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Rico Auto Industries Ltd.

BSE: 520008 Sector: Auto
NSE: RICOAUTO ISIN Code: INE209B01025
BSE 00:00 | 05 Dec 78.10 0.65
(0.84%)
OPEN

77.70

HIGH

81.35

LOW

75.60

NSE 00:00 | 05 Dec 78.20 0.75
(0.97%)
OPEN

77.50

HIGH

81.50

LOW

75.50

OPEN 77.70
PREVIOUS CLOSE 77.45
VOLUME 642310
52-Week high 81.35
52-Week low 31.20
P/E 25.52
Mkt Cap.(Rs cr) 1,057
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.70
CLOSE 77.45
VOLUME 642310
52-Week high 81.35
52-Week low 31.20
P/E 25.52
Mkt Cap.(Rs cr) 1,057
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rico Auto Industries Ltd. (RICOAUTO) - Chairman Speech

Company chairman speech

Dear Shareholders

The last few years have been filled with a lot of uncertainly at the macro level. Whilethe global economy was slowly recovering from the ravages of the pandemic the world washit by yet another humanitarian crisis by way of the geopolitical conflict. While globalgrowth is projected to slow down from an estimated 6.1 percent in 2021 to 3.6 percent in2022 & 2023 the good news for India is that there have been multilateral effortsacross the globe to respond to the crisis as well as to prevent further economicfragmentation. Clearly it is our collective resilience that is driving us to the road torecovery from these major unprecedented events.

The Indian economy has been slowly gaining momentum post the lockdown. The rising crudeoil prices however has led to Moody's Investors Service lowering our growth forecast to8.8% for the calendar year 2022. The agency has further maintained its 2023 growthforecast for India at 5.4%. Despite these cautious numbers it is also a fact that theIndian Investment Cycle is gaining ground on account of strong credit growth investmentintentions expressed by the corporate sector and high capital budget allocation by thegovernment.

In these challenging times the Indian automotive industry has displayed a lot ofresilience and has undergone sizeable transformation led by trends such as the growth ofelectric vehicles leasing autonomous shared ownership as well as connected automobiles.Widespread digitization and latest technology adoption coupled with immense support fromthe government- be it in form of product-linked incentives (PLI) or scrappage and theelectric vehicles policies- has given the industry the much needed impetus. According toIBEF report the Indian auto industry is expected to record strong growth in 2022-23 postrecovering from effects of COVID-19 pandemic. Electric vehicles especially two-wheelersare likely to witness positive sales in 2022-23. In fact encouragingly the electricvehicle (EV) market is estimated to reach Rs. 50000 crore (US$ 7.09 billion) in India by2025 led by the two wheeler & three wheeler segment.

Keeping up with the accelerated phase of the industry your company has devised arobust growth charter to help us meet our future goals. Our primary focus area remainsdigitization as well as offering our valued customers innovative technologicallyadvanced and best-in-class products especially in the domain of EV & ElectrifiedVehicles.

It fills me with immense pride to share with you the performance results for thefinancial year 2021-22. Your company's Consolidated Revenues stood at Rs.1879 croresfor the fiscal with a Net Profit of Rs.24 crores. Going forward I strongly believein your company's ability to keep learning and innovating as it drives digitizationexpands to reach new customer bases and paves the path for E-mobility. We are confidentthat our commitment to uncompromising quality and innovation excellence will lead us toour vision of being the preferred supplier across the globe.

On behalf of the Board of Directors I would take this opportunity to extend mygratitude to our valued customers business associates bankers and stakeholders who havealways believed and trusted our vision. That you have stood strong with us has kept usmotivated to rise stronger and achieve new horizons of success. A humble thank you is alsodue to the team at RICO whose commitment and efforts have gone into adding value at eachlevel of the value chain.

We solicit your cooperation and support on our future roadmap as well while we remaincommitted to live up to the trust you have reposed in us.

Arvind Kapur

Chairman CEO & Managing Director.

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