Annual Report: 2023
Hella India Lighting Limited's Annual Report for 2022-23 highlights the company's financial performance, business operations, corporate social responsibility, and corporate governance practices. The 63rd Annual General Meeting (AGM) is scheduled for September 15, 2023, via video conferencing to address adoption of audited financial statements, director appointments, and cost auditor remuneration. Financially, the year 2022-23 was better compared to FY 2021-22, with a significant increase in Revenue from Operations from INR 3,030,099,000 to INR 3,825,116,000. While total expenses increased to INR 3,520,373,000 due to increased raw material and employee benefit costs, Profit Before Tax rose to INR 393,995,000. After accounting for tax expenses, the profit after tax was INR 268,880,000. The basic and diluted earnings per share increased to INR 84.79. The company issued Equity Shares through preferential allotment to Hella Holding International Gmbh to raise capital to buy out the minority/public/non-promoter shareholders/members of the Company, following the approval of the Composite Scheme with Hon'ble NCLT (National Company Law Tribunal), which would consequently result in a reduction of the Company's equity share capital. As a result, the Company received ₹54,45,80,618. The Board of Directors decided not to recommend any dividend and transferred no amounts to the General Reserves. Rama Shankar Pandey resigned as Managing Director, effective December 31, 2022. Manoj Singh and Venugopal Anandhan were appointed as Whole-time Directors, and Ravi Chhabra as a Non-Executive Director, effective January 1, 2023. The Board met four times during the financial year. The Board Committees include Audit, Stakeholders Relationship, Share Transfer, Nomination and Remuneration, and Corporate Social Responsibility (CSR). The Corporate Social Responsibility (CSR) Committee met twice in financial year 2022-23. The company's CSR policy focuses on skill enhancement and road safety campaigns. The company complied with Secretarial Standards, manages risk through a Best Management System (BMS), has adequate internal financial controls, and has received declarations of independence from its independent directors. There were no reported frauds. M/s S.N. Dhawan & CO LLP were appointed as Statutory Auditors, and M/s Ashish & Associates as Cost Auditors. The INDEPENDENT AUDITOR'S REPORT dated August 08, 2023 were self-explanatory and thus do not require any further comments/remarks by the Board of Directors. The Company has well-defined Nomination and Remuneration and CSR Policies. The company did not give any loan or guarantees or provided securities or made investment to/in any other body corporates or persons. The information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in Annexure III A summary of sexual harassment complaints reported and resolved is included. A Nomination and Remuneration Policy is in place. The Board acknowledges cooperation from bankers, financial institutions, and other agencies. Annexure I provides the Annual Report on Corporate Social Responsibility (CSR) activities for the financial year 2022-23. The CSR strategy centers on harmonizing corporate objectives with developmental aspirations, thereby facilitating inclusive progress. Annexure II covers the information regarding the conservation of energy, technology absorption and research & development and foreign exchange earnings and outgo Annexure A to the Independent Auditor's Report details compliance as per reporting requirements. Financial data, including assets, liabilities, equity, and statement of profit and loss, is provided. Key financial ratios are also presented, including current ratio, debt-equity ratio, return on equity, and others.
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