Friends,
It gives me immense pleasure to welcome all of you to the 24th Annual General Meeting
of Manaksia Limited.
The last financial year has been a momentous one for the company. Our follow-on public
offering was successfully concluded during the year and we welcomed around 53,700
new members of the Manaksia family. I take this opportunity to thank all the investors
for the confidence they have reposed in us.
India today continues on its path of growth - recording a GDP growth of 8% for the last 5
years. I am confident that India will continue to move forward despite odds like inflation – which the Government is making all efforts to contain and the hardening rates of
interest, coupled with volatile financial markets.
Against this backdrop, the performance of your Company has been remarkable. On a
consolidated basis, the revenues of your company have grown by 36.5%, and profit after
tax has grown by 39.3%. As has been witnessed over the last few years - it is the valueadded
metals segment, which has recorded the largest growth and contributed the most
towards both top and bottom line. This segment contributed to 80% of the top line and
87% of the bottom line. During the year under review, in volume terms, our value-added
metal products segment as a whole grew by over 43%. Earning per share was Rs. 22.11
and we take pleasure in recommending a dividend of 100%.
As you are aware, Manaksia today has substantial operations abroad. We at Manaksia
have never felt constrained by national boundaries and truly believe in globalisation. Our
Nigerian operations are now a major part of our business and are fully repaying the
nurturing care that we lavished on it, over the past decade. Today, we are poised to
repeat the Nigerian experience in other parts of the world and are confident that we will
achieve faster results, as we have since moved up the learning curve.
I would take this opportunity to share with you - my views on the inherent strengths of
your company.
Your Company has consistently registered a CAGR of 30% since inception. The major
factors contributing to this singular success have been our human resources, our belief
in technology and research and development and our ability to seek out and capitalize
on locational advantages.
Since the inception of this company - when development of human resources was
unknown in India, we consciously practiced it to nurture, train and retain talent. Such
actions are bearing fruit today, when we have one of the lowest attrition rates combined
with a pool of talented and trained manpower, ready to take on any challenge in any part
of the world and deliver results. We earnestly believe that our people are our key
resources and we owe a large part of our success to them. We tap into each others’ knowledge base and collaborate effectively to achieve the shared vision.
Your Company has always believed in the importance of technology in the industry and
has constantly adapted and consistently upgraded such technology. We have
continuously pursued research and development and successfully adopted backward
and forward integration, thereby becoming the lowest cost manufacturer across all
segments. At Manaksia, the accent on innovation can never be over-emphasised and we
are constantly searching for value added products and customer specific solutions. This
has enabled us to set up projects at the least cost and within the smallest time frames.
This strength will enable us to conquer new worlds in our quest for growth.
Your Company is in the process of implementing ERP across all its manufacturing
facilities and offices to achieve better internal controls, in terms of cost management
and administrative purposes. Price Waterhouse Coopers has been mandated for
implementation of SAP in the Company.
Capitalising on locational advantage has been something of an obsession with us. It is
for this reason that we have plants and offices across the length and breadth of the
country. Not only have we tried to be near raw material sources, we have also
consciously positioned ourselves near our customers. The same quest has taken us to
other parts of the world. In Nigeria also, our aforementioned strengths have primarily
given us success. We have now identified Georgia, in the CIS as a lucrative market and
ideally suited to our special skills.
The growth story of Manaksia continues with the excellent results posted by your
company in the first quarter of the year. We measure our success by the value we create
for our shareholders and the assets that we - as a company, create for the nation as a
whole. We look ahead to adding capabilities and capacities across the entire value
chain, particularly in metals - to emerge as an integrated producer. We will continue to
grow, spreading our wings to emerge as a true Indian multinational.
The journey, my friends, has just begun and I take great pleasure in having you with us,
as fellow travelers on this journey.
I sincerely thank all my colleagues on the Board for their support and immense
encouragement and my heartfelt appreciation to all my colleagues at Manaksia for their
dedication and commitment.
On behalf of the Board, I express my profound gratitude, to all our stakeholders for their
unanimous support and for sharing our vision in taking our company to ever higher orbit
of growth.
I take this opportunity to convey to you my best wishes for the festive season.
Thank you, ladies and gentlemen, for your time, patience and attention.
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