Carborundum Uni. Director Report
BSE:513375 | NSE:CARBORUNIVEQ | IND:Abrasives And Grinding Wheels | ISIN code:INE120A01034 | SECT:Industrial Consumables
BSE
Change:
Volume:
Open:
Prv. Close:
Bid:
()
Offer:
()
NSE
Change:
Volume:
Open:
Prv. Close:
Bid:
()
Offer:
()
The Directors have the pleasure in presenting the 69th Annual Report together with the Audited Financial Statements for the year ended 31st March 2023. The Management Discussion & Analysis Report which is required to be furnished as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the Listing Regulations) has been included in this Report to avoid duplication and overlap.
ECONOMIC OVERVIEW & COMPANY PERFORMANCE
The financial year 2022-23 presented challenges worldwide including, economy, layoffs, war and environmental crisis. Barely had the pandemic receded, and the war in Ukraine broke out in February 2022. The prices of commodities, food, energy, and fertiliser rose sharply. As inflation rates accelerated, central banks responded with monetary policy tightening to contain inflation. Many developing countries faced severe economic stress as the combination of higher import prices, weaker currencies, the rising cost of living and a stronger dollar adversely impacted them.
During the second half of 2022, there was some relief for the governments and households. Commodity prices peaked and then declined. However, prices of some commodities remain well above their pre-pandemic levels. As 2023 rolled in, China opened up rather swiftly, reversing its Zero-COVID policy. The Eurozone economies could narrowly avoid a recession due to the unexpectedly warm winter in the region which otherwise would have dented household's disposable income significantly due to significant increase in energy prices. As the inflation rate declined in the US, policy rates are set to rise more slowly and there are faint hopes of the US avoiding a recession altogether, barring any unexpected financial system stress.
The global economy grew by 3.4 per cent in Calender Year (CY) 2022 and is expected to grow at 2.8 per cent in CY 2023, before rising slowly and settling at 3.0 per cent - the lowest medium-term forecast in decades owing primarily due to the coordinated global monetary policy tightening coupled with the continuing geopolitical tensions. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 per cent in CY 2022 to 1.3 per cent in 2023. The slowdown is concentrated in advanced economies, especially the Euro area and the United Kingdom, where growth is expected to fall to 0.7 per cent and -0.4 per cent respectively in 2023 before rebounding to 1.8 and 2.0 per cent in 2024.
On the other hand, the Indian economy has strongly rebounded on the back of a sustained recovery in domestic demand, government impetus to infrastructure spending, and export growth, further spurred by global economy as well as the 'China Plus One' sourcing strategy of many global players. India became the world's fifth- largest economy, measured in current dollars. Though the economy was expected to grow at 7 per cent for the year ending March 2023, the growth is expected to close at about 6 per cent. The World Bank has revised its FY 2023-24 GDP forecast to 6.3 per cent from 6.6 per cent (December 2022). The annual rate of inflation is below 6 per cent and as per the World bank it is expected to average out at 5.2 per cent for the FY 2023-24
The export of goods and services in the first nine months of the financial year (April-December) was up by 16 per cent compared to the same period in 2021-22. The fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25 year journey towards its centenary as a modern, independent nation. Policies pursued carefully and consciously have ensured that the recovery is robust and sustainable.
During the year, the standalone revenues grew by 13 per cent and the consolidated revenues by 40 per cent driven by better performance across all the businesses. The Company began its financial year after the Russia-Ukraine war broke out in February 2022 which created more challenging situations like inflation, raw materials availability, supply chain disruptions, foreign currency rate fluctuations, higher cost of capital, geopolitical tensions, and expectation of a global recession. Economies across the world, including India, were facing inflationary pressure. Despite these challenges, the Company's performance yet again speaks about strong demand for its quality products/ solutions, manufacturing and research capabilities, and timely execution in domestic and overseas markets. There was no significant impact on Russian operations despite having to operate under very volatile and difficult situation. Seeing the challenges to sell more outside Russia, the Russian subsidiary focused more on serving the domestic market and increased the domestic share to ~59 per cent, which used to be ~41 per cent earlier. The Company anticipated the impact of the war on recent acquisitions in Europe and took precautionary measures in advance and throttled in implementation of its integration projects as planned. During the first half of the financial year, there were increase in COVID cases once again but thanks to widely held vaccination drives, the impact was minimised. The provision of oxygen concentrators, the establishment of quarantine facilities and rolling out of COVID care policy provided support to and improved confidence of the workforce. Towards the second half of the year, sustained recovery in domestic demand, government impetus to infrastructure spending, export growth, softening in commodity prices, easing in material shortages, production cutbacks by China due to environmental concerns and the 'China Plus One' sourcing strategy of global players, led to strong rebound in business performance. Some segments also witnessed a higher share of exports with incremental growth coming from export customers wanting to de-risk their supply chains. All three businesses
registered high double-digit growth in revenues. For Abrasives segment, the growth also included additional sales from Rhodius and Awuko. On one hand, the increase in inflation helped the Electrominerals business to clock better margins, but the Abrasives segment was impacted on other hand. The Ceramics business continued to perform better in terms of revenues and margins due to strong demand of value-added products, better realisation and a favourable product mix.
