Annual Report: 2023
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Overview
The document is the Annual Report for FY 2022-23 of Manjushree Technopack Limited. It presents a review of the economic landscape, the company’s performance, and its future outlook, alongside detailed financial statements and related disclosures. The company’s areas of focus for the year are Profitable Growth, Process Excellence, being the Best Place to work for, and Innovation.
Chairman's Report & Economic Context
The Chairman, Ashok Sudan, noted that the company performed well despite a volatile environment, exceeding ₹2010 crores in revenue, a 44% growth rate. The report highlights the global and Indian economic scenarios of 2022-2023, characterized by recovery from the pandemic, supply chain disruptions, inflationary pressures, and changing consumer behavior. The Indian economy rebounded due to manufacturing, agriculture, and services sectors. Government reforms and infrastructure development were conducive to business. The company experienced raw material price fluctuations and supply chain issues, but remained resilient through strategic planning and innovation. Manjushree Technopack also acquired two manufacturing units from Hitesh Plastics Private Limited in Jalgaon, Maharashtra, expanding its product portfolio to include Caps and Closures.
Financial Performance
Directors and Key Personnel
Corporate Social Responsibility (CSR)
The CSR committee includes Ashok Sudan (Chairman), Pankaj Patwari, and Thimmaiah NP. The company's CSR policy is available on its website. ₹2,20,55,000 was spent for the financial year.
Subsidiaries, Associates & Joint Ventures
MTL New Initiatives Private Limited is a wholly-owned subsidiary. Al Lenarco Midco Limited, based in Cyprus, holds 97.24% share capital of Manjushree Technopack Limited.
Other Key Points
Outlook and Way Forward
The company remains cautiously optimistic, focusing on strategic expansion, diversification, and improved operational efficiency while using more and more green energy/renewable energy. It aims to continue engaging in socially responsible initiatives.
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