Signify Innovations (Previously Phillips Lighting) India Limited Unlisted Shares Annual Reports

Signify Innovations (Previously Phillips Lighting) India Limited Unlisted Shares

The annual report for the financial year 2023-24 of Signify Innovations India Limited highlights the company's performance amidst a challenging global economic climate. While the global economy showed resilience and growth, the lighting industry faced difficulties due to price reductions affecting revenue growth and profitability. Despite these challenges, Signify Innovations India Limited maintained profitability and increased volume year-over-year. **Business Strategy & Performance:** In 2024, the company reorganized into four vertically integrated businesses focusing on distinct customer segments, which are Professional, OEM, Consumer, and Conventional lighting technologies. This restructuring aims to strategize the central organization toward growth. The Brighter Lives, Better World sustainability program exceeded the Paris Agreement goals by reducing 334 million tons of CO2e since 2019. Revenues from Brighter Lives and Circular programs reached 31% and 33% respectively. The 5 Frontiers Strategy focuses on customer satisfaction, differentiated offers, sustainability, digitalization, and creating a great workplace. The company expanded the Philips Smart Light Hub network and improved the supply chain model. The digitalization roadmap includes future-ready processes, customer interfaces, and products. The Direct-to-Consumer (D2C) website was launched with over 1000 products, and e-commerce presence was increased. A PowerBI-based business intelligence platform was set up to enhance data analytics and security. **CSR Initiatives:** The company's CSR strategy aligns with its brand purpose, focusing on providing access to sustainable lighting for underserved communities. This year, CSR programs positively impacted 0.5 million lives. Initiatives include illuminating schools, villages, and healthcare centers, and providing solar streetlights. These include Har Gaon Roshan (lighting up 283 villages), Khel Jyoti (lighting up 92 playgrounds), Jagmag Pathshala (lighting up 70 schools), and Swasthya Kiran (lighting up 15 healthcare centers). A humanitarian initiative provided 120 solar streetlights in Himachal Pradesh. **Financial Highlights:** The total income for FY 2023-24 was ₹3,098 Cr., and the total profit before tax was ₹365 Cr. The earning per share was ₹46.77. **Corporate Governance:** The annual report includes the composition of the Board of Directors and its various committees, including the Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, and Stakeholders Relationship Committee. The report also details the Notice of the Annual General Meeting, including resolutions related to the adoption of financial statements, declaration of dividend (₹10 per equity share), and re-appointment of directors. **Directors' Report:** The Directors' Report highlights financial performance, annual return information, transfer to reserves, deposits, and business performance. The company registered a degrowth of 1.2% due to global challenges but achieved improved profitability. The LED transformation continues, constituting 87% of product sales. The company also discusses its leadership in sustainability, material changes affecting the financial position, significant orders impacting operations, details of subsidiaries, directors and key managerial personnel, declaration by independent directors, number of board meetings, and board evaluation. **Audit & Compliance:** The report covers details on the statutory auditors, secretarial auditors, compliance with secretarial standards, procedures for prevention and redressal against harassment of women, and corporate social responsibility. It also includes a directors responsibility statement, auditors report and annexures detailing such as meetings attended by directors, information about material contracts, technology absorption and foreign exchange earnings and outgo. The report covers the opinion on the internal financial controls with reference to financial statements. The company is in the process of evaluating and implementing a system to have complete backup of books of accounts located in India. The annual report also includes a listing of all the statutory registers that the company will make available during the Annual General Meeting. **Future Outlook:** Looking ahead to FY 2024-25, the company anticipates volume demand growth driven by new real estate and professional projects. Price and cost are expected to trend lower, with a focus on innovation and delivering quality products. The company remains committed to aiding India's growth story. The notice also includes proposed revision in remuneration for key managerial positions.

