Dear Members,
Your Directors have pleasure in presenting the 38th Annual
Report of the Company together with the Audited Accounts for the year ended March 31,
2025.
Operating Results:
Your Company's performance during the year as compared with that during
the previous year is summarized below:
| Particulars |
Consolidated |
Standalone |
|
2024-25 |
2023-24 |
2024-25 |
202324 |
| Total Income (including Other Income) |
1,24,256 |
1,78,729 |
1,26,177 |
179,074 |
| Profit/(Loss) before share of profit from Associate, Finance
Cost, Depreciation and Tax |
(5,483) |
2,558 |
(5,698) |
1,632 |
| Finance Cost |
6,495 |
7,572 |
4,948 |
6,010 |
| Depreciation and Amortization Expense |
2,905 |
2,724 |
1,930 |
1,835 |
| Profit/(Loss) before share of profit from Associate,
exceptional items and Tax |
(14,883) |
(7,738) |
(12,576) |
(6,213) |
| Exceptional income |
2,926 |
|
2,926 |
- |
| Profit/(Loss) after exceptional items and before share of
profit from Associate & Tax |
(11,957) |
|
(9,650) |
(6,213) |
| Share of profit/(Loss) from Associate |
33 |
108 |
- |
- |
| Profit/(Loss) before tax |
(11,924) |
(7,630) |
(9,650) |
(6,213) |
| Current Tax |
1 |
- |
- |
- |
| Deferred Tax |
(2,712) |
(1,741) |
(2,342) |
(1,517) |
| Profit/(Loss) for the year |
(9,213) |
(5,889) |
(7,308) |
(4,696) |
| Other Comprehensive Income |
(319) |
(108) |
(319) |
(111) |
| Total Comprehensive Income |
(9,532) |
(5,997) |
(7,627) |
(4,807) |
| Balance of profit brought forward from previous year |
31,206 |
37,693 |
32,759 |
38,056 |
| TOTAL |
21,674 |
31,696 |
25,132 |
33,249 |
| Appropriation |
|
|
|
|
| Dividend on equity shares |
- |
497 |
- |
497 |
| Less: Effective portion of cash flows hedges |
16 |
(7) |
16 |
(7) |
| Balance profit carried forward to balance sheet |
21,690 |
31,206 |
25,148 |
32,759 |
Performance Overview:
FY 2024-25 remained a challenging year, marked by erratic monsoons,
uneven rainfall, and subdued agri-input demand, which slowed growth in the Retail
Formulation business. The Technical segment was impacted by global headwinds, including
inventory overhang, weak demand, and intense pricing pressure. Further, curtailment of
working capital lines in the second half constrained raw material procurement and order
execution, just as early signs of recovery were emerging. Consequently, consolidated
revenue declined by 30% to Rs124,256 lakhs (comparing to Rs178,729 lakhs in FY 2023-24),
with a loss before exceptional items and taxes of Rs14,883 lakhs and a net loss after tax
of Rs9,213 lakhs.
Transfer to Reserves:
The Company has not transferred any amount to the General Reserve
during the year under review.
Dividend & Dividend Distribution Policy:
The Directors have not recommended any dividend for the year under
review. As per Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), the
Company has adopted a Dividend Distribution Policy and the same is available on the
website of the Company at https://naclind.com/wpcontent/
uploads/2025/02/Dividend-Distribution-Policv.pdf.
Domestic Markets:
NACL's domestic retail business remained focused on empowering Indian
farmers with sustainable and affordable crop protection solutions. However, challenging
market conditions adversely impacted sales across categories.
During the southwest monsoon (June-September 2024), rainfall was 108%
of the long-period average (LPA). Yet, its uneven distribution and prolonged dry spells
disrupted cropping patterns and affected demand. Similarly, while the northeast monsoon
(October-December 2024) was close to the LPA at the national level, regional variations
were significant. November witnessed a sharp deficit, followed by excess rainfall in
December, further constraining recovery in several affected regions.
Amid these challenges, the Company continued its farmer-centric
approach, reinforcing field marketing programs and strengthening channel relationships.
Despite sustained efforts, domestic retail sales for FY 2024-25 stood at Rs64,185 lakhs.
Insecticides:
The insecticide segment came under pressure during the year, primarily
due to reduced cotton acreage caused by early-season dry spells and lower chilli
cultivation driven by weak commodity prices. Despite these challenges, the segment
reported revenue of Rs38,190 lakhs, as against Rs48,715 in the previous year. Insecticides
account for over 45% of India's agrochemical market, where NACL continues to maintain a
strong presence. Further strengthening this position, the Company launched two new
products, Speed and
Pyrakill, targeting major crops including fruits and vegetables, a
segment witnessing rising domestic demand.
The insecticide segment faced pressure due to reduced cotton acreage
from early-season dry spells and a decline in chilli cultivation caused by low commodity
prices. This led to sluggish movement and revenue of Rs 38,190 lakhs.
Herbicides:
The herbicide market continued its growth trajectory during the year,
with labour shortages further driving the adoption of chemical weed control and integrated
weed management solutions. To address this demand, NACL introduced two new products - Dash
for paddy and Carpet for wheat, India's key staple food crops. However, erratic rainfall
patterns delayed the sowing of major kharif crops, thereby narrowing the weed control
window and softening demand. As a result, the herbicide segment recorded revenue of
Rs11,808 lakhs for the year under review, as against Rs16,445 lakhs in the previous year.
Fungicides:
The fungicide segment generated revenue of Rs11,817 lakhs during the
year under review, as against Rs5,16,809 lakhs in the previous year, supported primarily
by strong brands such as Oscar, Index, andSivic. NACL continues to strengthen its
technical support and field services to help farmers maximise product benefits, with a
focus on driving sustainable, long-term growth in this category.
Plant Growth Regulators/Bio stimulants:
The segment achieved revenue of Rs2,370 lakhs during the year under
review, as against Rs3,926 lakhs in the previous year. NACL continues to strengthen its
innovation focus on developing next- generation PGRs and Bio-stimulants that deliver both
performance and environmental benefits. Flagship products such as Atonik—a unique
CIBRC-approved formulation—and Gallant remain well- recognised for their consistent
quality and farmer trust.