The subsidiaries also have shown significant growth over the last year. Among overseas subsidiaries, Volzhsky Abrasive Works, Russia, CUMI America, CUMI (Australia) Pty Limited (CAPL) and Foskor Zirconia (Pty) Limited, South Africa registered double digit growth. CUMI Middle East (CME), United Arab Emirates and CUMI Abrasives and Ceramics Company Limited, China (CACCL) have de-grown owing to the conscious decision to minimise operations considering the sustainable continuance in these regions with the current model of operations. The subsidiaries which were acquired during last FY also contributed to additional sales. On the other hand, domestic subsidiaries including Sterling Abrasives Limited, Net Access India Limited and PLUSS Advanced Technologies Limited (PLUSS) have also grown over last year. Southern Energy Development Corporation Limited (SEDCO) which was severely impacted by the gas price increase owing to the geopolitical crisis was able to grow only marginally and had to report a loss for the year.
The Abrasives segment registered growth of 59 per cent at a consolidated level which includes sales of ^6192 million from Rhodius and Awuko and at standalone level, sales grew in single digit despite external challenges. The Electrominerals segment grew 25 per cent at consolidated level and 13 per cent at standalone level on the back of high demand for minerals and supply shortages, supported by growth in volumes and realisation. Higher productivity and prudent cost control helped significant growth at standalone level. The Ceramics segment grew by 26 per cent at standalone level and 29 per cent at consolidated level. The demand outlook for key domestic core industries remained strong for ceramics and refractories. The demand for Technical Ceramics, driven by technology transformations in the Auto industry and the interest towards clean energy has driven growth.
The following table summarises the standalone and consolidated revenues - both segment and geography wise:
(^ Million) |
|||||
2022-23 |
2021-22 |
Growth |
|||
% share |
Amount |
% share |
Amount |
% |
|
Standalone |
|||||
Abrasives |
45 |
11069 |
48 |
10516 |
5 |
Ceramics |
34 |
8342 |
30 |
6612 |
26 |
Electrominerals |
28 |
7020 |
28 |
6207 |
13 |
Eliminations |
(7) |
(1699) |
(6) |
(1419) |
(20) |
Total |
100 |
24732 |
100 |
21916 |
13 |
India |
74 |
18400 |
77 |
16773 |
10 |
Rest of the world |
26 |
6332 |
23 |
5143 |
23 |
Total |
100 |
24732 |
100 |
21916 |
13 |
(^ Million) |
|||||
2022-23 |
2021 |
- 22 |
Growth |
||
% share |
Amount |
% share Amount |
% |
||
Consolidated |
|||||
Abrasives |
44 |
20353 |
39 |
12830 |
59 |
Ceramics |
22 |
10273 |
24 |
7980 |
29 |
Electrominerals |
36 |
16338 |
40 |
13120 |
25 |
Power |
1 |
259 |
1 |
245 |
6 |
IT services |
1 |
585 |
1 |
453 |
29 |
Others |
1 |
542 |
1 |
190 |
185 |
Eliminations |
(5) |
(2340) |
(6) |
(1922) |
(22) |
Total |
100 |
46010 |
100 |
32896 |
40 |
India |
44 |
20321 |
55 |
18232 |
11 |
Rest of the world |
56 |
25689 |
45 |
14664 |
75 |
Total |
100 |
46010 |
100 |
32896 |
40 |
The Company's consolidated revenues from India grew by 11 per cent and from rest of the world increased by 75 per cent cent mainly due to acquisition of new entities.
The manufacturing team played a vital role in focused production planning and order execution to create a faster growth momentum. The core product segments continued to run at full capacity. Continued focus on Total Productive Maintenance (TPM) helped the Company improve the quality of its products, operate plants efficiently while reducing the overall cost of operations. Capital expenditure, across all geographies were directed at capacity expansions, facilities for new products, quality enhancement, line balancing and general infrastructure.
The Company's standalone financial results are summarised in the table below:
Sales |
(^ Million) |
|
As % of 2022-23 Sales |
As % of 2021-22 Increase Sales % |
|
24732 |
21916 13 |
|
Other Operating Income |
367 |
236 55 |
Revenue from Operations |
25099 |
22152 13 |
Other Income |
319 |
420 24 |
Total Income |
25418 |
22572 13 |
Expenses |
||
Cost of material consumed |
40 9991 |
41 8925 12 |
Purchase of stock in trade |
3 718 |
3 736 (2) |
Movement of Inventory |
0 (27) |
(2) (346) (92) |
(^ Million) |
|||||
As % of |
2022-23 |
As % of |
2021-22 |
Increase |
|
Sales |
Sales |
% |
|||
Employee benefits |
10 |
2369 |
10 |
2149 |
10 |
expense |
|||||
Finance Cost |
1 |
150 |
0 |
10 |
1400 |
Depreciation and amortisation |
3 |
745 |
3 |
650 |
15 |
Power & Fuel |
9 |
2295 |
10 |
2104 |
9 |
Other expenses |
21 |
5110 |
22 |
4889 |
5 |
Total Expenses |
86 |
21351 |
87 |
19117 |
12 |
Profit before tax and exceptional Item |
16 |
4067 |
16 |
3455 |
18 |
Exceptional item |
1 |
249 |
- |
- |
- |
Profit before tax |
17 |
4316 |
16 |
3455 |
25 |
Profit after tax |
13 |
3309 |
12 |
2545 |
30 |
Total Comprehensive Income |
13 |
3236 |
11 |
2517 |
29 |
Standalone profit before tax stood at ^4316 million as compared to ^3455 million during the previous year.
