prioritize staying ahead of technological advancements and industry trends. Through continuous research and development, we invest in innovative solutions that address emerging challenges and opportunities. By embracing new technologies, we position ourselves as pioneers in our industry and provide our customers with cutting-edge offerings. We are thrilled to share the remarkable progress weve achieved in our pursuit of technological innovation and advancement. We are proud to have secured approvals for three patents that underscore our commitment to pioneering solutions. These patents stand as a testament to our unwavering dedication to pushing boundaries and setting new standards in the industry.

Furthermore, our innovation engine is showing no signs of slowing down. With an impressive pipeline of nearly 21 patent applications, we are positioned at the forefront of pioneering developments. Our Indian patent filings cover a diverse spectrum, ranging from cutting-edge tire valve technology, revolutionary tire pressure management systems, and novel approaches to enhancing vehicle safety. The comprehensive nature of our patent portfolio highlights our holistic approach to addressing challenges in the automotive landscape.

Among our foreign patent applications, we are excited about the global potential of our innovations. The repeated filing of a vent apparatus and method signifies our commitment to international markets and our belief in the universal impact of our solutions. Our designs for vehicle tire valves have also gained traction, showcasing our holistic understanding of both form and function.

Patent Application in India:

Application Number Title Type of Application Inventor Details Legal Status
7156/CHE/2015 A CHARGING VALVE UNIT WITHOUT CORE Ordinary Prathap Kamath Mihir Bajekal Arun Nagarajan Reply Filed. Application in amended examination
201641006849 CAN PIERCING VALVE APPARATUS Ordinary Kapil Chand Singhal Tauseef Shahid S. Mallikarjunaiah Patent Granted. Waiting for Publication Under Section 43(2), Patent Number :368281
201641015095 "SYSTEM AND METHOD FOR RELIABLE RECIPROCATING VALVE VENT MOLD DEVICE* "A VENT APPARATUS AND A METHOD THEREOF" Ordinary Mihir Bajekal Prathap Kamath Arun Nagarajan S. Mallikarjunaiah Van T. Walworth Application Abandoned
201641023232 GAS CHARGING VALVE AND A METHOD THEREOF Ordinary (Direct CS) Bajekal Mihir Shyam Paneesh Desai Prathap Kamath Tauseef Shahid Reply Filed. Application in amended examination
201741001537 METHOD AND SYSTEM FOR MANAGING ABNORMALITIES IN A WHEEL/TYRE ASSEMBLY OF A VEHICLE Ordinary (Direct CS) Hemant Singh Reply Filed. Application in amended examination
201741003374 METHOD AND SYSTEM FOR IDENTIFICATIONS OF FAULTS IN A TYRE VALVE Ordinary (Direct CS) Ajey M Rai Hemant Singh Reply Filed. Application in amended examination
201741003377 METHOD AND APPARATUS FOR MONITORING AIR QUALITY IN A TYRE OF A VEHICLE Ordinary Madhu H R Arshad Ayub Hemant Singh Reply Filed. Application in amended examination
201741003378 METHOD AND APPARATUS FOR MONITORING TEMPERTAURE IN A WHEEL OF A VEHICLE Ordinary (Direct CS) Arun Nagarajan Reply Filed. Application in amended examination
201741013054 UNIVERSAL VALVE FOR TUBELESS TIRE AND RIM ASSEMBLY AND A METHOD THEREOF Ordinary (Direct CS) Mihir Bajekal Prathap Kamath Reply Filed. Application in amended examination
201741020056 A HYBRID VALVE FOR TIRE AND RIM ASSEMBLY AND AN INSTALLATION METHOD Ordinary (Direct CS) Mohammed Arshad Ayub Reply Filed. Application in amended examination
201741023557 SYSTEM AND METHODS FOR DETERMINING OPTIMUM TYPRE PRESSURE Ordinary (Direct CS) Hemant Singh Samarth Raj Madhu.H.R Reply Filed. Application in amended examination
201741047344 MODULAR TYRE AND TYRE PRESSURE REGULATING SYSTEM FOR MODULAR TYRE OF VEHICLE Ordinary (Direct CS) Hemant Singh Suddha Sattwa Basu Reply Filed. Application in amended examination
201841013005 AN APPARATUS FOR REMOVING FLASH FROM MOLD PARTS AND A METHOD THEREOF Ordinary (Direct CS) Eswara.S Mohammed Arshad Ayub Reply Filed. Application in amended examination
201841016279 METHODS AND SYSTEM FOR RELIEVING PRESSURE IN A BATTERY PACK ASSEMBLY Ordinary (Direct CS) S. Mallikarjunaiah Mihir Bajekal Prathap Kamath Reply Filed. Application in amended examination
201841017694 A MOLDING APPARATUS AND A METHOD THEREOF Ordinary (Direct CS) Eswara S Reply Filed. Application in amended examination
201841045419 RUBBER GUM COMPOUND COMPOSITION* RUBBER ADHESIVE COMPOSITION Ordinary (PS) Tejaswini G.R Valleesha B.S Reply Filed. Application in amended examination