International Market:
In 2024, the global crop protection industry witnessed a second
consecutive year of decline, primarily due to reduced consumption arising from unfavorable
weather conditions across Asia, Latin America, and Europe's cereal-growing regions. This
impact was further compounded by lower agrochemical and commodity prices. Industry
estimates indicate a 7% decline in value, reducing the market to USD 77 billion, with all
regions experiencing a downturn. The decline was around 7% in South America, the Middle
East- Africa, and Asia-Pacific, compared with 5.5% in North America and 5% in Europe.
India's agrochemical exports also contracted by 3% during the year, to USD 4.2 billion.
NACL continued to pursue its international growth strategy by
leveraging Key Accounts and Focus Markets as twin drivers. Demand for select products
showed signs of recovery in South America, aided by destocking. Volumes of the key
insecticide Profenofos and the fungicide Tricyclazole from Key Accounts rebounded to
normal levels after two years of subdued demand. In Focus Markets, efforts were directed
at expanding the technical business into markets such as Vietnam while sustaining the
formulation business in Africa.
Despite these positive developments, FY 2024-25 remained challenging,
with international sales revenue contracting to Rs30,956 lakhs as against Rs40,992 lakhs
in the previous year. The decline was primarily due to a steep fall in both price and
volume of the high-value product Propiconazole across markets, the absence of a
Flucarbazone campaign, pricing pressures in focus markets, and certain internal
challenges.
Looking ahead, the business remains confident of future growth, driven
by its dual strategy. Plans include introducing new active ingredients and intermediates
to Key Accounts, while scaling up volumes in Focus Markets through increased registrations
of generic and differentiated formulations.
Plant Operations:
The Srikakulam technical plant achieved an annual production of 9,392
MT during the year under review, compared to 7,275 MT in the previous year. The decline in
output was primarily due to subdued demand for various Active Ingredients (Als), despite
productivity improvements in recent years. The plant continued to implement initiatives in
energy conservation, effluent reduction, and cost savings, with the Zero Liquid Discharge
facility operating efficiently throughout the year.
The Ethakota formulation unit recorded production of 23,783 MT/KL, 28%
lower than the previous year's 33,096 MT/KL. The unit has been undertaking various
initiatives for debottlenecking, productivity enhancement, safety, and quality
improvements.
Safety, quality, efficiency enhancement, and waste reduction remain the
paramount themes across all manufacturing facilities. Both units have fostered a positive
working environment, leading to improved productivity and stronger engagement at all
levels.
Credit Rating:
The CRISIL Ratings Limited (CRISIIL) vide the letter dated February 19,
2025 has assigned the rating for the Long-Term Bank facilities and Short-Term Bank
facilities of the Company, the details of which are given herein below:
a) Long-term Bank facilities: CRISIL BB+/Negative (Downgraded from
CRISIL BBB-/Negative); and
b) Short-term Bank facilities: CRISIL A4+(Downgraded from CRISIL A3).
Fire Insurance Claim
With reference to the appeal filed by M/s. Oriental Insurance Company
Limited ("OIC"/"Insurance Company") before the Hon'ble High Court of
Delhi against the Arbitration Award, it may be noted that the appeal was disposed off in
favor of the Company. Pending final disposal of the said appeal, the Company had filed
execution petitions before the Hon'ble High Court of Delhi seeking deposit of the awarded
amounts, being Rs1,649 lakhs (including interest) under the Material Damage (MD) Policy
and Rs1,277 lakhs (including interest) under the Business Interruption Policy.
Pursuant to these petitions, the Hon'ble High Court of Delhi, vide its
orders dated March 19, 2021 and April 9, 2021, directed the Insurance Company to deposit
the awarded amounts together with applicable interest with the Court. During FY 2021-22,
the said amounts were released by the Court in favour of the Company upon submission of an
equivalent bank guarantee.
Subsequently, during the year under review, the Hon'ble High Court of
Delhi, vide its order dated February 13, 2025, dismissed the appeal filed by the Insurance
Company and upheld the Arbitration Award in favour of the Company. Pursuant to this
favourable ruling, the Company has recognized the award amount of Rs2,926 lakhs (already
received in earlier years) as Exceptional Income for the financial year ended March 31,
2025.
Subsidiary Companies:
A) NACL Spec-Chem Limited ('NSCL'), India:
After successfully commissioning and commercializing the first phase of
its project with a capacity of 6,000 MTPA during the previous year, NSCL continued its
efforts to maximize capacity utilization. The plant has been operating effectively and
producing its intended products and capacity; however, the benefits of full-scale
operations are yet to be realized.
The total revenue from operations of the Company for the year ended
March 31, 2025, stood at Rs9,644 lakhs as against Rs17,848 lakhs in the previous year. The
Company reported a loss after tax of Rs1,844 lakhs, compared to a loss of Rs1,243 lakhs in
the previous year.
During the year under review, NSCL was conferred the prestigious Gold
5S Award by the Quality Circle Forum of India (QCFI), Vadodara under the category of
Business Responsibility, Sustainability Reporting, and Environmental, Social &
Governance (ESG), in January 2025.
B) NACL Multichem Private Limited ('NMPL'), India:
After successfully commissioning a new production line for powder-form
nutrients in the previous year, the Company launched and commercialized advanced
formulations of Zinc HEDP and Iron HEDP, which received encouraging market response. These
product introductions, coupled with the successful onboarding of new customers, are likely
to strengthen NMPL's market presence and position it as a reliable provider of
high-quality, technology-driven solutions for modern agriculture.
For the year ended March 31, 2025, the Company recorded total revenue
from operations of Rs9 lakhs as against Rs2 lakhs in the previous year and reported a loss
after tax of Rs57 lakhs as compared to a loss of Rs1 lakh in the previous year.
C) LR Research Laboratories Private Limited ('LRRLPL'), India:
The total revenue of the LRRPL for the year ended March 31, 2025 was
continue to be Nil.
D) Nagarjuna Agrichem (Australia) Pty Limited ('NAAPL'), Australia
NAAPL was established to hold local registrations on behalf of the
Company to facilitate product sales in Australia. For the year ended March 31, 2025, the
Company reported total revenue of Rs12 lakhs, which was at the same level as the previous
year. The profit after tax stood at Nil, as against Rs3 lakhs in the previous year.
