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Borosil Ltd.

BSE: 543212 Sector: Industrials
NSE: BOROLTD ISIN Code: INE02PY01013
BSE 00:00 | 30 Nov 418.30 15.60
(3.87%)
OPEN

402.70

HIGH

431.90

LOW

402.70

NSE 00:00 | 30 Nov 419.25 16.10
(3.99%)
OPEN

404.35

HIGH

428.00

LOW

402.05

OPEN 402.70
PREVIOUS CLOSE 402.70
VOLUME 18784
52-Week high 498.65
52-Week low 218.40
P/E 46.43
Mkt Cap.(Rs cr) 4,785
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 402.70
CLOSE 402.70
VOLUME 18784
52-Week high 498.65
52-Week low 218.40
P/E 46.43
Mkt Cap.(Rs cr) 4,785
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Borosil Ltd. (BOROLTD) - Chairman Speech

Company chairman speech

The last two years have been incredibly challenging with multiple operationalchallenges constraining our abilities to consider ‘business as usual'.

The delta wave of Covid had a tremendous human cost associated with it. We lost 4 employeesduring this wave. At times like this one realizes what is truly important in life. Timewith our families focusing on being healthy and closer relationships with those thattruly matter to us became much more important than things like profit and cash flow. I wasproud to see how our employees worked around the clock in April and May of 2021 gettingtheir fellow employees and others around them hospital beds oxygen cylinders andemotional support. It was truly a revelation for me to hear the stories and acts ofbravery and courage displayed by the rank and file of our people to help those in need atthis time.

In addition to Covid we had some other challenges in the year including a large firethat gutted our central warehouse in Bharuch. Fortunately there were no human injuriesduring this fire and our fire safety systems allowed the people in the warehouse to getout safely and without even any minor injuries.

We struggled with supply chain issues throughout the year with availability of rawmaterials and finished products being highly unpredictable. Container freight rates soareddramatically thereby putting pressure on margins. Raw material and energy costs inflatedsubstantially towards the

2nd half of the year also impacting our product costing in percentage increase that Ihave not seen in my last 15+ years at Borosil.

Inspite of all these challenges we delivered a fantastic set of numbers on bothrevenue growth and profitability with consolidated revenues @ ~Rs 840 crores upmore than 40% and PAT @ -Rs 85 crores doubling over the previous year. Infact comparing FY 22 to FY 20 (keeping in mind that FY 21 was impacted by Covid as well)we have grown revenues by *32% over the 2 years with a CAGR of "15%+. Profitafter tax has grown by almost 2.4 times during the same 2-year period.

I can safely say that without an exceptionally committed and talented team across theboard these numbers could not be possible. I am incredibly proud of all our Borosil teammembers and I must express my gratitude for having been given the privilege to lead thesefine women and men. Coming to the future the themes of our growth story remain robust andunchanged. We have broadly two unique assets that differentiate us from anyone else:

? Our people (and thereby our culture)

? Our customer connect brand salience and our distribution.

We now endeavor to put a third unique asset - the effective usage of technology - inorder to bring a higher level of productivity across the first two assets. We are nowendeavoring to use technology to improve our decision-making right from the level of thefrontline sales person meeting with their customer to the broader capital allocationdecisions we take at the head office. We believe this will help to improve the hit rate ofeverything from productive sales calls to higher ROCE's on the capital we deploy. This isa long-term endeavor that will cost our organization a lot of money as well as time.However it is critical that we get this right.

Our expansion plans for our consumer and laboratory division seem to be fairly ontrack. The worldwide chip and labour shortage has definitely delayed availability of keymachinery from our suppliers as well as driven significant inflation in project costs.However we feel well placed to commission our expansion projects in CY 2022 and 2023.This will help the organization achieve its next leg of growth.

As always ESG has played a key role in the psychology of my family as well as theorganization. I hope you find the updates on how Borosil is handling ESG in this annualreport useful. I would love suggestions for improvements or any feedback in general atshreevar.kheruka@borosil.com.

SHREEVAR KHERUKA
Vice Chairman Managing Director & CEO

.