Patent Application outside India:

Application Number Country Title Type of Application Date of Filing Legal Status
PCT/IN2017/050152 WIPO A VENT APPARATUS AND A METHOD THEREOF PCT Application 28-Apr-17 Published date :02-Nov-17 Publication no: WO/2017/187456 ISR issued on: 02-Nov-17
16/095,639 NP Entry of PCT/IN2017/050152 filed on 28-Apr-17 Priority: 201641015095 filed on 29-Apr-16 US A VENT APPARATUS AND A METHOD THEREOF PCT National Phase Entry 22-Oct-18 Office action issued


Application number Name of Article Class Date of filing Status
284250 VALVE FOR VEHICLE TYRE Class: 12, sub-class: 15 10-Jun-16 Design Accepted and Published,Journal No 20/2017 and Journal Date 19/05/2017
296790 Valve for Vehicle Tyre (L shaped Valve) Class: 12, sub-class: 15 18-Aug-17 Design Accepted and Published, Journal No is 30/2019 and Journal Date is 26/07/2019
312481 VALVES FOR VEHICLE TYRES Class: 12, sub-class: 15 27-Nov-18 Design Accepted and Published, Journal No is 42/2019 and Journal Date is 18/10/2019

Ecosystem Mapping: We continually assess the broader ecosystem in which we operate. This includes understanding market trends, competitive landscape, regulatory changes, and shifts in consumer behaviour. This comprehensive view enables us to proactively adapt our strategies to changing conditions and seize opportunities.

Sustainability and Social Responsibility: Our engagement extends beyond business transactions. We actively contribute to the well-being of the communities we operate in and demonstrate our commitment to sustainability.

By participating in social initiatives and environmentally responsible practices, we strengthen our bonds with local communities and contribute positively to society.

Talent Development: Our engagement with the ecosystem also includes nurturing our workforce. We invest in training, skill development, and career growth opportunities for our employees. By empowering our team, we ensure that our company remains adaptable and responsive to industry changes.

In essence, our engagement strategy is about embracing a holistic approach that involves collaboration, innovation, customer-centricity, and a keen awareness of the broader landscape. By actively participating in the ecosystem, we position ourselves to not only adapt to changes but also to lead industry advancements and contribute positively to the growth and progress of our sector.

Embracing Renewable Resources for Sustainable Energy Initiatives: In alignment with our companys sustainability initiatives, we are actively transitioning towards utilizing renewable resources for our energy needs. This move underscores our commitment to environmental responsibility and reducing our carbon footprint. By harnessing renewable sources of energy, we are not only contributing to a cleaner and greener future but also ensuring a more resilient and sustainable energy supply. This approach extends beyond conventional energy sources and encompasses a diverse array of renewable resources, reflecting our dedication to adopting innovative and eco-friendly practices.


Within our corporate landscape, a dynamic and diversified array of business verticals form the backbone of our operations. With a strategic focus on sustainable growth and innovation, we have cultivated a unique portfolio that encompasses three distinctive sectors: Automotive, Metals, and HVAC (Heating, Ventilation, and Air Conditioning). This collective approach allows us to leverage our strengths, shared expertise, and resources, positioning us for resilience and adaptability in an ever-evolving market landscape.