E) NACL Industries (Nigeria) Limited ('NINL'), Nigeria:
NINL, incorporated on January 13, 2023, is a wholly-owned subsidiary of
the Company. The entity was set up primarily to obtain and hold local registrations in
Nigeria, enabling the Company to market and distribute its products in the region. These
registrations are issued by the respective government authorities only to entities
incorporated within the country.
F) NACL Agri-Solutions Private Limited ('NASPL'), India:
After successfully executing its strategy of diversifying into liquid
nutrients, the Company strengthened its product portfolio in the agricultural sector. The
advanced formulation of Zinc Oxide SC, launched and marketed during the year, has gained
strong traction in the market, earning recognition for its superior quality and proven
effectiveness.
In addition, the Company developed and commercialized advanced
formulations of Boron Ethanolamine and Concentrated Liquid Calcium. These product
introductions, now firmly established in the portfolio, underscore NASPL's commitment to
continuous innovation and its ability to translate R&D capabilities into tangible
market offerings. Through these initiatives, NASPL has not only expanded its range of
high-quality solutions for modern agriculture but also broadened its customer base,
thereby consolidating its market presence and reinforcing its position as a trusted
partner to the farming community.
For the year ended March 31, 2025, the Company reported total revenue
from operations of Rs71 Lakhs, as against Rs2 Lakhs in the previous year, and a profit
after tax of Rs5 Lakhs, compared to Rs2 Lakhs in the previous year.
Acquisition of majority stake by M/s.Coromandel International Limited:
With reference to the proposal for sale of the majority stake of the
Company by the Promoters, the Board of Directors, at its meeting held on March 12, 2025,
approved the execution of a Share Purchase Agreement ("Promoter SPA") with
M/s.Coromandel International Limited ("Acquirer"), KLR Products Limited
("Promoter Seller"), Mrs. K. Lakshmi Raju, and Bright Town Investment Advisor
Private Limited (individually a "Promoter" and collectively, the "Promoter
Group"). Under the Promoter SPA, the Acquirer agreed to acquire 10,68,96,146 equity
shares of the Company, representing 53.13% of the paid-up equity share capital
("Promoter SPA Shares"), from the Promoter Sellers (the "Promoter Sale
Transaction"). The consummation of this transaction is subject to receipt of
applicable governmental and statutory approvals, along with the fulfilment of other
conditions precedent under the Promoter SPA.
Further, (a) Krishi Rasayan Exports Private Limited ("Investor
Shareholder Seller 1"/"Tag Holder Seller 1"), and (b) Agro Life Science
Corporation, a partnership firm represented by its partners, Mr. Rajesh Kumar Agarwal and
Mr. Atul Churiwal ("Investor Shareholder Seller 2"/"Tag Holder Seller
2"), (together, the "Investor Shareholder Sellers"), have also entered into
separate Share Purchase Agreements dated March 12, 2025 (collectively, the "Investor
Shareholder Seller SPAs"), with the Acquirer for the sale of 5,500 equity shares
each, aggregating to 11,000 equity shares of the Company (the "Investor Shareholder
Seller Sale Shares").
These transactions collectively would result in a change in control of
the Company. In accordance with the SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011 ("SEBI SAST Regulations"), a Detailed Public Statement was
issued on March 20, 2025, followed by the filing of the Draft Letter of Offer
("DLoF") with SEBI on March 27, 2025.
In this regard, the Competition Commission of India (CCI), vide its
letter dated July 01, 2025, accorded its approval for the aforesaid transactions.
Subsequently, in compliance with the SEBI SAST Regulations, the Independent Directors'
Committee (IDC) of the Company met on July 30, 2025, to provide its recommendations
on the Open Offer and the proposed transaction. Thereafter, SEBI, vide
its letter dated August 05, 2025, issued its final comments on the Draft Letter of Offer
(DLoF) filed in connection with the Open Offer made by the Acquirer.
As on the date of this Report, the acquisition process and consummation
of the sale transaction are in progress, with due adherence to all legal, regulatory, and
contractual obligations in coordination with the Acquirer and other Stakeholders.
New Products Launched:
The Company has successfully commercialized manufacturing the following
new Formulations namely:
| Product |
Formulation |
Portfolio |
| Speed |
IMIDACLOPRID 40% + FIPRONIL 40% WG |
Insecticide |
| PYRAKILL |
PYRAZOSULFURON ETHYL 70% WG |
WG Insecticide |
| NAGARJUNA |
CHLORANTRANILIPROLE |
Insecticide |
| SURAKSHA GR |
0.4% GR |
|
| CARPET |
PYROXASULFONE 85% WG |
Herbicide |
| DASH |
PENOXOSULAM 1.02% + CYHALOFOP 5.1 % OD |
Herbicide |
Research & Development:
The Company's state-of-the-art R&D Centre at Shadnagar, near
Hyderabad, continues to be a hub of innovation, driving product development and process
improvement in line with the Government of India's 'Make in India' initiative. The Centre
is actively engaged in the development of the processes for several active ingredients,
intermediates, and formulations, which are at different stages of progress.
During the year under review,the processes for four technical products
were successfully developed, of which two have been commercialised while the other two
have advanced to the pilot stage. In addition, a pipeline of niche generic molecules is
under development for future commercialisation. R&D efforts have also resulted in cost
reduction for four regularly manufactured technical products. On the intermediate front,
commercial-scale batches of select intermediates were executed for a multinational
company, with another project in progress.
The Centre has also developed the process for four fluorine- containing
molecules, several of which are moving into the commercialisation phase. Process
innovation has led to the discovery of new methodologies, resulting in the filing of two
provisional patents.
The Company's R&D facilities at Hyderabad, along with the Quality
Control Laboratories at Srikakulam and Ethakota, have achieved significant milestones,
including:
• ISO 17025:2017 Certificate of Accreditation from the National
Accreditation Board for Testing and Calibration Laboratories (NABL);
• Integrated Management System (IMS) certification (ISO 9001, ISO
14001 & ISO 45001) from SGS;
• Recognition by the Department of Scientific and Industrial
Research (DSIR), Government of India.
One of the core focus areas has been the development and registration
of novel formulations. Three solo formulations have been successfully commercialised,
while two two-way mixture formulations are ready for launch. Continuous improvement
efforts are also underway to reduce formulation manufacturing costs.