The Company uses a variety of raw materials for its products - Bonds, Cotton Yarn, Grains, Calcined Alumina, Tabular Alumina, Brown fused Alumina, White fused Alumina, Silicon Carbide, Mullite, Pet Coke, Bauxite, Zircon Sand amongst others. The sourcing is a prudent mix of indigenous and imported materials. Aided by judicious sourcing and optimising throughput in production, material consumption continued to marginally improve during the year. Significant improvement in specific material and energy consumption was recorded across businesses. Also, approximately 1.5 MWp of solar systems were commissioned across the Company.
Power and fuel cost increased by 9 per cent from ^2104 million in the preceding year to ^2295 million during the current year.
Employee benefits expense increased from ^2149 million in the preceding year to ^2369 million during the current year.
Profit before finance cost, exceptional item and tax margin expanded in all segments except Abrasive segment due to increase in revenue, more favourable cost structures and better realisation in some segments. Abrasive segment includes the results of newly acquired entities and hence lower margins.
Finance costs were at ^150 million compared to ^10 million in the previous year. Total Comprehensive Income increased from ^2517 million to ^3236 million.
The consolidated profit before tax and exceptional item (before share of Associate & Joint ventures) entity-wise is represented below:
On a consolidated basis, the profit before tax and exceptional item (before share of profit from Associate and Joint Ventures) increased to ^5177 million from ^4562 million. Profit after tax and non-controlling interests has increased to ^4140 million from ^3334 million. The performance of the subsidiaries is detailed separately in this Report.
(^ Million) |
||
2022-23 |
2021-22 |
|
CUMI Standalone |
4067 |
3455 |
Subsidiaries including step down subsidiaries: |
||
Indian |
||
Net Access India Limited |
45 |
33 |
Southern Energy Development Corporation Limited |
(47) |
92 |
Sterling Abrasives Limited |
220 |
164 |
PLUSS Advanced Technologies Limited |
(179) |
(126) |
Foreign |
||
CUMI (Australia) Pty Limited |
282 |
191 |
CUMI International Limited |
103 |
247 |
Volzhsky Abrasive Works |
2046 |
1381 |
Foskor Zirconia (Pty) Limited |
104 |
76 |
CUMI America Inc. |
174 |
3 |
CUMI Middle East FZE |
(10) |
1 |
CUMI Abrasives & Ceramics Company Limited |
(47) |
(15) |
CUMI Europe s.r.o. |
1 |
- |
CUMI Awuko Abrasives GmbH |
(457) |
(196) |
Rhodius Abrasives GmbH |
(398) |
(5) |
Total of Subsidiaries |
1837 |
1846 |
Inter Company Eliminations |
(727) |
(739) |
Consolidated profit before tax and share of profit from Associate and Joint ventures |
5177 |
4562 |
Consolidated profit after tax attributable to owners |
4140 |
3334 |
Financial Position |
||||||
An overview of the Company's financial position - on |
a standalone and consolidated basis is given below: |
(^ Million) |
||||
Financial position |
Standalone |
Consolidated |
||||
31.03.2023 |
31.03.2022 |
% change |
31.03.2023 |
31.03.2022 |
% change |
|
Net Fixed assets (including goodwill and Right of use assets) |
5322 |
4527 |
18 |
16142 |
10638 |
52 |
Investments - Non-current |
10475 |
9685 |
8 |
1612 |
1378 |
17 |
Other Assets |
||||||
- Inventories |
3795 |
4002 |
(5) |
8989 |
6909 |
30 |
- Trade receivables |
3897 |
3309 |
18 |
6274 |
4848 |
29 |
- Cash and cash equivalents |
99 |
158 |
(37) |
3964 |
3475 |
14 |
- Other assets |
796 |
1017 |
(22) |
2263 |
5980 |
(62) |
Total assets |
24384 |
22698 |
7 |
39244 |
33228 |
18 |
Liabilities (Other than loans) |
3279 |
3661 |
(10) |
7458 |
6609 |
13 |
Net assets |
21105 |
19037 |
11 |
31786 |
26619 |
19 |
Sources of funding: |
||||||
Total equity attributable to owner |
20065 |
17407 |
15 |
28206 |
23638 |
19 |
Non - Controlling interest |
- |
- |
- |
1279 |
859 |
49 |
Loan outstanding: |
||||||
- Long term borrowings |
- |
429 |
78 |
451 |
||
- Short term borrowings (including current maturities of long time borrowings) |
1040 |
1630 |
(36) |
1872 |
2044 |
(8) |
Total loans |
1040 |
1630 |
(36) |
2301 |
2122 |
8 |
21105 |
19037 |
11 |
31786 |
26619 |
19 |
|
Loans (net of cash and cash equivalents) |
941 |
1472 |
(36) |
(1663) |
(1353) |
23 |
On a consolidated basis, the total equity attributable to owners as on 31st March 2023 was ^28206 million. There was an increase (net of dividend) to the extent of ^4568 million. Non-controlling interest was at ^1279 million.
