Annual Report: 2023
APL Metals Limited (Formerly - Associated Pigments Limited) is a company primarily engaged in the production of Refined Lead and Lead Alloys at its plants at Panskura (West Bengal) and Lead Oxides at its plants at B. T. Road (West Bengal) and Malwan (Uttar Pradesh). Its registered office is located in Kolkata, West Bengal.
The 74th Annual General Meeting of the Members of the Company will be held on Thursday, the 21st of September, 2023 at 12.30 P.M IST through Video Conferencing (“VC”)/Other Audio-Visual Means (“OAVM") to transact the following business: Ordinary Resolution to receive, consider and adopt the Financial Statements for FY 2022-23, Ordinary Resolution to re-appoint Mr. Raghav Bajoria (DIN: 08713745) as a retiring director, Ordinary Resolution to appoint Mr. Rahul Damani (DIN: 05216197) as Director, liable to retire by rotation, Special Resolution to appoint Mr. Varun Daga (DIN-06770822) as an Independent Director of the Company, and Ordinary Resolution to ratify the remuneration of Cost Auditors for Financial Year 2023-24
The financial year 2022-23 was very challenging for lead recycling industry in India due to high inflation, rise in import costs, logistic barriers on international movement of merchandise for imports as well as exports, rising foreign currency costs and finance cost in India.
The Production for the year 2022-23 was down by 2.37% which appears better when compared with 9.37% fall in the preceding financial year 2021-22. Exports during the year 2022-23 declined by INR 68.70 Crore (51%) from INR 133.77 Crore in 2021-22. The exports had increased three fold in last year to INR 133.77 Crore as against INR 32.41 Crore in FY 2020-21. The gross domestic Sales rose by 16% to INR 842.59 Crore from INR 726.28 Crore in 2021-22 which was due to increase in both volume as well as prices.
The Operating Profit before finance cost, depreciation and taxes increased marginally by 11.90% from INR 22.12 crore in last year to INR Rs 24.74 crore in FY 2022-23. The Net profit for the year declined to Rs 2.53 crore as against Rs 4.96 crores. In view of drastic reduction in exports in the first quarter ended June, 23 by 61% to INR 8.61 crore from INR 22.17 Crore in June,22 the company has been forced to reduce production. Hence, the production in first quarter of FY 2023-24 has been down by 22 % to 9650 MT as against 12350MT in Quarter ended June, 2022. Gross Turnover in June, 23 qtr is INR 220.51 crore as against INR 270.54 crores in June, 22 qtr, down by about 19% due to better pricing this year.
The company proposes to set-up battery breaking unit involving about Rs four crores to break battery 50000MT Per annum @15MT per hour which will enable it to expedite feeding of battery scrap for increasing production of lead from smelting route.
The company has spent a sum of Rs 16.00 lacs for FY 2022-23 and full details of CSR activities on which the expenditure has been incurred as prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014 is appended as Annexure - 3 to this Report.
Key financial figures (in crores): Gross Sales: 907.66 (2022-23) , 860.05 (2021-22) Net Revenue from Operations: 735.84 (2022-23), 724.29 (2021-22) Total Income: 736.67 (2022-23), 724.68 (2021-22) Profit/ (Loss) before Depreciation, Finance Cost and Tax: 24.74 (2022-23), 22.12 (2021-22) Net Profit/ (Loss) after Tax: 2.53 (2022-23), 4.96 (2021-22) Total Comprehensive Income as per Audited Accounts: 1.89 (2022-23), 4.44 (2021-22)
Key Management Personnel Mr. Sanjiv Nandan Sahaya, Chairman & Managing Director Mr. Rajnish Gambhir, Chief Financial Officer Mr. Ram Narayan Prajapati (FCS-1889), Company Secretary and Compliance Officer Auditors: M/s VPC & Associates Secretarial Auditor: Rinku Gupta & Associates Cost Auditor: B. Saha & Associates Bankers: Indian Bank and Axis Bank
The Equity Shares of the Company continue to be listed with The Calcutta Stock Exchange and all annual listing fees billed by the exchange have been paid up-to date.
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