The Good Laboratory Practice (GLP) certification awarded in 2021 has
enabled the R&D Centre to conduct studies supporting global registrations,
particularly in Africa and Southeast Asia. This certification was renewed in 2024 and
remains valid until 2027. The GLP division has also extended services to external clients,
contributing to revenues, while playing a vital role in facilitating both domestic and
international registrations through extensive testing and documentation.
During the year under review, the Company secured 33 new registrations
in India and 17 across eight International markets, taking the overall portfolio to 553
registrations in India and 137 in overseas markets. In parallel, 14 new patent
applications were filed, reinforcing NACL's innovation pipeline and strengthening its
intellectual property portfolio.
Environment Protection:
Your Company continues to maintain high standards in environmental
management with its manufacturing facilities operating well within stipulated norms due to
the efficient running of the Zero Liquid Discharge (ZLD) facilities in Srikakulam and
Ethakota. Srikakulam manufacturing site has an online effluent and emission monitoring
devices that continuously upload the data to Pollution Control Board website. These sites
have also increased plantation area within the factory premises.
Your Company continues to enjoy the certifications ISO 9001:2015
(Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018
(Occupational Health and Safety Management) standards, accredited for its proven standards
covering in the areas of Quality, Environment, Safety and Health Management Systems
respectively. Both Srikakulam and Ethakota Units are accredited by National Accreditation
Board for Testing and Calibration of Laboratories (NABL).
Responsible Care (RC):
Your Company has effectively implemented the Responsible Care (RC) 7
Codes of Management Practices across all its sites and has been successfully recertified
with the RC Logo by the Indian Chemical Council (ICC) for a further period of three years.
This recertification reaffirms the Company's unwavering commitment to the principles of
safety, health, environmental stewardship, and sustainable management of chemicals and
processes.
Energy Efficiency and Emission Reduction:
During the year under review, the Company undertook several initiatives
to strengthen its focus on sustainability, energy efficiency, and workplace safety. At
both the Ethakota and Srikakulam manufacturing sites, significant progress was achieved in
adopting energy-efficient technologies, resulting in reduced operational costs and a
marked decline in carbon emissions.
The Company also advanced its safety culture through the introduction
of Process Safety Management (PSM), aligning OSHA's 14 elements with the Indian Chemical
Council's (ICC) Responsible Care (RC) 20 elements at the Srikakulam and Spec- Chem Dahej
sites. Further, a Behaviour-Based Safety (BBS) program has been rolled out to encourage
proactive safety awareness and accountability among employees.
To foster awareness and engagement, various programs such as National
Safety Week, World Environment Day, Fire Service Day, and Electrical Safety Week were
organized across all locations. Recognition initiatives, including Suraksha Sammelan at
Srikakulam, Suraksha Yojana at Dahej, and the Safety Monthly Star Program, were introduced
to acknowledge best practices and inspire continuous improvement.
The Company remained fully compliant with all statutory requirements
during the year. Expansion-related approvals are under progress with the Central Pollution
Control Board (CPCB) and the respective State Pollution Control Boards (SPCBs) for both
the Srikakulam and Dahej facilities. Additionally, Quality Circles were established at
manufacturing units to promote employee- driven innovation and operational excellence.
Water Conservation and Reuse:
Our commitment to responsible water usage is evident through the
implementation of water harvesting systems at all sites. Rainwater is efficiently
collected and stored for reuse in our plantation and utility needs.
Health and Safety:
The Company continued to strengthen its commitment to health, safety,
and sustainability through various initiatives during the year. The EHS and Sustainability
team actively organized awareness programs such as National Safety Week, World Environment
Day, Fire Service Week, and Electrical Safety Week across all manufacturing locations,
fostering a culture of safety and responsibility. Employees were encouraged to stay
informed and engaged through EHS newsletters, safety flashes, safety contacts, and
cautionary notes, ensuring regular communication on critical safety matters.
To further reinforce a safety-first culture, initiatives such as
Suraksha Sammelan and the Safety Monthly Star Program were introduced to recognize and
reward best practices across all sites. These programs not only celebrated employee
contributions but also encouraged continuous improvement in safety performance.
Through these collective measures, your Company has demonstrated its
unwavering dedication to operational integrity, employee well-being, environmental
sustainability, and workplace safety, thereby reaffirming its position as a responsible
and trusted industry leader.
Share Capital:
During the year under review, your Company has allotted 21,500 fully
paid equity shares, under Nagarjuna Agrichem Ltd., Employee Stock Option Scheme-2015 and
2,88,333 fully paid equity shares under NACL Employee Stock Option Scheme- 2020, upon
exercise of Stock Option by the Eligible Employees of the Company under the respective
ESOS Schemes and 17,24,137 shares has allotted under Preferential issue to M/s EQ India
Fund under Non-Promoter Category and these shares were duly admitted for trading on the
Stock Exchange(s). The equity shares issued pursuant to the above Employee Stock Option
Schemes and Equity shares issued under Preferential allotment ranks pari- passu with the
existing equity shares of the Company.
Subsequent to the above allotments, the paid up capital of your Company
stand increased from Rs 19,91,69,177/- (comprising of 19,91,69,177 fully paid up equity
shares of Rs 1/- per equity share) to Rs 20,12,03,147/- (comprising of 20,12,03,147 fully
paid up equity shares of Rs 1/- per equity share).
Employee Stock Option Scheme:
The Company has the aforesaid two stock option ie. ESOS-2015 Scheme and
ESOS-2020. Both the Schemes are in compliance with the SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021.
a) ESOS 2015 Scheme:
During the year under review, the Company allotted 21,500 fully paid
equity shares to eligible employees upon exercise of vested stock options granted under
the existing Employee Stock Option Scheme. With this allotment, no further stock options
remain to be granted, vested, or exercised under the said Scheme, and accordingly, the
Scheme stands formally closed.
b) ESOS 2020 Scheme:
During the year under review, the Company has granted 3,70,000 stock
options under ESOS-2020 Scheme to the Eligible Employees. Each option would entitle the
holders of the option to apply for one equity share of the Company.
The Company has allotted 2,88,333 fully paid equity shares to the
Eligible Employees upon exercise of the vested stock options.
