Annual Report: 2024
The 43rd Annual Report of Sri Vishnu Shankar Mill Limited for the year 2023-2024 covers both separate and consolidated financial statements. The Annual General Meeting (AGM) is scheduled for August 28, 2024, and will be conducted via video conferencing.
AGM Agenda: The AGM includes ordinary business resolutions for adopting the financial statements for the year ended March 31, 2024, and re-appointing Directors Shri Arunkumar Goenka (DIN: 00393845) and Shri S. Kanthimathinathan (DIN: 01124581). A special business resolution concerns the appointment of Justice Shri P.P.S. Janarthana Raja (DIN: 06702871) as an Independent Director for a term of five years, effective from February 13, 2024, to February 12, 2029. Further, the remuneration of Shri M. Kannan, Cost Accountant, as the Cost Auditor for the financial year 2024-25, at ₹ 1,10,000 plus applicable taxes and out-of-pocket expenses is to be ratified.
E-Voting Information: The company will provide remote e-voting facilities from August 25, 2024, to August 27, 2024, through CDSL. The cut-off date for determining voting eligibility is August 21, 2024. Details regarding the e-voting process and login methods are described in the notice. The company has uploaded details of unclaimed/unpaid dividends on its website.
Directors' Report Summary: The separate financial results show an operating profit (EBIDTA) of ₹ 76.16 Lakhs, a significant decrease from the ₹ 2,551.25 Lakhs in the previous year. The company is unable to recommend any dividend. The company is not liable for Minimum Alternative Tax under Section 115JB and has withdrawn deferred tax of ₹ 926.08 Lakhs for the year.
Operational Performance: Cotton production in India increased by 4% in the 2022-23 season. Yarn production decreased to 57.88 Lakhs Kgs due to reduced capacity utilization. Yarn sales decreased to ₹ 247.48 Crores compared to ₹ 303.64 Crores last year. Exports also decreased to ₹ 61.59 Crores. The power cost increased, but the company was able to source 52% of its power from its wind farms. The company invested ₹ 27.95 Crores in modernization, funded by bank loans.
Future Outlook: World cotton production is expected to increase by 3.30% for the 2024-25 season. The company is focusing on consistent quality, increased automation, and value-added customized yarn counts. Modernization efforts are expected to help grow the topline and protect margins.
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