Signify Innovations (Previously Phillips Lighting) India Limited Unlisted Shares

Signify Innovations India Limited Annual Report 2022-23 Summary: **Overview:** The report is from Vinayak Deshpande, the Chairman of Signify Innovations India Limited. It covers the financial year 2022-23 and highlights the company's performance amidst global challenges like the pandemic, geopolitical crises, and supply chain disruptions. Signify emphasizes its commitment to sustainability and innovation in energy-efficient lighting solutions. **Financial Performance:** Despite a volatile environment, the company grew its topline and improved profitability through strategic pricing and mitigating actions. Key financial highlights include: Total Income of ₹3,129 Cr, Total Profit Before Tax of ₹353 Cr, and Earning per Share of ₹46.36. The company registered an 11.2% growth, generated an EBIT of ₹3,620 Million, and had a net cash outflow of ₹143 Million. LED products constituted 86% of the total sales revenue. While the consumer lighting business faced challenges, the professional lighting solutions business performed well due to increased government infrastructure spending and business recovery. The LED transformation continues to dominate the company's strategy. **Sustainability & Social Responsibility:** Signify focuses on its "Brighter Lives, Better World 2025" program, targeting climate action, circularity, and societal impact. The company reports on revenues generated from products with positive environmental impact. Sustainalytics data placed Signify in the top 1% of its industry for sustainability, and it secured inclusion in the Dow Jones Sustainability Index and the CDP Climate A-list. The company invested heavily in several CSR programs, positively impacting 1 million lives by illuminating schools, villages, health centers, and playgrounds using solar-based lighting. Key initiatives include Har Gaon Roshan, Jagmag Pathshala, Swasthya Kiran, and Khel Jyoti. **Strategic Focus & Product Innovation:** The report outlines the company's strategic direction focusing on customer-centricity, differentiated offerings, sustainable growth, digitalization, and creating a great workplace. Innovative products launched include the Philips FullGlow LED Bulb and expanded Philips Smart Wi-Fi lighting range, and new EcoLink fans. Signify expanded the Philips Smart Light Hubs network to 274 stores. Key professional lighting wins included projects like the Atal Bridge, Ripon Building, and Eden Garden Cricket stadium. The engineering services from the Innovation lab in Bangalore and Cooper lighting operations in Pune were scaled up. **Corporate Governance & AGM:** The report lists the Board of Directors and various committees. The 8th Annual General Meeting (AGM) will be held on September 29, 2023, via video conferencing. The notice includes resolutions for adopting financial statements, confirming interim dividends, re-appointing directors, and revising remuneration for key management personnel. **Notices & Procedures for AGM:** Details the procedure for participating in the AGM via video conference, remote e-voting, and registration of email IDs for receiving the annual report. Remote e-voting commences on September 25, 2023, and ends on September 28, 2023. It includes detailed instructions for individual shareholders holding securities in demat mode with NSDL and CDSL. It also provides procedures for institutional/corporate members and those whose email IDs are not registered. **Explanatory Statement:** Contains details of items to be considered at the AGM, such as the revision in remuneration of key management personnel (Mr. Sumit Padmakar Joshi and Mr. Vikas Malhotra) and the regularization of Mr. Dibyendu Raychaudhury as a Whole-time Director. It also provides information about the appointment and commission of independent directors. **Financial Statements (Summary):** * **Revenue:** ₹31,063 million (11.2% YoY growth). * **Profit After Tax (PAT):** ₹2,667 million (8.5% PAT margin). * **Key initiatives:** LaunchPad program. Expanded its manufacturing capability by producing LED Lamps, LED Drivers, MSB Battens and Stadium lighting luminaires for the Indian market. Partnered with Amaha to provide psychological and wellbeing support to the employees. Also parterned with Marsh Mercer Benefits India to organize holistic wellness webinars on topics such as Yoga, Nutrition and Financial Wellness. **Auditors' Report:** The Independent Auditor's Report expresses an unqualified opinion on the financial statements, stating they present a true and fair view of the company's affairs. The auditors also reported on the company's internal financial controls and compliance with the Companies Act, 2013, and provided a statement on the matters specified in the Companies (Auditor's Report) Order, 2020. The auditors note that the books of accounts are maintained in electronic mode, and that the Company is in the process of evaluating & implementing a system to have complete backup of books of accounts (on daily basis) in a server located in India. **Risk Management:** Details the company’s approach to risk management which covers corporate governance, Signify Business Control Framework, Signify Quality Management System and Signify’s Integrity Code. **Dividend:** A dividend was declared and paid by the Company.