In compliance with the Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021, a certificate from the
Secretarial Auditor of the Company confirming that the ESOS-2015 Scheme and ESOS 2020
Scheme are being implemented in accordance with the Securities and Exchange Board of India
(Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and the resolutions
passed by the Members, will be placed at the ensuing Annual General Meeting. The details
required under Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014 and the
disclosure required to be made under Regulation 14 of SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021 with regard to the ESOS- 2015 & ESOS-2020 is
available on our Company Website i.e. www. naclind.com.
Material Changes and Commitments:
Except the changed specifically described in this report, there have
been no material changes and commitments affecting the financial position of the Company,
which have occurred between the end of the financial year of the Company to which the
financial statements relate and the date of the report.
Subsidiary and Associate Companies and Consolidation of Financial
Statements:
Pursuant to the requirements of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), the Companies Act, 2013 ("the Act"), and the applicable
Indian Accounting Standards (Ind AS 110 - Consolidated Financial Statements), the Audited
Consolidated Financial Statements of the Company for the year ended March 31, 2025, form
part of this Annual Report. The Consolidated Financial Statements have been prepared by
incorporating the financial statements of its wholly-owned subsidiaries M/s. NACL
Spec-Chem Limited, M/s.NACL Multichem Private Limited, M/s.LR Research Laboratories
Private Limited, M/s.NACL Industries (Nigeria) Limited, M/s.Nagarjuna Agrichem
(Australia) Pty Ltd and M/s.NACL Agri-Solutions Private Limited on a
line-by-line basis. Further, the investment in Nasense Labs Private Limited, an Associate
Company, has been accounted for under the equity method in accordance with Ind AS 28 -
Investments in Associates and Joint Ventures.
The Statement containing the salient features of the financial
performance of Subsidiaries and Associate, in the prescribed format Form AOC-1, is
attached as Annexure - I to this Report.
During the year under review, no company became or ceased to be a
Subsidiary, Joint Venture, or Associate Company of NACL Industries Limited. There has also
been no material change in the nature of business of the aforesaid Subsidiaries and
Associate Company. Further, the Company does not have any Subsidiary that qualifies as a
material subsidiary under the Listing Regulations.
In accordance with Section 136(1) of the Act read with Regulation 46 of
the Listing Regulations, the following documents are made available on the Company's
website at www.naclind.com:
a) The Annual Report of the Company containing its Standalone and
Consolidated Financial Statements; and
b) The Annual Accounts of each of the Subsidiary Companies.
Internal Financial Control Systems and their adequacy:
The Company has in place adequate internal financial controls
commensurate with the size and complexity of its operations. During the year, such
controls were tested and no reportable material weakness in the design or operations were
observed. The Company has policies and procedure in place for ensuring proper and
efficient conduct of its business, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of accounting records and
the timely preparation of reliable financial information.
The Company has adopted accounting policies which are in line with the
Indian Accounting Standards and the Act. These are in accordance with generally accepted
accounting principles in India. Changes in policies, if required, are made in consultation
with the Auditors and are approved by the Audit Committee.
The Company's internal audit systems are geared towards ensuring
adequate internal controls commensurate with the size and needs of the business, with the
objective of efficient conduct of operations through adherence to the Company's policies,
identifying areas of improvement, evaluating the reliability of financial statements,
ensuring compliances with applicable laws and regulations and safeguarding of assets from
unauthorized use.
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by the Internal,
Statutory, Cost and Secretarial Auditors, including audit of the internal financial
controls over financial reporting by the Statutory Auditors, and the reviews performed by
Management and the relevant Board and Committees including the Audit Committee, the Board
is of the opinion that the Company's internal financial controls were adequate and
effective during the financial year 2024-25.
Auditors:
a) Statutory Auditor and Audit Reports:
M/s. BSR and Co. Chartered Accountants, (Firm Registration No.
128510W), Chartered Accountants, were appointed as Statutory Auditors of the Company at
the 35th Annual General Meeting held on September 29, 2022 for a period of 5
years commencing form the conclusion of 35th Annual General Meeting till the
conclusion of 40th Annual General Meeting to be held in the year 2027. The firm
has consented and confirmed that the appointment is within the limit specified under
section 141(3)(g) of the Companies Act, 2013. The Statutory Auditors have also confirmed
that they are not disqualified to be appointed as such in terms of the proviso to section
139(1), 141(2) and 141(3) of the Companies Act, 2013 and the Companies (Audit and
Auditors) Rules, 2014.
The Audit Report of BSR and Co on the Financial Statements of the
Company for the Financial Year 2022-23 is a part of Annual Report. The notes on the
financial statement referred to in the Auditors Report are self-explanatory and do not
call for any further comments. There are no qualifications, reservations, adverse remarks
or disclaimers by the statutory auditors in their report.
b) Cost Auditor:
Pursuant to Section 148 of the Companies Act, 2013, the Board of
Directors of the Company, on the recommendation of the Audit Committee appointed M/s. K.
Narasimha Murthy & Co., Cost Accountants, Hyderabad to conduct cost audits relating to
Insecticides (Technical Grade and Formulations), of the Company for the year ended March
31, 2026. The Company has received their written consent that the appointment will be in
accordance with the applicable provisions of the Act, and rules framed thereunder.
Pursuant to the provisions of Section 148 of the Act read with Rules made thereunder,
members are requested to consider the ratification of the remuneration of Rs 8 Lakhs
payable to M/s. K. Narasimha Murthy & Co., Cost Accountants, Hyderabad, for the
financial year 2025-26.
Your Company is maintaining all the cost records referred above and
M/s. K. Narasimha Murthy & Co., Cost Auditors, have issued a cost audit report for FY
2025 which does not contain any qualification, reservation or adverse remarks and the same
report were duly filed with the Central Government.
c) Internal Auditor:
The Board of Directors of the Company has appointed M/s. M.Bhaskara Rao
& Co., Chartered Accountants, Hyderabad, as Internal Auditors to conduct internal
audit of the Company for the financial year ended March 31, 2025 and their reports are
reviewed by the Audit Committee from time to time. The Internal Auditors monitor and
evaluate the efficiency of the internal control system of the Company, its compliance with
applicable laws/regulations, accounting procedure and policies. Based on the reports of
the Internal Auditor, corrective actions will be undertaken, thereby strengthening the
controls. Significant audit observations and action plans were presented to the Audit
Committee of the Board on a quarterly basis.