Automotive: The Automotive sector remains a cornerstone of our business, reflecting our roots and long-standing industry presence. With a forecasted business of 500 Cr by FY 28, our commitment to this sector is evident in our consistent growth trajectory. We remain firmly aligned with emerging trends and advancements in the automotive landscape, enabling us to capitalize on evolving consumer preferences. Our automotive ventures have witnessed remarkable expansion, fueled by our capacity to innovate and deliver high-quality solutions that resonate with the demands of todays discerning customers.

Metals: The Metals sector, with a projected net revenue of 600 Cr by FY 28, is emblematic of our ability to diversify and capitalize on market opportunities. As metal prices surge to multi-year highs due to factors like global economic recovery and supply disruptions, our strategic positioning allows us to thrive in this dynamic environment. Our proficiency in metals is further enhanced by our expertise in automotive and manufacturing, allowing us to contribute to the growth of this sector while maintaining our commitment to quality and excellence.

HVAC (Heating, Ventilation, and Air Conditioning):

The escalating concerns about global warming have prompted industries to seek environmentally conscious alternatives, and HVAC is no exception. The growth potential within this sector aligns seamlessly with our existing skill set and materials expertise. Leveraging insights gained from our ventures in the automotive industry, we are well-equipped to synergize our competencies and knowledge, transferring our prowess in components and technology to the realm of HVAC. This strategic diversification not only showcases our adaptability but also positions us to address the evolving demands of diverse markets, breaking free from conventional limitations.

Our journey through these interconnected industries is underpinned by an unswerving dedication to sustainable growth and innovation. Through collective expertise, we embark on a voyage of exploration, innovation, and adaptation to the ever-shifting dynamics of each sector. This has positioned us as a leader across a spectrum of fields. Our foothold in the Automotive sector underscores our ability to anticipate automotive trends, while the Metals sector grants us the agility to leverage market fluctuations. Within the realm of HVAC, we identify avenues for growth by channeling our shared proficiencies in novel, promising directions, catering to the surging demand for energy-efficient heating and cooling systems.

Our multi-pronged strategy to diversify into these sectors is rooted in our belief in resilience, adaptability, and forward-looking strategic planning. The contemporary business landscape necessitates versatility and the capacity to pivot in response to emerging challenges. By upholding unwavering standards of quality, nurturing innovation, and prioritizing customer satisfaction, we are primed to harness growth prospects in each sector. We harness the collective strength of our diverse operations to not only seize opportunities but also address the pressing need for sustainable solutions in the face of global warming and electricity availability concerns.

In this dynamic journey of evolution, our collective expertise, adaptability, and shared vision act as driving forces. As we tirelessly strive to provide cutting-edge solutions, sustain our industry leadership, and generate value for stakeholders, our triumvirate of industries stands as a living testament to our comprehensive approach to growth, diversification, and innovation in the wake of global challenges.


At the core of our organizations success lies a well-crafted and meticulously executed strategic vision that fuels our every endeavour. Grounded in unwavering commitment and fortified by a robust set of guiding principles, our strategy forms the bedrock upon which our achievements rest. Let us delve into the intricacies of our companys strategic roadmap and philosophy that drive us towards sustainable growth, innovation, and excellence.

A Holistic Approach: Our strategy is not a mere set of actions; its a comprehensive framework that encompasses every facet of our operations. From product development and customer engagement to sustainability initiatives and market penetration, every step we take is in alignment with our overarching strategic goals. This holistic approach ensures that our efforts remain cohesive, interconnected, and purposeful, paving the way for long-term success.

Customer-Centricity: A fundamental tenet of our companys strategy is an unwavering commitment to customer-centricity. Our philosophy dictates that our customers needs, preferences, and satisfaction drive every decision we make. We view ourselves not merely as suppliers but as partners in our customers success stories. This approach fuels our dedication to creating products and solutions that not only meet but exceed expectations, fostering lasting relationships and brand loyalty.