Liabilities (other than loans) was ^7458 million. The loans outstanding increased to ^2301 million from ^2122 million. Net fixed assets (including goodwill and Right of use assets) increased to ^16142 million during the current year from ^10638 million in the last year.
The Company's cash flow is healthy. The following table summarises the Company's standalone and consolidated cash flows for the
current and previous year: (^ Million) |
||||
Cash flow |
Standalone |
Consolidated |
||
2022-23 |
^2021-22 |
2022-23 |
|2021-22 |
|
Cash flow from Operations |
4395 |
2821 |
5927 |
3771 |
Taxes paid |
(955) |
(840) |
(1625) |
(1326) |
Cash flow from operating activities |
3440 |
1981 |
4302 |
2445 |
Capital Expenditure (Net of disposal) |
(1564) |
(812) |
(3006) |
(1631) |
Cash flow from other investing activities |
(558) |
(4672) |
434 |
(2971) |
Cash flow from investing activities |
(2122) |
(5484) |
(2572) |
(4602) |
Cash flow from financing activities |
(1377) |
1113 |
(1334) |
894 |
Net increase/(Decrease) in Cash & Cash equivalents |
(59) |
(2390) |
396 |
(1263) |
Net Cash and Cash equivalents at the beginning of the year |
158 |
2548 |
3475 |
4783 |
Effect of exchange rate changes on the balances of cash and cash equivalents held in foreign currencies |
- |
- |
93 |
(45) |
Cash and Cash equivalents at the end of the year |
99 |
158 |
3964 |
3475 |
On a standalone basis, net cash generation from operations was ^3440 million in FY 2022-23 compared to previous year's ^1981 million. Net cash outflow on account of investing activities was ^2122 million majorly towards capital expenditure. Net cash outflow on account of financing activities was ^1377 million which is attributable primarily to repayment of borrowings. The net decrease in cash and cash equivalents was ^59 million against the net decrease of ^2390 million in FY 2021-22.
On a consolidated basis, net cash generation from operations was ^4302 million in FY 2022-23. Net cash outflow on account of investing activities was ^2572 million. Net cash outflow on account of financing activities was ^1334 million. The net increase in cash and cash equivalents was ^396 million against a net decrease of ^1263 million in FY 2021-22.
Key Financial Ratios (on a standalone basis) |
||||
Parameter |
2022-23 |
2021-22 |
Favourable/ (Adverse) in % |
Comments |
R O C E (%) |
21.2 |
18.2 |
17 |
Better returns & effective utilisation of capital employed |
Debt Equity (times) |
0.05 |
0.09 |
45 |
Due to repayment of current borrowings. |
PBT (%) to Sales* |
16.4 |
15.8 |
4 |
Increase due to better profitability. |
Asset turnover (times) |
1.8 |
1.5 |
21 |
Optimal utilisation. |
Receivable turnover (days) |
53 |
54 |
2 |
Effective control of Receivables |
Inventory turnover (days) |
58 |
58 |
- |
At the same level |
Interest Coverage Ratio (times) |
33.0 |
422.5 |
(92) |
This is due to the increase in Finance costs consequent to utilisation of borrowings during the current year. |
Current Ratio (times) |
2.0 |
1.6 |
24 |
Due to repayment of current borrowings. |
Operating Profit Margin (%)* |
15.2 |
13.9 |
9 |
Increased efficiency. |
Net Profit Margin (%) |
13.4 |
11.6 |
15 |
Better profitability due to product mix and market growth |
Return on Net Worth (%) |
17.7 |
15.5 |
14 |
Increase due to higher profits |
*excluding exceptional income/expenses (Net) |
The paid-up equity share capital as on 31st March 2023 was ^189.94 million. The capital increased during the year by ^0.08 million, consequent to allotment of shares upon exercise of Stock Options by employees under the Company's Employee Stock Option Plan 2016.