The Board of Directors, based on the recommendation of the Audit
Committee, has re-appointed M/s. M. Bhaskara Rao & Co., Chartered Accountants,
Hyderabad, as Internal Auditors for the first two quarters of the Financial Year 2025-26.
d) Secretarial Auditor and Secretarial Audit Report:
Pursuant to Section 204 of the Act read with the Rule 9 of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has
appointed M/s. B S S & Associates, Company Secretaries, to carry out secretarial audit
in terms of the Act for the financial year 2024-25. The secretarial audit report for the
FY 2024-25 issued by M/s.B S
5 & Associates, Practicing Company Secretary in form MR-3 is
enclosed to this report as Annexure - II and the Secretarial Audit Report does not
contain any qualification, reservation, adverse remark, or disclaimer, except for the
three remarks/ observations specifically highlighted (in bold and italics) in the
concerned paragraph of MR-3 (2nd page), in respect of which the first item has
been settled through the payment of the prescribe penalty and the other matters have since
been duly noted/addressed. Pursuant to Regulation 24A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company has obtained the Annual
Secretarial Compliance Report from M/s. B S S & Associates and submitted the same to
the stock exchange where shares of the Company are listed.
Further, the Board of Directors, at its meeting held on August 07,
2025, approved the appointment of M/s. R. Sridharan
6 Associates, Practicing Company Secretaries, as the Secretarial
Auditors of the Company for a period of five years, commencing from the conclusion of the
ensuing Annual General Meeting and continuing until the conclusion of the Annual General
Meeting to be held in the financial year 2030.
Board, Committees of the Board and Other information:
a) Directors:
The Company's Board comprises 11 (Eleven) Directors, out of which 2
(Two) are Non-Executive, Non-Independent Directors (NEDs), including 1 (one) Woman
Director. Out of the remaining Directors, 6 (Six) are Non-Executive, Independent
Directors, including 2 (Two) Woman Independent Director, 2 (Two) are Investor Nominee
Directors, and 1 (One) is an Executive Director. However, during the year under review,
the following Directors ceased to be on the Board of the Company:
1) Mr. N. Vijayaraghavan, Independent Director (Resigned effective
August 16, 2024).
2) Mr. C. V. Rajulu, Non-Executive & Non-Independent Director
(Resigned effective March 12, 2025).
3) Mr. M. Pavan Kumar, Managing Director & CEO (Resigned effective
March 12, 2025).
b) Board Meeting:
During the financial year 2024-25, 11 (Eleven) meetings of the Board
were held. The details of these meetings are provided in the Corporate Governance Report,
which forms part of this Annual Report. The Company complied with the provisions of the
Act and the Listing Regulations with respect to the prescribed time gap between two
meetings.
c) Independent Directors and their declaration of Independence:
In terms of Sections 149, 152, Schedule IV and all other applicable
provisions of the Companies Act, 2013 read with Companies (Appointment and Qualification
of Directors) Rules, 2014 (including any statutory amendment(s), modification(s) or
re-enactment thereof for the time being in force), the Independent Director can hold
office for a term of up to five (5) consecutive years on the Board of Directors of the
Company and shall not be liable to retire by rotation.
All the Independent Directors have given a declaration that they meet
the criteria of independence laid down under Section 149(6) of the Act read with
Regulation 16(b) of Listing Regulations.
In the opinion of the Board, there has been no change in the
circumstances which may affect their status as Independent Directors of the Company and
the Board is satisfied of the integrity, expertise, and experience (including proficiency
in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent
Directors on the Board. Further, in terms of Section 150 read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, as amended, Independent
Directors of the Company have included their names in the data bank of Independent
Directors maintained with the Indian Institute of Corporate Affairs.
d) Familiarization Programme for the Independent Directors:
In compliance with the requirement of Listing Regulations, the Company
has put in place a familiarization programme for the Independent Directors to familiarize
them with their role, rights and responsibility as Directors, the working of the Company,
nature of the industry in which the Company operates, business model etc. The same is
available on the website of the Company i.e., www.naclind.com.
Through the Familiarization programme, the Company apprises the
Independent Directors about the business model, corporate strategy, business plans and
operations of the Company. These Directors are also informed about the financial
performance, annual budgets, internal control system, statutory compliances etc. They are
also familiarized with Company's vision, core values, ethics and corporate governance
practices.
At the time of appointment of Independent Director, necessary
information including various documents such as the information about Company, Memorandum
and Articles of Association, Annual Reports for previous 2 years, Investor Presentations
and recent Media Releases, Brochures, Organization policies are provided. Further, a
formal letter of appointment has also given, explaining fiduciary duties, roles,
responsibility and the accompanying liabilities that come with the appointment as an
Independent Director of the Company.
On an on-going basis, periodic presentations are made at the Board and
Committee meetings, on the performance updates of the Company, Industry scenario, business
strategy, internal control and risks involved and mitigation plan. The Directors are also
provided with quarterly update on relevant statutory changes, judicial pronouncements and
important amendments.
e) Evaluation of performance of the Board of Directors:
Pursuant to the provisions of the Act, and Listing Regulations, the
Board has carried out the evaluation of its own performance and Committees of the Board,
the performances of Directors individually, the Executive Director, the Chairperson of the
Board etc. Various parameters under the guidance note issued by the Institute of Company
Secretaries of India and SEBI, were considered for evaluation and after receiving the
inputs from the Directors, the performance evaluation exercise was carried out. The
parameters include attendance of Directors at Board and Committee meetings, integrity,
credibility, expertise and trustworthiness of Directors, Board's monitoring of various
compliances, laying down and effective implementation of various policies, level of
engagement and contribution of the Directors, safeguarding the interest of all
stakeholders etc. The performance evaluation of the Board as a whole was carried out by
the Independent Directors. The performance evaluation of each Independent Director was
carried out by the Board. The Directors expressed their satisfaction with the evaluation
process.
