Chairman Message

Dear Shareholders,

As I reflect on the past fiscal year, I am filled with immense pride regarding our collective journey. Innovation has been the cornerstone of our progress, and our commitment to this principle has propelled us forward, enabling sustained growth and success year after year.

As we close the fiscal year ending March 2024, our accomplishments stand as a testament to our dedication. We have continued to lead in delivering innovative and eco-friendly solutions, all while prioritizing sustainability and enhancing company performance. Despite the challenging global economic conditions, our resilience has shone through.

I would like to acknowledge the exceptional leadership of our Joint Managing Director, Mr. Neil Patel, and his dynamic team. Their efforts have kept us on track toward our vision and mission. Kudos to our KMPs and every level of our team, whose tenacity, loyalty, and focus have made this our best year to date.

Innovative Relentlessly

We are driven by a commitment to continuous innovation and market leadership. Our R&D team and IP Cell have made significant strides, resulting in valuable inventions and processes that are likely to yield additional patents. We've been recognized by the DPIIT and the Ministry of Commerce for our IP portfolio.

Our Water-Soluble Film segment continues to grow, and with successful trials of new variants, we are optimistic about onboarding larger clients. Our High-tech segment has also seen strong revenue increases, especially in high-security and IP-driven products.

We are committed to the Atma Nirbhar Bharat initiative and aim to contribute through anti-counterfeit, brand protection, and high-tech security product exports. Our pharmaceutical subsidiary, Avery Pharmaceuticals Private Limited, is making strides in MDS as a novel drug delivery system, showing positive progress.

Embracing the Atma Nirbhar Bharat Vision

We are actively participating in government procurement opportunities and import substitution sectors. We appreciate recent government reforms supporting Indian MSMEs and will continue using our advanced technology and equipment to explore related markets.

Performance Review

We're proud to report our net-zero debt status and improvements in ROCE and ROE. This year, we achieved our highest-ever sales, thanks to new market exploration. Our revenue rose 36% to Rs. 1,511 million, while our Profit After Tax more than doubled - a 141% YoY increase.

Way Forward

We remain committed to investing in people, R&D, and sustainable technologies. Our goal is to integrate cutting-edge and eco-friendly innovations into our operations. We aim to strengthen our subsidiaries and maximize shareholder value through balanced growth and ethical practices.