Innovation at the Forefront: Innovation is the lifeblood of our strategy, and it courses through every department, from R&D to production and beyond. Our companys philosophy revolves around the belief that innovation is not an option; its a necessity. We constantly challenge the status quo, exploring new technologies, methodologies, and approaches that empower us to stay ahead of the curve. This commitment to innovation ensures that we consistently bring ground-breaking solutions to market, catering to evolving industry trends and customer demands.

Sustainability as a Responsibility: We embrace sustainability not as an addendum but as a core responsibility. Our company philosophy recognizes that we have a duty to the environment, our communities, and future generations. Therefore, our strategy integrates sustainable practices across all operations. From energy-efficient manufacturing processes to waste reduction initiatives, our commitment to sustainability permeates every level of our organization.

Talent as an Asset: We hold the firm belief that our employees are the cornerstone of our success. Our strategy focuses on nurturing a culture of inclusivity, collaboration, and continuous learning. We provide our employees with the tools, resources, and opportunities they need to excel, thereby fostering a motivated and empowered workforce. This philosophy of valuing our people as our greatest asset ensures that our collective skills drive the achievement of our strategic goals.

Growth through Diversification: Our strategic vision extends beyond single-dimensional growth. Instead, we embrace diversification as a means to ensure resilience and capitalize on emerging opportunities. We proactively explore new industries, products, and markets that align with our strengths, allowing us to expand our horizons while mitigating risks. This philosophy of calculated diversification ensures that we maintain a dynamic and adaptable business model.

Collaboration and Ecosystem Engagement: A pivotal aspect of our strategy is our engagement with the industry ecosystem. We dont merely operate in isolation; we actively collaborate with industry stakeholders, trade associations, and technology partners. This approach resonates with our philosophy that growth is not a solitary journey but a collective endeavour. By engaging with the ecosystem, we stay attuned to market dynamics, forge valuable partnerships, and remain at the forefront of industry trends.

In essence, our companys strategy and philosophy are not confined to documents or presentations; they are living, breathing principles that guide every action, decision, and innovation within our organization. These principles propel us towards sustainable growth, inspire us to push boundaries, and instil in us the belief that excellence is not an endpoint but a journey. As we navigate the intricate currents of the business landscape, our strategy remains our North Star, and our philosophy illuminates the path to success, creating a legacy that resonates far beyond the present moment.


The financial statements have been prepared in accordance with the requirements of the Companies Act, 2013, and applicable accounting standards issued by the Institute of Chartered Accountants of India. The management of Triton Valves Limited accepts the integrity and objectivity of these financial statements as well as the various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements are reflected in a true and fair manner and also reasonably present the Companys state of affairs and profit for the year.


The geopolitical strife in Europe and runaway inflation make for an ideal recipe for uncertainty. The ongoing conflict has already impacted global energy prices, and supply disruptions have become the norm. This will result in higher and more broad-based inflation, which will weigh on private consumption and investment.

For India, the FY23 growth forecast has been slashed to 8.2% from 9.0%, saying that higher commodity prices will weigh on private consumption and investment. The two major issues facing the Auto industry today are managing the supply chain and the high input costs. Interest rates are also moving up in the economy, which will increase the cost of vehicle financing.

On the positive side, demand for all segments is good except for Two-wheelers. Pending order books should keep the passenger segment in good stead. An early end to the war in Ukraine would ease the supply chain bottlenecks for the Auto Industry and also push costs downward. Investments in the PLI Scheme in the Auto and Auto Components industries will be a big boost for Automobile production in India. The impact on the Tyre industry would also be similar as outlined above.



Forecast of a normal monsoon for the fourth year in a row will be positive for the rural sector and the economy as a whole.

High agricultural prices arising from the geo-political situation should be a boost to the rural sector.

Higher Government spending on infrastructure should be growth positive for the related sectors.

Production Linked Incentives and Free Trade Agreements will be a boost to manufacturing in the long run.


The high inflation would have a negative impact on consumption.

RBI has increased interest rates which will increase cost of Funds and may curb demand.