In a separate meeting, the Independent Directors evaluated the
performance of the Non-Independent Directors and performance of the Board as a whole. They
also evaluated the performance of the Chairperson taking into account the views of
Executive Director and Non-Executive Director.
f) Audit Committee:
The Audit Committee comprising of Mr. Santanu Mukherjee as the Chairman
and Mr. Sudhakar Kudva and Mr.N.Sambasiva Rao as the members. The details about the Audit
Committee including the brief description of its terms of reference and number of meetings
held during the year are mentioned in the Corporate Governance Report. There have been no
instances during the year when recommendations of the Audit Committee were not accepted by
the Board.
g) Directors' Responsibility Statement:
Pursuant to Section 134(3)(c) and 134(5) of the Act, the Board of
Directors, to the best of their knowledge and ability, confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to material
departures;
b) it has selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at March 31, 2025 and
of the Profit/Loss of the Company for the year ended on that date;
c) it has taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
d) it has prepared the Annual Accounts of the Company on a 'going
concern' basis;
e) it has laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
f) it has devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
h) Key Managerial Personnel:
In terms of Section 203 of the Companies Act, 2013, the following
officials are the Key Managerial Personnel (KMP) of the Company:
i) Mr. G Veera Bhadram - Whole-time Director (Effective March 12, 2025)
ii) Mr. Anish T. Mathew - Chief Financial Officer (Effective December
13, 2024)
iii) Mr. Satish Kumar Subudhi - Sr. Vice President - Legal &
Company Secretary
During the year under review, the following changes took place in the
Key Managerial Personnel of the Company:
1) Mr. R. K. S. Prasad, Chief Financial Officer, retired from his
position with effect from December 13, 2024. The Board, on the recommendation of the Audit
Committee, appointed Mr. Anish T. Mathew as the Chief Financial Officer of the Company
with effect from December 13,
2024.
2) Mr. M. Pavan Kumar stepped down from the position of Managing
Director & CEO of the Company. Subsequently, the Board appointed Mr. G. V. Bhadram as
a Whole-Time Director with effect from March 12, 2025.
i) Termination of agreements:
The Company had earlier entered into a Consultancy Agreement with Mr.
C. V. Rajulu, who resigned as a NonExecutive, Non-Independent Director w.e.f March 12,
2025, and a Business Advisory Agreement with Mr. Raj Kaul, who resigned as a
Non-Executive, Non-Independent Director w.e.f August 08, 2025. The said agreements
remained effective till June 23, 2025 (in the case of Mr. C. V. Rajulu) and May 31, 2025
(in the case of Mr. Raj Kaul), respectively, and have since been terminated.
j) Meeting of Independent Directors:
The details on the separate meeting of the Independent Directors are
reported in the Report on Corporate Governance.
Criteria for selection of candidates for appointment as Directors, Key
Managerial Personnel and Senior Management Personnel.
Your Company has laid down well-defined criteria for the selection of
candidates for appointment as Directors, Key Managerial Personnel and Senior Management
Personnel. The details of the same forming part of Company's Nomination and Remuneration
Policy are available at the Company's website at www.naclind.com.
Criteria for making payment to Non-Executive Directors of the Company.
Your Company has laid down well-defined criteria for making payment to
Non-Executive Directors of the Company. The details of the same are available at the
Company's website at www.naclind.com.
Corporate Social Responsibility:
Corporate Social Responsibility (CSR) has been an integral part of your
Company's culture and it has been associated, directly or indirectly, for contributing
towards society's development. For the year under review, the company carried out several
CSR activities in the areas/villages surrounding the factories of the Company. Such
activities includes RO Water Supply to surrounding Villages, Village & Community
Development, Scholarships to Merit students, contribution to Vidhya Volunteer Scheme,
street lightning and bore-well maintenance, development of school facilities, community
centers and bus shelters in the surrounding villages of the factories, providing medical
services and vocational courses and conducting various medical camps, etc. These projects
are largely covered under Schedule VII of the Companies Act, 2013 ('Act').
In accordance with the CSR provisions in the Act, the Company has
formed a CSR Committee and the CSR Policy is in conformity with the provisions of the Act.
The CSR Policy can be accessed on the Company's website at http://www.naclind.com.
The Annual Report of CSR activities are annexed herewith as Annexure - III and
forming part of this Report.
Change in the nature of business:
There is no change in the nature of business of the Company.
Significant and Material Orders passed by the Regulators or Courts:
During the year, the Company has not received any significant and
material orders passed from Regulators or Courts or Tribunals impacting the going concern
status and the Company's operations in future.
Particulars of Loans, Guarantees or Investments under Section 186:
The Company makes investments or extends loans/guarantees to its
wholly-owned subsidiaries for their business purposes.
Details of loans, guarantees and investments covered under Section 186
of the Act, along with the purpose for which such loan or guarantee was proposed to be
utilized by the recipient, form part of the notes to the financial statements provided in
this Annual Report.
Extracts of Annual Return:
Pursuant to Section 92(3) and 134(3)(a) of the Act read with Rule 12 of
the Companies (Management and Administration) Rules, 2014 the extract of the Annual Return
of the Company is available on the website of the Company at www.naclind.com.
Risk Management Policy:
Pursuant to the provisions of Section 134, and other applicable
provisions if any, of the Act and Listing Regulations, the Company constituted the Risk
Management Committee and framed Risk Management Policy, which inter-alia covers
implementation and monitoring of the risk management plan for the Company. The Committee
is responsible for reviewing the risk management plan and ensuring its effectiveness. The
details about Committee including the brief description of its terms of reference are
given in the Corporate Governance Report. Major risks identified by the businesses and
functions are systematically addressed through mitigating actions on a continuing basis.
Related Party Transactions:
All the related party transactions are entered into during the
financial year were on arm's length basis and in the ordinary course of Company's business
and are in compliance with the applicable provisions of the and Regulation 23 of Listing
Regulations. The Company has not entered into any contract, arrangement or transactions
with any related party which could be considered as material within the meaning of
Regulation 23 of the Listing Regulations. Related Party Transactions (RPTs) under IndAS
(Indian Accounting Standards)-24 are disclosed in the notes to the financial statement.
Necessary disclosures and the statement of all related party
transactions are presented before the Audit Committee and the Board of Directors on a
quarterly basis specifying the nature, value and terms and conditions of the transactions.
