Dear Shareholders,

I am glad to inform you that your company in F.Y. 2022-23 has posted an excellent volume growth of around 16% which is the best in the Decade, by processing 34,851 tonnes in the year 2022-23 as against 30,143 tonnes in F.Y. 2021-22. Though there is a surge in demand after Covid-19, company achieved the record high volume growth with increased investments in new products and new domains.

In spite of continuous war between Russia and Ukraine, there is a substantial growth in developing countries like India due to increase in internal demand for various products. In addition, our Country also has a great opportunity of becoming an alternative player to China in the Global manufacturing and supply chain.

The thrust given by Central Govt. for manufacturing units in India will certainly move our annual GDP growth towards 7 to 8 % in the near future.

In F.Y. 23, your company has invested ₹148 Crores (as against envisaged ₹ 125 crores) establishing new facilities for Food, FMCG and Pharma Packaging products.

You are aware that your company has received Letter of Offer/Award as Packaging partner for M/s. Grasim Industries (Group of Aditya Birla Group) for their plants at Panipat, Cheyyar and Mahad. First two plants would go into commercial production by end of this F.Y. Construction of our two plants will start soon as land acquisition has been completed. These two plants are expected to contribute to volume growth of our company from F.Y. 25 onwards.

So far company has invested ₹ 66 Crores for our Sultanpur Plant till 31.03.2023 and has further plans to invest ₹ 40 Crores during the current F.Y to complete the Pharma Packaging facilities and also integrated printing facility.

Thus, in total your company has envisaged to invest an amount of around ₹ 280 Crores during F.Y 23 & F.Y 24 (two financial years) as against ₹ 321 Crores invested during previous 10 years.

Your company is strategically planning to enter into 4 segments of Pharma Packaging which will enable better penetration and wider application of our product range. The DMF filing and Certification would take some time and production will start thereafter. This segment will contribute significant numbers from F.Y 24-25 onwards. Several new products including medical devices can be added once the initial products are established.

I am confident that with such growth plans and focus on talent and technology, we will soon be on our way to show peak performance in near future.

I would like to thank all our stakeholders for their unconditional support and helping the Company to grow. I would also like to acknowledge the invaluable contribution of all our management and employees who work tirelessly towards the common goal of making Mold-Tek the number one company in the field of rigid packaging in India.

J. LAKSHMANA RAO
Chairman and Managing Director