Signify Innovations (Previously Phillips Lighting) India Limited Unlisted Shares

Signify Innovations India Limited's annual report for 2021-22 highlights the company's performance, strategies, and commitment to sustainability and social responsibility. **Chairman's Message & Strategic Focus:** Despite the challenges posed by the COVID-19 pandemic, Signify demonstrated resilience and achieved growth in demand for both consumer and professional lighting. Global supply chain issues were mitigated through proactive measures. The company's strategic focus revolves around five frontiers: customer centricity, differentiated offers, sustainability growth, digitalization and future transformation, and fostering a great workplace. Signify continued leading the LED transformation with innovative products like the Philips HexaStyle downlight and entered the fans category with the EcoLink brand. The professional lighting business saw a revival, driven by demand for connected lighting, with prestigious sports lighting projects secured, including the Arun Jaitley Cricket stadium. UVGI systems were also installed to purify indoor air. **Commitment to Society & Sustainability:** Signify is committed to social responsibility, partnering with organizations to provide sustainable lighting to underserved communities, impacting over 3.3 million lives. CSR initiatives included solar lighting in villages and donations of oxygen concentrators and UV-C air disinfection systems to hospitals. The company aims to double its positive impact on the environment and society by the end of 2025 through the Brighter Lives, Better World 2025 program. **Financial Highlights (2021-22):** * Total Income: ₹2,824 Cr * Total Profit Before Tax: ₹315 Cr * Earning per Share: ₹40.32 **Corporate Governance and Board Matters:** The report details the composition of the Board of Directors and its various committees (Audit, Nomination and Remuneration, Corporate Social Responsibility, and Stakeholders Relationship). The Notice of the Annual General Meeting outlines resolutions for adoption of financial statements, confirmation of interim dividend (₹37.50 per share), re-appointment of Mr. Vikas Malhotra as a Director, and approval of revised remuneration for Mr. Sumit Padmakar Joshi and Mr. Vikas Malhotra. The company follows e-voting procedures for the AGM. **Operational Highlights:** Signify India was recognized as one of India's 100 Best Companies to work for. Key projects included illumination of the DY Patil Sports Stadium and Baroda Cricket Stadium. The company expanded its Philips Smart Light Hubs network and launched the Philips Skyline e-Way lighting solution. The Har Gaon Roshan program illuminated 43 villages, and the Swasthya Kiran program equipped 27 hospitals with UV-C disinfection systems. **Directors' Report and Business Performance:** The Directors' Report provides an overview of the company's financial performance, noting a 12% growth. LED products constituted 82% of sales revenue. The company's consumer lighting business grew by 19.8%, and professional lighting solutions saw a 14.0% growth. The report emphasizes the company's dedication to environmental and social impact, aligning with its Brighter Lives, Better World 2025 program. **Key Management Personnel and Committees:** The report lists key management personnel and details the composition and responsibilities of the Audit Committee, CSR Committee, Stakeholders Relationship Committee, and Nomination and Remuneration Committee. **Risk Management, Internal Controls, and Statutory Compliance:** The company emphasizes its commitment to ethical business conduct through a Vigil Mechanism/Whistle Blower Policy. Internal financial controls are regularly monitored, and the company complies with Secretarial Standards issued by the ICSI. **Dividend and Shareholder Information:** The company paid an interim dividend of ₹37.50 per share. The report details procedures for updating shareholder records and dividend-related information. **Financial Statements and Audit Reports:** The report includes Independent Auditor's Report, Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, and Statement of Changes in Equity. It also provides detailed notes on various financial statement items, such as property, plant, and equipment, intangible assets, inventories, trade receivables, and share capital. The report also include the Remuneration of Directors and Key Managerial Personnel. **Overall, the Signify Innovations India Limited Annual Report for 2021-22 presents a comprehensive overview of the company's financial performance, operational achievements, and commitment to sustainability and social responsibility, while maintaining strong corporate governance and compliance practices.**