Considering the past dividend payout ratio and the current year's operating profit, the Board has considered it appropriate to recommend a final dividend of ^2/- per equity share of ^1/- each. It may be recalled that in February 2023, an interim dividend at the rate of ^1.50/- per equity share of ^1/- each was declared and paid in March 2023. This aggregates to a total dividend of ^3.50/- per equity share of ^1/- each for the year. The Company's Dividend Policy is available at https://www.cumi-murugappa.com/wp-content/uploads/2019/02/ dividend-distribution-policv.pdf. The dividend paid as well as being recommended for the year ended 31st March 2023 is in line with this policy.
An amount of ^500 million has been transferred to the General Reserve of the Company as on 31st March 2023.
PERFORMANCE OF BUSINESS SEGMENTS
The business profile, market developments and current year performance are elaborated in the following sections:
This SBU is in the business of engineering surfaces. It manufactures and distributes rigid and flexible abrasives and adjacent products that are used in the generation of precision, functional or enduring surfaces. The key product segments are Bonded Abrasives, Coated Abrasives, Metal Working Fluid, Super Abrasives and allied products.
Rigid or Bonded Abrasives products grind, clean, scour, abrade or remove solid material through a rubbing action. Bonded Abrasives are made using Glass Bonds (vitrified), rubber bonds or Phenolic Resin Bonds. Coated Abrasives are basically hard synthetic minerals coated on to paper, fibre, cloth, or film and finally formed into different shapes, sizes and types according to application needs. Abrasive materials and Abrasive products are utilised in several end user industries such as Automobiles, Auto Ancillary, Metalworking, Building and Construction, woodworking, Railways, Aerospace and General Engineering.
This business has more than sixty years of experience in Abrasives manufacturing, application engineering and distribution. Strong Research & Development backed by application engineering and supported by multi generation channel partners are the strengths of this business. Over the years, it has built world class facilities with strong processes, which gives it a cutting edge.
In the FY 2022-23, the business invested in expanding its conversion facilities at Sriperumbudur for the Coated operations.
The competitive advantage of the business comes from its raw materials sourced from the Electrominerals business of the Company and from the best suppliers within India and across the world. These inputs are then formulated, and the products are designed based on a deep understanding of the end-use applications that are exhibited by a very experienced team of application engineers across the globe.
Cost competitiveness is the overarching strategy for the business while ensuring that the supply requirements and changing needs of the market are met in full.
The business has ten manufacturing plants located across India, Russia and Thailand.
The marketing entities in North America, Middle East, China and distributors across the globe provide strong market reach in India and over 55 markets globally.
The Indian market has been continuously witnessing a shift from manual grinding methods to mechanised processes, ushering in opportunities for new products in the Coated Abrasives segment. The Bonded Abrasives segment constitutes a key consumable in the Construction and Transportation industries, which has demonstrated high growth in the past decade due to rapid urbanisation and increase in disposable income.
The global Abrasives market got impacted heavily in Q1 and Q2 of FY 2022-23 due to heavy cost inflation after every economy and industry got affected because of Russia-Ukraine war. Europe and to a lesser extent US saw a heavy impact on Industrial production due to the inflationary conditions.
After a muted Q2, industrial activity in India increased in Q3 and positive trends were seen in Automotive sales - Passenger Vehicles (PV) and Tractors, compared to FY 2021-22. Cement production and Steel consumption both realised growth in Q3, after remaining subdued in previous months - positive signs for construction, infrastructure, and SMEs.
Entry of several Paint Manufacturers in the Abrasives segment relying on cheap imported products from China impacted CUMI as well as other India based manufacturers.
Likewise, the war in Ukraine and the resulting impact in Europe led to a slowdown in some sectors like Handicrafts and Hand tools which have high dependence on exports.
The Abrasives business on a standalone basis recorded revenues of ^11069 million compared to ^10516 million in the previous year.
The first 2 quarters were focused on managing the cost pressure and ensuring selective price increases to manage the margins. The precision Abrasives business was able to register double-digit growth due to the demand from the Auto sector.
However, severe competition from cheap imported players led to muted demand in the standard range of products.
Business had initiated several projects in cost control pursuing new methodologies like design-to-value, Packaging cost improvements, Process efficiencies and Automation projects using Digital and IOT techniques.
The business continued to make steady progress in building distribution leadership, a key strategic pillar for the Company's growth. During the year, the business appointed new channel partners and expanded its dealer network across India. The Company continued with online digital marketing initiatives with the physical market promotion activities, commencing from Q4. Retail development activities, promotional influencer campaigns, end user-based email campaigns across geographies were conducted for better market penetration and several new digital initiatives were introduced which are expected to give a sustainable competitive advantage, better and faster connect with the end user communities. New products continued to be developed and introduced in the market meeting the needs of customers.
The segment continued its focus on products made with high performance grains by working in co-ordination with the Electrominerals business. This helped to build a competitive advantage by developing and establishing a new range of products.
The focus on Coated Abrasives for FY 2022-23 was to complete the line balancing with respect to both upstream and downstream processes. Based on it, the conversion capacities and capabilities were enhanced. Coated business faced relentless pressure in terms of cost push, increased lead time for raw materials throughout the year. To negate the above, manufacturing lines were operated at higher productivity levels through line speed increase in the continuous process of jumbo making for selective run of the mill products. Major investments had been made in the backward integration process by enhancing the capabilities of cloth processing. To respond quickly to the market, a new pilot plant investment was done with the start of art facilities.
