Annual Report: 2024
Schneider Electric President Systems Limited Annual Report 2023-24 Summary:
Overview: The Schneider Electric President Systems Limited delivers impact across India's IT and Telecom landscape. The report highlights the company's financial performance, strategic initiatives, and commitment to ethical business practices and sustainability. It emphasizes driving impact through efficiency, upholding trust, and adhering to Schneider's 'Life is On' commitment.
Financial Performance: The company has seen positive financial results for FY 2024. Operating revenue reached ~4,000 million INR, specifically 3,929.72 million INR, a 17.8% annual growth compared to 3,336.36 million INR in FY 2023. Profit After Tax for FY 2024 was 299.66 million INR, compared to 166.89 million INR the previous year. The Profit Before Tax has grown and crossed the milestone of +10%, as percentage of revenue from operations. The company withdrew an appeal pending at Securities Appellant Tribunal (SAT) and successfully complied with the Securities and Exchange Board of India and Securities Appellant Tribunal Orders. The equity shares of the company were listed on the Metropolitan Stock Exchange of India Limited (MSEI) on January 19, 2024. The increased Return on Capital Employed (ROCE) for the FY 2023-24 stood at 22.57 times as compared to 14.59 times reported in the previous year.
Strategic Focus and Initiatives: Key strategies include digital transformation, sustainability, and enhancing customer experience. The company integrates Environmental, Social, and Governance (ESG) factors into core business operations. They have made strides in ensuring global sustainability guidelines in new products. The company realigned their business plans to focus on the key growth sectors such as IT Racks for data centers.
Corporate Governance and Social Responsibility: The company emphasizes ethical business practices, transparency, accountability, and data security. Corporate governance and responsibility remain a priority. The company has undertaken various Corporate Social Responsibility (CSR) activities. CSR teams planted over 70,000 saplings, including mangrove plantations in Sundarbans and Urban Forestation at CRPF Camps. The board of Directors have approved changing the nomenclature of CSR Committee to Environmental, Social and Governance & Corporate Social Responsibility Committee ("ESG & CSR Committee"). Business Outlook:
The global economy is expected to witness a synchronous rebound in 2025 as major election uncertainties will be out of the way. Made in India campaign will get strengthen further from increased production and export opportunities. Key sectors include IT/Networking and ITES, Telecom, General and Industrial Electronics. Geographies served by the Company and Revenue Segmentation are: India (80%), Neighbouring Countries (Sri Lanka, Bangladesh, Nepal) (1%), Europe (3%), Pacific (12%), North America (NAM) (4%).
Risks and Internal Controls: The report acknowledges potential risks like currency fluctuations and supply chain disruptions. The company analyzes all risks and ensures robust operational strategy, regular monitoring, appropriate policies and controls are in place to mitigate the risks. The company has an Internal Control System commensurate with its size, scale, and complexity. Mr. Surender Kumar was appointed as the Chief Risk Officer of the Company with effect from December 06, 2023.
Board of Directors and Key Management Changes: Several changes occurred in the Board of Directors, including resignations and appointments. Ranjan Pant was re-appointed as Chairman. Anuj Kudesia was appointed as Managing Director with effect from May 27, 2024. Shivaprasad Srinivas, resigned from the position of Whole-Time Director with effect from March 13, 2024. Subhrendu Sarkar, appointed as Whole-Time Director and redesignated as Chief Financial Officer of the Company with effect from December 06, 2023. Compliance and Governance:
The Company has complied with the Secretarial Standards-1 (Meetings of Board of Directors) and Secretarial Standards-2 (General Meetings). The Company's financial controls were adequate and operating effectively. Auditors:
M/s. S.N. Dhawan and Co LLP, Chartered Accountants, were appointed as the Statutory Auditors of the Company.
Overall Outlook: The company is optimistic about future growth prospects and is focusing on digital transformation, sustainability, and customer experience. They aim to achieve sustainable growth and deliver value to shareholders while operating ethically and responsibly. The management expresses gratitude to employees, shareholders, and partners.
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