All Related Party Transactions are approved by the Audit Committee and omnibus approval is
obtained for the transactions which are foreseen and repetitive in nature. The
transactions entered into pursuant to the omnibus approval so granted are reviewed on a
quarterly basis by the Audit Committee.
The Related Party Transactions Policy as approved by the Board is
uploaded on the Company's website www.naclind.com. The details of the transactions
with Related Parties are provided in the accompanying financial statements.
Vigil Mechanism/Whistle Blower Policy:
The Company has implemented Whistle Blower Policy to deal with any
fraud, irregularity or mismanagement in the Company. The policy enables any employee or
Director to directly communicate to the Chairman of the Audit Committee to report any
fraud, irregularity or mismanagement in the Company. The policy ensures strict
confidentiality while dealing with concerns and also that no discrimination or
victimization is meted out to any whistleblower. The Whistle Blower Policy as approved by
the Board is uploaded on the Company's website www.naclind.com. During the year
under review, your Company has not received any complaints under the said policy of the
Company. It is affirmed that no personnel of the Company has been denied access to the
Audit Committee.
Nomination and Remuneration Policy:
Pursuant to Section 178(3) of the Act, the Company has adopted a policy
on Nomination and Remuneration of Directors, Key Managerial Personnel and Senior
Management Personnel. The Nomination and Remuneration Committee (NRC) has formulated the
criteria for determining qualification, positive attributes and independence of Directors
in terms of provisions of Section 178(3) of the Act and as Listing Regulations. The
details about Committee including the brief description of its terms of reference are
given in the Corporate Governance Report.
Corporate Governance:
In compliance with Regulation 34 read with Para-C of Schedule V of
Listing Regulations, a separate report on Corporate Governance has been included in this
Annual Report together with the Auditor's Certificate confirming compliance of the
Corporate Governance as stipulated under the said Regulations. All the Board members and
the Senior Management Personnel have affirmed compliance with the Companies "Code of
Conduct for Board and Senior Management Personnel" for the financial year 2024-25.
A certificate signed by the Whole Time Director and Chief Financial
Officer (CFO) certifying the financial statements and other matters as required under
Regulation 17(8) of the Listing Regulations, forms part of this Annual Report.
Management Discussion and Analysis Report and Business Responsibility
Report:
Management Discussion and Analysis Report for the year under review, as
stipulated under Regulation 16(b) of the Listing Regulations, is presented in a separate
section forming part of this Annual Report. A Business Responsibility and Sustainability
Report containing the requisite details under Regulation 34 of the Listing Regulations has
been included in this Annual Report.
Prevention of Sexual Harassment of Women at workplace:
The Company has zero tolerance towards sexual harassment at the
workplace and has adopted a Policy for Prevention of Sexual Harassment in line with the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
("POSH Act"). The Policy, which is gender-neutral, ensures a safe and enabling
work environment, free from any form of harassment or discrimination.
The Policy provides protection to employees, lays down a fair and
transparent mechanism for prevention and redressal of complaints, and prescribes
procedures for effective resolution. The Company has constituted an Internal Complaints
Committee (ICC) in accordance with the provisions of the POSH Act.
To strengthen awareness, regular training and sensitization programs
are conducted across all locations to educate employees about the provisions of the POSH
Act and the Company's Policy.
During the financial year 2024-25, no complaints of sexual harassment
were received by the Company.
Statement of Compliance with the provisions relating to the Maternity
Benefit Act 1961:
The Company has complied with relevant provisions of the Maternity
Benefit Act, 1961. There were one beneficiaries who availed maternity benefits during FY
2024-25 including leave and benefit payments.
Brand Protections:
Your Company has taken appropriate actions against counterfeits, fakes
and other forms of unfair competitions/trade practices.
Fixed Deposit:
Your Company has not accepted any fixed deposits from the public during
the year under review, and no such amount on account of principal or interest on public
deposits was outstanding as on the date of the Balance Sheet.
Industrial Relations:
The industrial relations at the factories and head office continued to
be cordial.
Insurance:
All the assets and insurable interests of your Company including
inventories, buildings, plant and machinery, enactments are adequately insured.
Particulars of Employees and Remuneration:
Pursuant to the provisions of Section 136 (1) of the Act and as
advised, the particulars of employees as required under Section 197 (12) of the Act read
with Rule 5 (1) and 5 (2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is annexed as Annexure-IV to this report.
Compliance with Secretarial Standards:
During the year under review, your Company has complied with the
applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
Reporting of Frauds:
There was no instance of fraud during the year under review, which
required the Auditors to report to the Audit Committee and / or Board under Section
143(12) of the Companies Act, 2013 and the rules made thereunder. Hence, no detail is
required to be disclosed by the Board under Section 134(3)(ca) of the Companies Act, 2013.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
Disclosures required under the Section 134(3)(m) of the Act relating to
Conservation of Energy, Technology Absorption and Foreign Exchange Outgo and Earning, in
terms of Rule 8 of the Companies (Accounts) Rules, 2014, are set out in a separate
statement attached hereto as Annexure - V and forms part of this report.
Other Confirmation:
No application under the Insolvency and Bankruptcy Code, 2016 (IBC) was
made on the Company during the year. Further, no proceeding under the IBC was initiated or
is pending as at March 31, 2025. There was no instance of one time settlement with any
Bank or Financial Institution.
Acknowledgement:
Your Directors thank the Company's Bankers and the Financial
Institutions for their help and co-operation extended throughout the year. Your Directors
place on record their appreciation for the support and co-operation that the Company
received from its Stakeholders, Customers, Agents, Suppliers, Employees, various
Government/Non-Government Departments, Associates and Community in the vicinity of the
plants. Your Directors also record their appreciation for the excellent operational
performance of the staff of the Company that contributed to the achievements of the
Company. The Directors also acknowledge with much gratitude, the continued trust and
confidence reposed by the Dealers/ Customers of the Company. Your Directors look forward
to the future with confidence.
|
For and on behalf of the Board |
|
|
K Lakshmi Raju |
G Veera Bhadram |
|
Chairperson |
Whole Time Director |
|
(DIN: 00545776) |
(DIN: 00114611) |
| Place: Hyderabad |
|
|
| Date: August 07, 2025 |
|
|
|