Bonded Abrasives adapted a different methodology known as QRM (Quick Response to Manufacturing ) for its Make-to-order line segments to reduce in factory lead time which enabled the business to serve the B2B markets at faster phase. This learning was horizontally deployed across all line segments in vitrified and organic abrasives products.
Focus on mass market for FY 2022-23 was taken differently in challenging the cycle time of manufacturing products by adapting the TPM 8 pillar approach and certain capacities added with the start of art facilities focusing more on cycle time reduction.
To Build on quality consistency, major investments made in Ball mill, double compaction presses, high-profile CNC machines,
high-intensity mixers and ovens to match the global standards of the products the Company manufacture for both precision and channel business.
To strengthen our in-house manufacturing capabilities, a highly technological machine was designed and commissioned for Super Abrasives manufacturing across the entire manufacturing and conversion processes.
To accelerate the cost savings, major projects were identified and implemented for yield improvements, energy savings and consumables. As a part of the fuel cost push, few units transitioned to alternative fuels as well resulting in more effective kiln utilisation which supported negating the cost push.
The elements of industry 4.0 have been imbibed in the day-to-day operations to leverage the gains of IOT and data
analytics. Several digital initiatives are being pursued to remain competitive. Similarly, to be the best in class in manufacturing of Abrasives, various LSS (Lean Six Sigma) projects were in place across all functions which supported the quality, variable cost reduction programs, understanding of the customer needs and aligning the process and products to suit their needs. Horizontal deployment of such steps is likely to further the competitive advantage in the changing landscape.
Benchmarked targets were taken across all units towards sustainability, like implementation of Roof top solar, transition from liquid fuel to gaseous fuels, waste reduction projects, RECD (Retrofit Emission Control Devices) for all our DG sets across units, revamping of effluent treatment plants for effectiveness in treatments, automated operations and improvement in manpower productivity.
Key Financial Summary in million) |
||||
Particulars |
Standalone |
Consolidated |
||
2022-23 |
2021-22 Change (%) |
2022-23 |
2021-22 Change (%) |
|
Revenue |
11069 |
10516 5 |
20353 |
12830 59 |
Segment results (PBIT) |
1512 |
1627 (7) |
1047 |
1563 (33) |
Capital employed |
3697 |
3787 (2) |
13503 |
11439 18 |
Share to total revenue of CUMI (%) (without eliminations) |
45 |
48 |
44 |
39 |
Share to segment results (PBIT) of CUMI (%) |
36 |
47 |
19 |
34 |
The Ceramics business comprises of the Industrial Ceramics and the Refractories product groups.
Industrial Ceramics business offers advanced Ceramics in Alumina, Zirconia, Zirconia Toughened Alumina and Silicon Carbide products addressing wear and corrosion protection, electrical insulation, thermal protection and ballistic protection applications. The key user industries for Ceramics business are Power Generation and Distribution, Mining & Ore processing, Cement, Ferrous and Non-Ferrous Industries, Automotive, Battery, Glass, Paper, Food Grain handling, Petrochemicals and Ceramic Tiles.
The operations are carried out through manufacturing/service facilities located in India, Australia and the US. The subsidiaries in North America, Middle East and China also support this business in increasing market reach.
The Industrial Ceramics business based out of India is largely a global business and majority of the sales volumes are through exports. The Company is one of the major players in India, US, Australia and Europe along with presence in specific product groups in Japan and China.
The Industrial Ceramics business has three product groups -Wear Protection Materials, Equipment & Services, Precision Engineered Ceramics and Metallised Ceramics, for various industrial applications.
The business offers Wear Protection products & services to extend equipment life across a variety of industries such as Mining & Mineral Processing, Steel, Power, Cement and Bulk material handling. The business has expanded its product offerings and developed new applications across key industry segments like port handling and non-ferrous industries. A solutions-based approach to solve customer problems through on-site wear audits, superior design and simulation, on-site installation services, enhances equipment performance, productivity and life. Prototype remote monitoring system enabling the Company/its customers to forecast maintenance/ changeover of equipment is under testing.
The Company is a leader in the Australian market and has executed key projects in mining & port handling segments. The business expanded its customer base with robust growth in America, Europe, Middle East and Japan.
Precision Engineered Ceramics are used in emerging applications with a strong sustainability focus - such as Solid Oxide Fuel Cells, Hydrogen Electrolyzers and Electrical Mobility. A strong focus on Agile Product Development and Continuous Process Innovation have helped the division roll out New Products in collaboration with leading global customers in the US, Japan and India.
CUMI is a pioneer in India in the field of Metallised Ceramics and is today a strategic supplier for Global OEMs in the field of Power Distribution and also in Vacuum Electronics. With the objective of becoming a leader in Metallised Alumina Cylinders for Vacuum Interrupters, the business has been continuously enhancing capacities through new equipment and process innovations.
