Annual Report: 2024
The document is Manjushree Technopack Limited's Annual Report for FY 2023-24. Shivakumar Dega serves as Chairman and Independent Director, while Thimmaiah NP is the Managing Director and CEO.
Strategic Objectives
The report focuses on strategies for building a world-class institution, emphasizing profitable growth across business units and functions, customer centricity, process excellence, and cultivating a highly motivated and challenged team as the best place to work. The company embraces a collaborative approach to innovation, focusing on customer-led concepts. Environmental responsibility is highlighted through best-in-class ESG practices and close-loop recycling capabilities, maintaining agile and responsive operations, ethics and integrity.
Financial Performance & Key Metrics
The Chairman's Speech notes that the world economy is expected to grow by 2.5-3% this year, while India's GDP is anticipated to grow closer to 7%. More than 60% of India's GDP is consumption-led. The global packaging market is estimated at $1.23 trillion, with India's market valued at $135 billion.
The Board's Report indicates a consolidated gross turnover of Rs. 2,11,700.27 Lakhs for FY2024, compared to Rs. 2,09,633.87 Lakhs in FY2023. Gross profit increased to Rs. 51,757.73 Lakhs from Rs. 40,589.98 Lakhs, and operating profit was reported at Rs. 37,332.99 Lakhs, versus Rs. 29,350.85 Lakhs in the previous fiscal year. The profit before tax (excluding OCI and exceptional items) for FY2024 was Rs. 14,029.00 Lakhs, compared to Rs. 9,435.27 Lakhs in FY2023. The net surplus after taxation was Rs. 14,177.45 Lakhs, resulting in a basic EPS of Rs. 103.92.
Corporate Actions & Capital Structure
During the year, the company did not issue shares with differential voting rights, stock options, or sweat equity shares, and no shares were bought back. The authorized capital is Rs. 25.10 Crores. The company has submitted a Draft Red Herring Prospectus (DRHP) with SEBI, BSE, and NSE for its proposed IPO. The Board approved the acquisition of plastic closures and preforms business from Oricon Enterprises Limited for Rs. 520,00,00,000, completed on July 24, 2024. Mannu Bhatia was appointed as an Additional Director of Independent category on 12-07-2024. Ashok Sudan, Jayesh Tulsidas Merchant, and Mannu Anand resigned from directorship on 15th July 2024. Authorized Capital was changed to Rs. 25.10 Crores divided into 22,55,00,000 Equity Shares of Rs. 2/- each. The Company has issued rights issue of CCDs to the Shareholders and allotted on 15th July 2024 5,26,95,960 CCDs and on 24th July 2024 2,13,734 CCDs
Governance & Compliance
The company has conducted multiple board and committee meetings to ensure compliance. These include meetings of the Board, Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, Stakeholders Relationship Committee, and Risk Management Committee. The Independent Directors have confirmed they meet independence criteria. The Board has carried out annual evaluations of its performance, committees, and individual directors, fulfilling the provisions of the Companies Act, 2013.
Operational Efficiency & Sustainability
The company is committed to conserving energy. Electricity consumption data and efforts in technology absorption, research, and development are detailed.
Subsidiaries, Associates & Joint Ventures
MTL New Initiatives Private Limited (MNIPL) was formed on January 1, 2020, as a wholly-owned subsidiary and later amalgamated with Manjushree Technopack Limited vide order of the Regional Director, Hyderabad dated November 15, 2023. Al Lenarco Midco Limited holds 97.24% of Share Capital of Manjushree Technopack Limited
Corporate Social Responsibility (CSR)
The CSR committee includes Ashok Sudan and Pankaj Patwari. The annual report includes the details on CSR spending, projects, and amounts unspent.
Auditor Information
Deloitte Haskins & Sells LLP are the statutory auditors. M/s Mahajan & Aibra is the internal auditor. GS & Associates is the cost auditor, and Vijayakrishna KT is the secretarial auditor.
Risk management
The company Risk management committee includes independent Director Mr. Ashok Sudan, Director Mr. Pankaj Patwari, Managing Director and CEO Mr. Thimmaiah NP.
Other Key Information
The report includes annexures providing detailed financial statements, declarations, and compliance reports. Emphasis is placed on fair labor practices, sexual harassment prevention, and commitment to ethical and legal standards. A whistle blower policy is in place. There were no qualifications or observations by the Auditors in their audit reports.
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