Annual Report: 2024
Versuni's Annual Report for 2023-24 highlights the company's financial and non-financial performance, governance, and strategy. Versuni's mission is to help people turn Houses into Homes, aiming to be a great place to work. The vision statement is to be the fastest growing Domestic Appliances Company in India.
Corporate Overview: Versuni focuses on four key priorities: driving efficiencies through integration, increasing local portfolios, being future-ready with direct-to-consumer and digital platforms, and a dual-brand approach leveraging Philips and Preethi. The company's footprint includes offices in Gurgaon, Bangalore, and Chennai, with manufacturing facilities in Chennai and Ahmedabad, and R&D in Chennai and Gurgaon.
Product Range & Business Review: Versuni's kitchen appliances category (Philips and Preethi) experienced impressive growth driven by innovative solutions and integration of smart features. The garment care range also achieved strong growth through innovation and consumer-centric design. The air care category saw significant growth. Versuni introduced Espresso machines and security cameras to expand its offerings. Air fryers are a pioneering product, while the floor care range offers easy-to-use cleaning solutions. Preethi gas stoves continue to set industry benchmarks. Despite challenging market conditions in FY 2023-24, Versuni India strengthened its industry leading Gross Margins and improved profitability by 2.3 percentage points. Revenue stood at ₹17,449 Mln. Versuni strengthened its supply chain, enhanced operational efficiency, and increased investment in eco-friendly practices. The company inaugurated its first Airfryer manufacturing facility in Ahmedabad.
Future Trends: The report identifies key future trends including smart technology integration, sustainability initiatives (energy efficiency, eco-friendly products, circular economy), and innovations in product design (durable, repairable products).
Chairman's and MD's Messages: Chairman Susim Mukul Datta is pleased with the company's strategic implementation and achievements. The company has inaugurated its 1st Air fryer manufacturing facility in India in January 2024 with a capacity scalable up to 1 million units. There's commitment to customer satisfaction in the Preethi brand. MD Gulbahar Taurani highlighted the company’s achievements as an independent organization and its commitment to becoming the 'Best Domestic Appliances Company in India.'
Governance & ESG: The board of directors includes Susim Mukul Datta, Gulbahar Taurani, Anisha Motwani, Piyush Kalra, and Aruna Arulsingh. Versuni India has received numerous awards and recognitions for excellence and innovation. The company is committed to consumers through innovation, manufacturing, after-sales service, and packing, with manufacturing highlights at Ahmedabad and Chennai plants. Corporate Social Responsibility initiatives focus on education, healthcare, and community development. 160 students were financially supported. Projects included Pragya, aiming to prevent school dropouts. A local area development project provided infrastructure support to schools in Thaiyur, Chennai. The company contributed to children detected with Leukemia disease by ensuring timely and effective treatment to 30 children across India. Versuni collaborated with the Sankalp Taru Foundation for the Rural Livelihood Support Program, planting 121,500 fruit tree saplings. 23,077 saplings were planted across 7,692 square meters through the Project-Green Growth- Versuni
Financials and Statutory Information: The report includes information on the 4th Annual General Meeting, outlining ordinary and special business to be transacted, including the adoption of audited financial statements, the appointment and remuneration of directors, and the approval of an ex-gratia payment. The notice details procedures for electronic voting and participation in the AGM. During the Financial Year 2023-24, the name of the Company has been changed from "PHILIPS DOMESTIC APPLIANCES INDIA LIMITED" to "VERSUNI INDIA HOME SOLUTIONS LIMITED". An interim dividend of INR 20 per equity share aggregating to INR 1150 Million was approved. For the Financial Year 2023-24, the Board of Directors do not propose to transfer any amount to the General Reserve. The board comprises Susim Mukul Datta, Gulbahar Taurani, Piyush Kalra, Aruna Arulsingh, and Anisha Motwani. The company's general information lists the Statutory Auditors as M/s S.R. Batliboi & Co. LLP and CS Ashok Tyagi as the Secretarial Auditor.
Annexures and Detailed Financial Information: The document includes several annexures detailing the company's corporate social responsibility initiatives, related party transactions, and the secretarial audit report. Detailed financial statements, including the balance sheet, statement of profit and loss, cash flow statement, and statement of changes in equity, are provided with notes on accounting policies, share capital, reserves, long-term borrowings, and other financial details. Discussions also include capital management, financial risk management, and sensitivity analyses. The Statutory Auditors' report and notes are included.
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