The business has also been entering adjacencies and transformational spaces in Advanced Ceramics & Materials. The new facility for Sintered Silicon Carbide established in FY 2021-22 is fully operational and serves applications in Chemical Industry, Defence and others.
New forming capabilities - Hydraulic press for near-net forming, Isostatic Press for larger diameter and longer parts, Ceramic 3D Printing capabilities - have been added during the year, to enable manufacturing of next generation of Ceramics for diverse applications.
Super Refractories and Prodorite business addresses the Thermal and Corrosion protection across a wide range of Industries. Deep knowledge of materials, application engineering and the ability to engineer shapes to meet critical operational conditions add superior value to our customers and stakeholders.
The business has three product groups - Super Refractories, Anti-corrosive and Composites.
Super Refractories are advanced materials that can withstand extremely high temperatures in the range of 18500C and harsh thermal/chemical environments making them the choice of materials for thermal protection of critical assets in applications such as metallurgy, glass, and chemical processing. Super Refractories are made from high purity raw materials such as alumina, zirconia, and silicon carbide.
Our strong knowledge of application engineering enables us to understand critical customer problems, this coupled with on-site thermal audits, design techniques involving Finite Element Analysis (FEA), Computational Fluid Dynamics (CFD) and Thermal imaging solves critical thermal problems for our customers.
The Company is a leading player in specialised fired refractory, both dense and insulation bricks, intricate shaped items, Monolithics and pre-cast pre-fired Refractories. The key user industries for Refractory business are Iron & Steel, Glass, Carbon black, Cement, Ceramics, Petrochemicals, Thermal power plants, Non-ferrous metallurgy, Foundry, Heat treatment furnaces etc.
Prodorite branded Anti-corrosive material is used in highly acidic or basic environments. The Company is a major player in this industry, serving a wide range of Chemical process industries and other industries dealing with treatment of effluents. The Company's product range includes Acid resistant wall and floor
tiles, Carbon bricks, Tiles, Anti-corrosive Lining, Epoxy and PU Flooring, Screeding, PU and Epoxy Coatings and Waterproof construction chemicals. The Company's Polymer Concrete Cells (Tanks) are also used in Copper and Zinc extraction units across the world.
The business uses a solution-based approach in helping our customer's critical assets from harsh corrosive environments, using a combination of application engineering, on-site corrosion audit and design & simulation knowledge to engineering shapes that offer an optimum fit and performance.
Composites are primarily Glass or Carbon Fibre reinforced polymer products manufactured through vacuum infusion, pultrusion, filament winding, grating and hand lay-up methods. The product range includes large Chemical storage tanks, Chimneys, Flue Gas Desulphurisation (FGD) spray headers, Abrasion resistant Anti-corrosive pipes & Gratings, Windmill nacelle covers and nose cones, Automotive and Railway body panels, gratings, pallets, cable trays, flooring, chequered plates, roof sheets, chimney ladders, platforms, bridges, louvers, fencing etc.
In line with our long-term strategic objectives, we have built significant capabilities in Carbon Fiber Reinforced Composites (CFRP). They are ideal materials for applications such as drones due to their high strength-to-weight ratio, durability, and resistance to fatigue. During the year, the Company acquired certification of EN 9100-2018 (Equivalent to AS 9100D of the Society of Automotive Engineers (SAE) and the JISQ 9100 of the Japanese Aerospace Quality Group). The business added a new dust-free facility for manufacturing structural parts for drones, and aerospace applications.
Industry ScenarioIndustrial Ceramics
A strong resurgence in the Mining and Mineral Processing Industry, especially in Australia, was seen in FY 2022-23 resulting in significant demand for Wear Protection Materials and Services. The outlook for Core segments like Steel, Cement, and Power Plants remained strong throughout the year.
Further, the Solid Oxide Fuel Cells and Hydrogen market remained buoyant during the year due to the increased focus on sustainability and policy-driven push by countries like US, Korea and India for Green Hydrogen. This has resulted in the Engineered Ceramics vertical doing very well during the year. The other key Industries that Engineered Ceramics caters to - mobility, both Electric and ICE based - remained very strong during the year.
The Metallised Ceramics vertical supplies predominantly to the Power Distribution segment. With a capacity of 2.1 million cylinders per year, the division plans to strengthen its position as a leading global player, working closely with the global players.
The demand for thermal protection of critical assets in core segments like steel, glass, chemical processing, carbon black, cement remained strong throughout the year, post pandemic.
The business executed large projects in glass, carbon black, steel, and heat treatment industries. Mega trends of urbanisation, infrastructure development and global rebalancing will drive the growth of refractory consumption.
However, the domestic market is experiencing considerable inorganic consolidation.
The business also made significant progress in the global market in line with our strategic intent to go global. We have expanded into key markets in Europe, the Americas and the Middle East.
The business will continue to differentiate ourselves from the competitors through superior value addition through application engineering and design.
