Annual Report: 2022
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):
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.
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