Central Banks the world over are fighting inflation through interest rate hikes and other monetary measures which might curb growth and international trade. This could be a dampener for Exports.

The continuing war in Ukraine will be an uncertainty and will keep commodity prices high.

Economic downturn or slowdown in the key markets (India and Europe) can lead to reduced demand and capacity utilisation.

The continuing lockdown/ disruption situation due to COVID-19 pandemic in many parts where the Company operates can have a significant impact on the business of the Company.

The coming year will continue to face pressure from raw material costs continuing the need to take large price increases across markets to protect margins.

A weak Indian currency can result in pressure on margins, since the Company is a net importer.

Consolidation in the distribution landscape as independent dealers are disappearing, wholesalers and company-owned networks are growing. The Internet is playing a major role in this change and this can impact the Company network and profitability.

Overall, the outlook for the tyre industry in India is positive for FY 2022-2023. However, there are some risks to the outlook, including the ongoing war in Ukraine, rising inflation, and the potential for economic slowdown.


Triton has in place a robust risk management framework that identifies and evaluates business risks and opportunities.

The Company recognizes that these risks need to be managed effectively and mitigated to protect the interest of the shareholders and stakeholders, to achieve its business objectives, and to create sustainable value and growth.

The Companys risk management processes focus on ensuring prompt identification of these risks and identification of a mitigation action plan which is monitored periodically to address risks accordingly.

The list of key risks and opportunities identified by the Management are as follows:


Raw material price volatility:

The industry is raw material intensive. Natural rubber, which is a major raw material, is an agricultural commodity and is subject to price volatility and production concerns. Most other raw materials are affected by the movement in crude prices.

The industry has already witnessed a significant hike in raw material prices. Rising crude oil prices increase raw material costs and may affect the profitability of the Company.

Both natural rubber and crude prices are controlled by the external environment and are, therefore, beyond the reasonable control of the management.

Ability to pass on increasing costs in a timely manner:

Demand-supply situation must remain in favor of the industry to enable it to pass on increasing costs to customers

Dilution of import restrictions on tyres and increased competition from global players:

Dilution of anti-dumping duty on Chinese tyres will increase price competition for domestic tyre manufacturers.

Radialisation levels in India:

Slower-than-expected increase in the radialisation levels in the truck tyre segment may affect Indian operations. Excess capacity may result in competitive pressures. An unexpectedly quicker increase in the level of radialisation can result in faster redundancy of cross-ply capacities and create a need for fresh investments.

Cyber attacks:

The cyber-attack threat of unauthorized access and disruption of business operations continues to increase across the globe.


Manpower and labor: y Disruptions due to COVID-19 may impact the availability of manpower at our plants.

Retaining skilled personnel may become increasingly difficult in India with the increasing demand for talent.

Since the manufacturing process of the Company is labor-intensive, it requires a lot of skilled as well as unskilled workers. Maintaining a huge workforce is a big challenge. In order to mitigate the said risk, the Company follows good HR practices to promote the welfare and safety of its workmen and maintain a cordial working environment.

Overall, the outlook for the tyre industry in India is positive for FY 2022-2023. However, there are some risks to the outlook, including the ongoing war in Ukraine, rising inflation, and the potential for an economic slowdown.

The Company is committed to managing these risks effectively and mitigating their impact on the business. The Companys risk management framework is constantly evolving to ensure that it is well-positioned to respond to the changing business environment.


As required by SEBI (LODR) (Amendments) Regulations, 2018 the Company is required to furnish the details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations for the changes.

The Company has identified the following ratios as key financial ratios:

Particular 2022-23 2021-22
Current Ratio 0.97 0.97
Debt Equity Ratio 0.96 0.82
Interest Coverage Ratio 1.86 3.26
Inventory Turnover Ratio 33.75 46.50
Operating Profit Margin (%) 5.31% 8.95%
Net Profit Margin (%) -1% 0.96%

The details of change in Return on Equity of the Company as compared to the previous year is given below:

Particular 2022-23 2021-22
Return on Equity -4% 3.6%


Particular 2022-23 2021-22
Return on Equity -4% 3.6%

Return on Equity has increased in line with the profitability of the group.