Signify Innovations (Previously Phillips Lighting) India Limited Unlisted Shares

Signify Innovations India Limited Annual Report 2020-21 Summary: Signify's purpose is to unlock the extraordinary potential of light for brighter lives and a better world. The company states that it is the world leader in lighting, offering high-quality, energy-efficient products, systems, and services, turning light sources into data collection points to connect devices, places, and people. Chairman's Message: The Chairman, Mahesh Iyer, acknowledges the challenges of the past year due to the COVID-19 pandemic. Signify responded by protecting employees and associates with safe working environments, family safety tips, and efficient digital ways of working. Despite a decline in overall demand, the company improved its profitability through price management, cost measures, working capital management, and curtailment of capital expenditures. Signify achieved carbon neutrality across its global operations by September 2020, ahead of schedule, using 100% renewable electricity and sending zero waste to landfills. The 'Brighter Lives Better World 2025' program was introduced to reinforce sustainability efforts. The company strengthened its market leadership in connected, LED, and conventional lighting, while also acquiring Cooper Lighting globally. A range of UV-C products was launched for disinfection, addressing the need for air, surface, and object disinfection. The Philips TwinGlow LED batten was launched. While professional lighting sales were negatively impacted, Signify won prestigious projects such as the Kusum Sarovar Façade lighting project and the Arch Bridge in Bhopal. Signify became the first lighting company to introduce 3D printed luminaires in India, manufactured in Vadodara using 100% recyclable polycarbonate material. The Corporate Social Responsibility (CSR) programs positively impacted 275,000 lives by providing access to sustainable light to underserved communities, illuminating schools, villages, and playgrounds through solar-based lighting, and skill-based training to youth. Over 1,000 UV-C disinfection chambers were installed in hospitals, police stations, and old-age homes to protect frontline workers. Financial Highlights: The report highlights the financial performance of Signify Innovations India Limited, with a total income of ₹2,516 Cr and a total profit before tax of ₹343 Cr. The earning per share is ₹46.52. Board of Directors: The annual report lists the Board of Directors including Mahesh Iyer (Chairman), Sumit Joshi (Vice Chairman, Managing Director and CEO), Vinayak Deshpande (Independent and Non-executive Director), Sangeeta Pendurkar (Independent and Non-executive Director), and Vikas Malhotra (Whole-time Director). Mr. Sukanto Aich, Whole-time Director, resigned from the Board w.e.f. 21st July, 2021, and Mr. Malhotra was appointed on the Board w.e.f. 23rd July, 2021. Initiatives and Projects in 2020-21: Signify achieved carbon neutrality, using 100% renewable electricity. The company illuminated the Kusum Sarovar complex and the Arch Bridge in Bhopal with Color Kinetics LED systems. A wide range of UV-C disinfection products and systems were launched. Signify became the first lighting company in India to introduce 3D printed luminaires. Philips TwinGlow LED batten with dual light modes was launched. The company globally acquired Cooper Lighting. The Arun Jaitley Cricket Stadium was illuminated with Interact Sports connected LED lighting system. CSR Initiatives: The company’s CSR programs focused on providing access to clean and renewable solar lighting to underprivileged communities and enhancing rural youth employability through skill development programs. This included skill development training to enhance the employability of underprivileged youth with training programs, rural development projects of lighting up villages with solar street lighting, promoting quality education in rural schools through infrastructural upgrades using solar-based energy-efficient lighting solutions and promotion of sports through lighting infrastructural upgrade in playgrounds. They enhanced the personal safety of COVID frontline warriors by installing UV-C disinfection chambers in hospitals, police stations, and old-age homes. Notice of Annual General Meeting: The 6th Annual General Meeting will be held on September 17, 2021, via video conferencing. Ordinary business includes adopting the financial statements, declaring a dividend of ₹62.50 per equity share, and re-appointing Mr. Mahesh Srinivasan Iyer as a director. Special business includes re-appointment of Mr. Vinayak Kashinath Deshpande as an Independent & Non-Executive Director, regularization of Additional Director, Ms. Sangeeta Pendurkar as an Independent & Non-Executive Director and Regularization of Mr. Vikas Malhotra as a Director in the capacity of Whole-time Director. The notice also details the revision of remuneration for several key personnel and approval of remuneration for cost auditors. Detailed procedures for remote e-voting and participation in the AGM are provided. It mentions the closure of Share Transfer Books and Register of Members and provides for instructions regarding dividend payments. Directors' Report: The Directors' Report provides details of the company's financial performance for the year ended 31st March, 2021. Revenue from operations was ₹25,025 million, reflecting a de-growth due to the COVID-19 pandemic. A dividend payment of ₹62.50 per share is recommended. The report highlights that the LED transformation continued, and UV-C disinfection solutions were introduced. The company became the first to introduce 3D printed luminaires in India. The report also includes information on the Board of Directors, details regarding Board Evaluation and Committees of the Board including Audit Committee, Corporate Social Responsibility Committee, Nomination and Remuneration Committee and the banking and other operations committee. Further details related to remuneration, material changes, directors responsibility statement, statutory auditors, cost auditors, secretarial standards, prevention of sexual harrasment, are all stated in the director's report.