Annual Report: 2023
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):
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.
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