At the heart of our companys governance lies the belief that Internal Control is a fundamental pillar, empowering management while maintaining essential checks and balances. We have established a robust internal control framework tailored to the unique nature, size, and risks of our business. This framework encompasses a well-defined organizational structure, clearly defined roles and responsibilities, documented policies and procedures, and a delegated authority for financial decision-making. To complement these policies, we have implemented a comprehensive management information and monitoring system, ensuring adherence to internal processes and compliance with relevant laws and regulations.

Our internal control environment enables efficient operations, safeguards our assets, detects and prevents frauds and errors, ensures the accuracy and completeness of accounting records, and enables the timely preparation of reliable financial information. As a core IT system, we utilize TCS iON, an advanced Enterprise Resource Planning (ERP) software. We continuously strive for excellence by adopting industry-leading processes to enhance our systems and procedures. Our management not only focuses on revenue and profitability but also upholds financial and commercial discipline.

To ensure the effectiveness of our internal control systems, we have implemented comprehensive internal audits and regular checks. Our Audit Committee, led by an Independent Director, diligently reviews the adequacy and performance of our control systems. We maintain proper and adequate systems of internal controls, fostering a culture of accountability and compliance within our organization.


At Triton, we firmly believe that our people are the cornerstone of our future growth and sustainability. We are dedicated to attracting and cultivating the best talent in each facet of our operations. Through continuous development and enhancement of skills and competencies at every level, we strive to create an environment that fosters talent and equips our workforce with the necessary capabilities to meet the evolving demands of the market.

Our commitment to maintaining strong industrial relations remains unwavering, and we have fostered harmonious and productive relationships with our employees. Their invaluable contributions, alongside our recognized union, have played a positive and constructive role in the growth and advancement of our company.

In response to the challenges posed by the COVID-19 pandemic, we have taken proactive measures to prioritize the health and safety of our employees. These actions include temporarily suspending non-critical operations during the lockdown period, implementing work-from-home policies, conducting remote interviews and meetings, and educating our workforce on COVID-19 precautions and personal hygiene through regular communications.

We are proud to report that we have sustained healthy and amicable industrial relations throughout the year. Additionally, we have remained steadfast in our commitment to the ongoing development of our employees skills and competencies. We have introduced various initiatives to cultivate a safe and well-being-oriented work environment, including a comprehensive wellness program and an awareness campaign focused on mental health.

Moreover, Triton has intensified its efforts to foster diversity and inclusion within our organization. We are dedicated to creating a workplace where all individuals feel valued, respected, and empowered to contribute their unique perspectives and experiences.

As we move forward, Triton remains dedicated to nurturing our workforce, ensuring their well-being, and championing a workplace culture that embraces diversity and inclusion. Together, we will continue to drive our companys success and shape a bright future for all.


Amidst the tapestry of our strategic initiatives, a beacon of unprecedented opportunity emerges one that holds the potential to reshape the trajectory of our companys growth. With unwavering determination, we have set our sights on a 1000 crore opportunity that stands as a testament to our ambition and capability. This audacious goal not only encapsulates our dedication to excellence but also showcases our commitment to creating enduring value for our stakeholders. As we embark on this transformative journey, we remain resolute in our pursuit of innovation, customer-centricity, and sustainable practices, all of which converge to pave the way for our ascent towards this momentous achievement.


Statements in the Management Discussion and Analysis describing the Companys objectives, expectations or forecast may be forward-looking within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Companys operations include global and domestic supply and demand conditions affecting the selling prices of finished goods, input availability and prices, changes in government regulations, tax laws, economic developments within the country, and other factors such as litigation and industrial relations.

For and on behalf of the Board of Directors

Place: Bengaluru S.K.Welling
Date: 12th August 2023 Chairman
DIN: 00050943

Regd. Office:

Triton Valves Limited

Sunrise Chambers, 22,

Ulsoor Road Bengaluru 560 042

CIN: L25119KA1975PLC002867