Annual Report: 2024
Danfoss Systems Limited, formerly known as Eaton Fluid Power Limited, released its 59th Annual Report for the year ended March 31, 2024.
Notice of the Meeting The Fifty-Ninth Annual General Meeting (AGM) will be held on Thursday, December 26, 2024, at 10:30 AM IST via video conferencing. The ordinary business includes adopting the audited financial statements for the year ended March 31, 2024, appointing a director in place of Ravichandran Purushothaman who retires by rotation, and appointing statutory auditors and fixing their remuneration. A special business item is to ratify the remuneration of C.S. Adawadkar & Co., Cost Accountants, Pune as Cost Auditors for the financial year ending March 31, 2025, with a remuneration of Rs. 3,00,000/-. The company has been granted an extension to hold the AGM under Section 96 (3) of the Companies Act, 2013. Remote e-voting will be available to members, with the voting period commencing on Monday, December 23, 2024, and ending on Wednesday, December 25, 2024.
Board's Report
Financial Results: The company's total revenue grew by 8.25% to ₹5,171.40 million in 2023-24, compared to ₹4,777.21 million in the previous year. Profit before tax increased by 71.78% to ₹290.75 million. The directors do not recommend any dividend for the year.
Shareholding & Name Change: Following Eaton Corporation Plc.’s sale of its hydraulic business, 97.61% of the company's shares are now held by Danfoss Fluid Power Private Limited. The company's name changed to "DANFOSS SYSTEMS LIMITED" in December 2022. An application is filed for reduction of paid-up share capital (2.39% held by non-promoter shareholders).
Meetings: The board held four meetings during the year. An Independent Director's meeting was held twice.
Committees: The composition of the Audit Committee and Stakeholders Relationship Committee were reconstituted following the appointment of Akshay Bhalchandra Purandare as an Independent Director.
Directors’ Responsibility Statement: The directors affirm that applicable accounting standards were followed, proper accounting records were maintained, and the annual accounts were prepared on a going concern basis.
Statutory Auditors: The Board proposes the appointment of M/s. Price Waterhouse Chartered Accountants LLP as statutory auditors for five years.
Energy Conservation: Various energy conservation measures were taken, leading to total energy savings of 57,197 KWH Units/Year and green energy generation of 617,109 KWH.
Technology Absorption: Transition to "One ERP system" was completed.
Foreign Exchange: Foreign exchange earnings were INR 1,025.69 million and expenditure was INR 2,177.16 million.
CSR: The Corporate Social Responsibility Committee has formulated a CSR policy. The CSR obligation for the financial year is INR 4.47 Million.
Sexual Harassment: There were no cases filed during the year and there were no pending cases of sexual harassment in the Company as of 31st March 2024.
Secretarial Audit Report
Nomination & Remuneration Policy
Financial Highlights (as of March 31, 2024):
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