Bridging the Gap between Technology & People
It is with great pleasure that I present to you the 22nd Annual Report of PalredTechnologies Limited. It captures the progress and developments of an eventful year thatbrought in several challenges and opportunities. Amidst the Global crisis of 2020 PalredTechnologies fundamental purpose of innovation and leadership never wavered. We ended theyear more certain and strong with our brand pTron emerging as one of the leaders inDigital Lifestyle Audio & Wearables space amongst several Global & top-ratedIndian players.
Along with the entire board I take this opportunity to congratulate & thank ouremployees and partners for their great dedication & commitment as they adapted to thechallenges of the global pandemic and delivered uninterrupted service for millions ofpTron customers to set new benchmarks.
Leading the Battle against COVID-19
Throughout 2020 our company responded to the economic impacts and operational setbacksfrom COVID-19 with strong governance and oversight. The Board approved difficult butnecessary financial decisions to ow preserve jobs and maintain continuous support forcustomers. Strong fiscal fl maintain operating cash measures such as reducing capitalexpenditures helped strengthen our financial position and allowed pTron&
Palred Technologies to bounce back quickly as market conditions improved.
Towards a Self-Reliant pTron x India
Tactical adjustments and pivotal business decisions such as the Make in Indiainitiative enabled us to balance the risks inherent to the industry and capitalise on theconsiderable opportunities that exist there. We are constantly growing and to overcome thechallenges of the manufacturing landscape induced by the COVID impact we kick-started ourIndia plant at Kurnool Andhra Pradesh in August 2020. I feel proud to share that we arethe 1st Indian company to design engineer and manufacture a True Wireless Earbud in Indiaunder GOI's Make in India scheme. As we continue to drive the audio accessories market inIndia we are focused on ramping up our capabilities in terms of skilled manpoweradvanced machinery & equipment and a dedicated team of trained and experiencedresources for advanced testing and research as we scale up gradually to include moreproducts under our Make in India catalog.
Delivering Results; Poised for Future Growth pTron's vision is to make technologyaffordable and accessible to all. Revenue of pTron increased to INR 105.75 crorescompared to INR 34.69 crores i.e. a 205% growth. pTron is one the largest &bestselling brands on Amazon. We have also activated and expanded new channels of businessincluding Flipkart Myntra Reliance
Digital Udaan and offline distributors that are also growing fast.
Also I commend our Senior Leadership Team for so capably executing Palred Technologiesbusiness strategy in a turbulent year. Although some uncertainty remains in our industryI feel confident that Palred Technologies is on a strong footing as we begin this NewYear. It is my privilege to share this 2020 Palred Technologies Annual Report thatcelebrates the impact of our ceaseless dedication to connecting with purpose in all thatwe do.
Palem Supriya Reddy
Chairperson & Managing Director