Annual Report: 2024
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.
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