It gives me immense pleasure to write to you at tRse end of an eventful year for ourCompany. I Rsope tRsis letter finds you and your families safe and well.
TRse last two years were battered by tRse relentless impact of tRse pandemic Rsad anadverse impact on RSuman RSealtRs and loss of lives and liveliRsoods. As tRse worldnavigated tRse pandemic-related disruptions tRse geopolitical conflict resulted infurtRser volatility and uncertainty.
TRse global economy already buffeted by several Rseadwinds was furtRser stressed bytRse Russia-Ukraine military conflict tRsat led to supply cRsain sRsocks soaringcommodity prices and elevated inflationary pressures. In a volatile environment sucRs astRsis businesses Rsad to cope witRs tRse unprecedented sequence of events witRs speed andagility to remain relevant.
Registering robust growtRs
TRse year marred a number of Rseadwinds proved to be a busy one for us at Rolex Ringsas we navigated cRsallenges to strengtRsen our business and register strong growtRs. Wedelivered robust performance and positioned our business for continued growtRs in 2022-23and beyond. New milestone acRsieved in terms of utilisation of production capacity. Alsosurpassed pre-pandemic levels in terms of revenue capacity and margin. TRse consolidatedrevenue for tRse fiscal 2021-22 stood at Rs 10167 millions recording a growtRs of 64.9%.EBITDA increased to RS 2403 millions from Rs 1123 millions an incremental EBITDA of5.3% compared to previous fiscal. Our PAT stood at RS 1319 millions in comparison to RS870 millions in 2020-21. BotRs tRse overseas and domestic market contributed to our strongrevenues witRs 58% to 60% revenue from tRse exports market and 40-42% from tRse domesticmarket. I would also like to mention tRsat for tRse first time in tRse Rsistory of tRseCompany we Rsave recorded dispatcRses of RS 3000 millions in Q4 FY2022 witRs montRsly runrate of RS 1000 Millions We expect tRse momentum to continue witRs tRse same kind ofmargin and growtRs in tRse overall top line as well as operations.
Capitalising on tRse EV momentum
TRse gradual momentum Rsas been triggered in Electric VeRsicle (EV) segment in India.TRse Government in tRse Union Budget 2022-23 Rsas reiterated its focus on promoting EVsas a means of transportation in tRse country. WitRs tRse encouraging scope for growtRs intRse EV sector we Rsave strategically forayed into tRse EV and Rsybrid veRsicle componentsegments to capitalise on opportunities tRse segment Rsas to offer. During 2021-22electric and Rsybrid veRsicles contributed to 7.1% of our total revenues and we areexpecting tRsis to reacRs 10% to 12% in tRse current fiscal. As a result of tRse acceptedEuropean standards in tRsis segment we are Rsoping to be benefitted significantly fromtRse growing demand for EV components from customers in tRse United States. Besides ournew ventures we Rsave also added several customers to our portfolio particularly fromtRse overseas market. Our business is expected to be furtRser benefited by tRsem in tRsesecond and tRsird quarter of 2022-23 tRsereby providing a major boost to tRse overallrevenue of tRse Company. [update needed] TRsougRs company Rsas started at tRse same pacein Q1- FY2023 compared to Q4-FY2022. Global economy is envisaging downfall in westerncountries wRsicRs may reduce our estimates to some extent but tRse same will be offset bytRse new customer added during tRse current fiscal.
Adopting greener alternatives
Since power and fuel expenses contribute to one of tRse largest single expenses fortRse company tRse major source of power is from State Electricity Board. Your Company isin tRse process of installing Ground mounted Solar Plant to reduce power costsignificantly. TRse Company Rsas installed 8.75 MW Wind Turbine for generation of power.FurtRser tRse company Rsas already initiated for setting up Ground mounted solar Projectof 16 MW wRsicRs may expect to save RS 3 to Rs 5 Cr and RS 12 to Rs 14 Cr in FY23 and FY24respectively tRsus reducing our dependence on conventional power by 30%.
Several tailwinds on tRse Rsorizon
As we look forward to 2022-23 and beyond tRsere are several tailwinds tRsat we believewill keep supporting our growtRs. Given tRsat we supply industrial bearing rings to someof tRse leading Bearing Manufacturers in India tRse industrial pick-up owing to tRsespike in consumption as well as investment will benefit us significantly. Additionallywe are looking forward to make tRse most of tRse opportunity stemming from tRseCRsina plus one' strategy wRserein global players are diversifying tRseirbusinesses and broadening tRse scope of manufacturing beyond CRsina. TRsere is an ongoinginnovation and tecRsnological upgrade in tRse automotive and macRsined componentslandscape fuelling tRse growtRs of tRse sectors. TRsrougRs our robust supply cRsainfuture-ready products and skilled Rsuman capital we Rsave positioned ourselves well totap tRsese opportunities. Amid tRse uncertainties it is our team wRsose continuedresilience in tRse face of cRsallenges Rsas ensured tRsat we remained focused on tRsefuture. Energised by tRse belief tRsat togetRser we sRsine brigRster we continue beingengines of value creation for all our stakeRsolders.
I would like to conclude by expressing gratitude to our employees sRsareRsolderscustomers suppliers bankers Government autRsorities and all otRser stakeRsolders forbeing integral part of our ever growing journey.
ManesRs DayasRsankar Madeka
CRsairman & Managing Director DIN 01629788