I write to you at the end of an extremely satisfying year for V-Guard which stayedwell on track with its futuristic journey and delivered a strong performance during FY22.In a challenging and competitive environment marked by high commodity costs and marginpressures your Company set new benchmarks to report its highest ever revenues. Ourconscious strategy of focusing on future opportunities in line with evolving consumer andmarket trends continued to yield positive results enabling us to move steadfastly onwardsand upwards along our growth trajectory
The year in review
Our Electricals and Consumer Durables segments showed robust growth though theElectronics segment was somewhat muted during the year. In line with our diversifiedstrategy we reported balanced growth in terms of geographies with both our South andNon-South markets delivering healthy growth revenue. Our core strengths coupled with thecost optimization measures we undertook across our operations helped us recover from thetribulations of the year positioning us ideally to meet customer demand. Our deep-rootedresilience aided by the commitment and hard work of our employees guided our responseand enabled us to surge forward towards enhanced performance and higher returns to ourstakeholders. We are grateful to our people for supporting us in these difficult times andremain committed to standing by them at all times.
Strengthening the core
A key propeller of our successful journey has been our sustained thrust onstrengthening the strategic pillars on which we had carved our strategic growth plansduring the previous fiscal. Our efforts during FY22 were centered on further strengtheningour product proposition through continued innovation. Aligning our strategy with thetransforming consumer landscape we focused intensively on futuristicaesthetically-designed and energy-efficient products which were well appreciated andreceived with enthusiasm in markets across the country.
Another key priority area for us has been digitalization and IT which we furtheraugmented during the year by expanding the ambit of automation to cover more functionssystems and processes. We are also working aggressively to scale up our e-commercepresence to deliver to the transforming needs of consumers who want a smooth buyingexperience in the changing environment amid the COVID pandemic. Concurrently we havestepped up our efforts on
brand building as well as marketing and sales to enhance our presence across customersegments pan India. During the year we initiated several targeted campaigns to connectwith our consumers more deeply.
Being there for the people
As you are well aware the V-Guard value proposition extends to our employees as wellas the communities around which we operate. We continued to steadfastly invest in theirwelfare and wellbeing during the year and extended our support to them amid the pandemiccrisis especially the severe second wave of COVID-19. We also took several measures tosteer the training and development of our people in order to integrate them better withthe Company's vision of expanding and growing in tandem with the evolving market andconsumer trends. We remain committed to empowering our employees and enriching the livesof all those we touch across the areas of our operations.
The positivity that we have started to see in the market towards the end of theprevious fiscal gives us hope that FY23 will see a more resilient customer demand in thesegments and markets of our presence. Our large portfolio of well thought-out finelycrafted and efficient products position us ideally to benefit from the demand resurgence.Our investments in capacity augmentation along with our growing national presencefurther give us the confidence
that we are in the right place with the right customer proposition to harness theopportunities we see ahead of us. Our fundamental focus continues to be on buildingcapacities category understanding and insights manufacturing and R&D infrastructureand of course our product platforms to meet the emerging demand.
In conclusion I would like to thank all our employees partners suppliersshareholders investors and other stakeholders and above all our consumers for theirsustained trust in V-Guard. I would also like to extend my gratitude to my fellowDirectors for their guidance and support in the challenging environment that tested theorganization's mettle during the year. On behalf of the Board and Management of V-Guardthank you all for being a part of our transformational and progressive journey.
|Best Regards |
|Cherian N. Punnoose |