Annual Report: 2023
Ambadi Investments Limited's (AIL) annual report for 2022-23 provides a comprehensive overview of the company's performance, governance, and financial standing. AIL, a Non-Deposit taking Systemically Important Core Investment Company (CIC), primarily functions as an investment company within the Murugappa Group, holding investments in subsidiaries and other group companies.
Corporate Information: Key personnel include M A Alagappan as Chairman, and other directors such as A Vellayan, M M Murugappan, and Vellayan Subbiah. The registered office is located in Chennai. M/s. Brahmayya & Co. serves as the auditor.
Board's Report: AIL's standalone financial performance shows a total income of ₹94.09 Crore and a profit after tax of ₹79.72 Crore for FY 2022-23, compared to ₹130.08 Crore and ₹102.51 Crore respectively in the previous year. This lower profitability is attributed to decreased dividend income from investee companies. The Board approved three tranches of interim dividends totaling ₹195 per share. The Board did not recommend a final dividend for the year. ₹16.00 Crore was transferred to the Special Reserve. The Company's share capital remains at ₹2.44 Crore. AIL's consolidated financial results reflect a total income of ₹417.83 Crore, and a profit for the year of ₹1,409.60 Crore. Earnings per share are ₹5,771.74.
Subsidiaries and Associates: AIL has two subsidiaries: Parry Agro Industries Limited and Parry Enterprises India Limited, and seven associate companies, including Tube Investments of India Limited and Cholamandalam Investment and Finance Company Limited. There have been no changes in the nature of the business for these entities during the year. The report includes Annexure I, containing salient features of the financial statements of subsidiaries/associate companies.
Corporate Governance and Compliance: A report on corporate governance, compliant with RBI Master Directions, is included as Annexure III. Four Board meetings were held during the year. The company has six committees: Audit Committee, Nomination and Remuneration Committee, Risk Management Committee, Asset Liability Management Committee, Group Risk Management Committee, and Share Transfer Committee. IDs, Mr. P Nagarajan and Mr. P R Ravi, confirmed they meet independence criteria. M/s. Brahmayya & Co. have been re-appointed as statutory auditors for a second term. The Board has established a Risk Management Committee to monitor and implement risk management plans, and has framed a CSR policy but has no CSR obligations for FY 23.
Other Key Points:
Management Discussion and Analysis (Annexure II): The report also provides a detailed Management Discussion and Analysis (Annexure II) which discusses the global and Indian macroeconomic environment. It emphasizes the Indian economy's resilience and projected growth supported by government initiatives and robust domestic demand. The report acknowledges potential downside risks like geopolitical conditions and global inflation. The report provides a table that summarizes Standalone Financial Results with Strategic Investments equalling a cost of 920.25 crore.
Form AOC-1 (Annexure 1): A statement containing salient features of the financial statements of subsidiaries/associate companies/joint ventures.
Directors' Responsibility Statement: The board acknowledges responsibility for the financial reporting.
In closing, the annual report presents a comprehensive overview of Ambadi Investments Limited's activities, financial performance, and governance structure for the fiscal year 2022-23, highlighting both successes and areas requiring attention.
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