I hope you and your loved ones are keeping well and staying healthy!
As I reflect back on the year that went by I am filled with the mixed emotions ofgrief and compassion as we saw several of our family members friends and acquaintancessuccumb and struggle with the dynamic and evolving corona virus. First and foremost Iwould like to express my deepest gratitude to all the frontline warriors who led the fightagainst the pandemic.
In my message last year I had spoken about the 5P's - PURPOSE PLANET PARTNERSHIPSPEOPLE AND PERFORMANCE being central to all decision making in the company. This hasyielded fantastic results for us in FY-22 and we re-affirm this to be the theme of ourcompany going forward too. Also our company has shown its uncompromising commitment tobetter fiscal management. This too has yielded excellent results and it is my pleasure toapprise you of the same later in my speech. We had predicated/predicted last year itselfthat India's waste management industry is in a growing phase and gradually gaining globalattention. With the concept of circular economy gaining prominence waste management hasbecome one of the crucial factors for achieving the same. At present out of the totalwaste tyres generated only 40-55% gets scientifically processed. We see this gap as ahuge opportunity to ensure growth and profitability for the company in the coming years aswell.
Financial Review & PERFORMANCE
It gives me great pleasure to inform you that our company has recorded an enviablegrowth of 82% in revenue. We stuck to our business plan and have recorded a breaking saleof Rs 237.17 Crores as compared to Rs.130.07 Crores in FY-21. We worked on higher capacityutilisation which enabled us to get benefits from economies of scale.
In a volatile environment during FY 21-22 Tinna had generated an EBITDA or earningsbefore interest taxes depreciation and amortization of Rs.37.45 Crores against Rs.17.39Crores in the last year. Diversified earnings stream resilient businesses and strategyhelped the company to navigate through the unprecedented pandemic headwinds. Our companyalso recorded a profit after tax of Rs.17 Crores during the year registering a growth of1358% y-o-y basis. Our strong operating cash flow further strengthened our balance sheetenabling us to deleverage and reduce overall debt. Better financial performance alsoenabled us to reduce cost of debt for the company. The most notable achievement in thisarea has been our successful refinancing of high cost debt of approx. Rs. 22 Crores. inJanuary 2022 SBI agreed to take over this loan from an NBFC which will save the companyover Rs. 1 Crore in interest costs annually. Our Debt/Equity ratio has substantiallyimproved in the last three years and we will continue our focus on improving this furtherin FY-23.
CREATING VALUE BEYOND BUSINESS
We had committed last year that our prime focus will remain on continuing to grow ourpresence in export as well as going up the value chain by making more specialised recycledrubber materials. We strongly believe that this focus will enable our company to achieveover 20-25% growth in FY-23. We firmly believe that higher sales will enable us to harvestbenefits of economies of scale which will help us operate at better EBITDA margins goingforward. Also Tinna will continue to invest in development of new specialised materialstailored to benefit our customers and as a result will also benefit us by deliveringbetter margins.
Our Company's goals are targeted at putting our people first positioning them to serveand care for our customers the environment the communities in which we work and ourstakeholders. In the year FY-23 we intend to work more become enablers in their effort tofind cost- effective solutions in collection and recycling "
TRIL's Commitent ESC CRITERIA
I would like to share my immense joy in informing you that our company has won theprestigious Recircle Award in the category "Rubberised Asphalt Award" in FY-22.This global award is brag worthy recognition of our company's efforts to be at theforefront of innovation to recycle ELT's in the most efficient manner possible. We believewe are uniquely equipped to meet the challenges of the changing ELT industry and ourcustomers' needs as we work together to envision and create a more sustainable future. Asa waste tyre recycler industry leader we have the expertise necessary to recycle tyresefficiently and responsibly by delivering environmental desirous recycling solutions maximising resource value while minimising environmental impactso that bothour economy and our environment can thrive.
Our fundamental strategy has not changed; we remain dedicated to providing long-termvalue to our stockholders by successfully executing our core strategy of focuseddifferentiation and continuous improvement.
I would like to thank all our employees once again for their commitment. I would alsolike to express appreciation to my fellow Directors for their constant support andguidance.
Finally I offer my thanks to our consumers business partners suppliers banksshareholders and all other stakeholders for their continued trust in the Company. We ^
as a brand are energised about our potential and are driven to script a powerful story.
I look forward to the years ahead as we work towards building an inspiring Company thatbenefits all stakeholders. So this year we made choices and investments that will shapethe future and ensure our company's continuing success.
Place: New Delhi