Resin and Plastics show Resilient Growth Amidst Challenges

The company achieved impressive top-line growth (18% y-o-y), reaching a milestone of over ₹250 Crores despite challenging local and global market conditions. Profitability shrank during the year owing to:
Unpredictable volatility in raw material prices due to extended COVID-19 situation and ongoing Ukraine conflict during FY23 led to import freight cost fluctuations and supply scarcity.
Price war in Indian export market due to slowdown in North and South Asian, European markets. Gross margins decreased y-o-y from 25% to ~21% levels.

However the enterprise did attain the following feats in FY23:

• Successfully negotiated and concluded long-term settlements with labor union at Ankleshwar - Unit II.
• Continued infrastructure upgradation across all 3 manufacturing units for improved productivity, cost-effectiveness, and quality.
• Renovated R&D facility and added testing equipment at Taloja unit for future product needs.
• Emphasized sustainability, reducing wastage, improving efficiency, and lowering utility costs.
• Ankleshwar - Unit II received environmental clearance for capacity expansion.
• Managed to maintain near-normal supply pipeline through agile supply chain management, dynamic pricing strategies, and close coordination.