The business saw a resurgence in demand in Chemical industries, especially for fertilizer plants due to increased production of specialty crop nutrients. The demand resulted in significant growth in acid resistant liners and carbon products. Besides the domestic market, we made significant gains in Middle East and African markets.
The description of the Mega trends as explained in the previous section will also drive demand for non-ferrous metals like copper and zinc, where the Company's Polymer Concrete Cells (PCC) are used in both electro-chemical refining and electro-winning processes. Sustainability and policy-driven intervention will also lead to increased recycling of metals and recovery of non-ferrous and noble metals from E-Waste, resulting in increased usage of the electro-winning process.
The business also made significant gains in the supply of structural parts in Fibre Reinforced Polymer (FRP) for windmill nacelle covers. Power generation through wind will continue to grow with the addition of about 19GW capacity over the next two to three years. There is a significant traction in the demand for offshore windmills.
Revenues of the Ceramics business increased by 26 per cent on standalone basis from ^6612 million to ^8342 million on the back of good orders from repair and maintenance and higher offtake by customers for Metallised Cylinders and Solid Oxide Fuel Cells (SOFC). Selective price increases were taken for majority of the products to mitigate cost push.
Industrial Ceramics
Metallised Cylinders, Engineered Ceramics and Wear Materials business focused on robust growth servicing key customers, adding new market and customers catering to the changing demand patterns in an agile manner. Focused efforts were made in targeting newer markets and partnering with global customers to garner long-term sustainable business has helped
in making forays into new geographies and applications. The Engineered Ceramics vertical registered strong growth driven by the SOFC, Hydrogen and Mobility segments, where focused efforts were taken to grow the volumes of existing products and develop new variants in an agile and collaborative manner. The Wear Ceramics vertical also registered strong growth, with all market segments - especially, Mining & Mineral Processing - doing very well.
The Demand for refractories will continue to grow strongly in the domestic market in the core industries of Glass, Iron and Steel, Carbon black, Chemical processing, and Heat Treatment.
Sustainability will be a key driver in process changes in the user industries. The usage of alternate fuels like hydrogen in DRI plants, fast firing kilns in Ceramic industry, will reshape the usage of Refractories. An example of focusing on optimising ware to kiln furniture ratio in the ceramic industry for increasing the quality, efficiency and capacity of kilns will drive the demand for Low Thermal Mass Kiln Furniture systems, a key area where the business is developing strong capabilities.
Waste to energy and usage of alternate fuels like hydrogen will need high-purity Refractories to protect key process equipment. The business is developing products to address specific requirements of our key customers.
The business has grown significantly in export markets in key industries of Glass, Chemical processing and Heat treatment. With focused efforts in business development and agile customer engagement, business will continue to grow in exports and domestic markets.
Demand for Anti-Corrosive and Composite products will continue to grow strongly in the domestic market in the Chemical industries. The business made significant gains in Anti-Corrosive, FRP and Composites during the year. During the year, we developed a range of construction chemicals, and a monolithic acid-resistant coating to reduce usage of acid-proof bricks in select applications. Enhanced capabilities in CFRP also helped cater to new applications in the drone industry.
Demand for advanced composites will significantly increase due to the Indian Governments' policy of Atma Nirbhar Bharat. The business is developing capabilities in new forming techniques in composites.
Offshore windmill installations will drive the need for larger structural parts in FRP. Increased usage of electro-refining and electro-winning will drive the requirement for Polymer Concrete Cells. The business has a focused development platform in place to cater to changing needs of the customer and industry.
ManufacturingIndustrial Ceramics & Refractories
The focus of the business was to drive volume growth by debottlenecking capacities and adding key balancing equipment.
The Wear Ceramics vertical carried out a major redesign of the furnace loading pattern, to unlock additional capacities. The Engineered Ceramics vertical focused on adding a new state-of-the-art Hydraulic press with the capability of near-net forming to meet the growing demands of Structural Ceramics. The Metallised Ceramics vertical focused on converting some of the batch processes - like Glaze firing - to faster continuous processes, thereby increasing capacities significantly. In addition, several initiatives were driven on the shopfloor with the objective of reducing defects and improving efficiencies, which helped greatly in tiding over the cost increases of some of the input materials and utilities.
During the year, the business commissioned an energy efficient fiber lined high temperature kiln that increased the capacity of fired products by 1200 MT. Significant capability and improvement in efficiency precision grinding was built through commissioning of Wendt India's dual carriage grinding machine for grinding of large refractory blocks for glass industry.
Plant 1 of Super Refractories was certified by CII for significant achievement in the practice of TPM.
The business also kicked off the practice of Quick Response Manufacturing to improve lead time, and asset turnover.
Key Financial Summary in million) |
||||
Particulars |
Standalone |
Consolidated |
||
2022-23 |
2021-22 Change (%) |
2022-23 |
2021-22 Change (%o) |
|
Revenue |
8342 |
6612 26 |
10274 |
7980 29 |
Segment results (PBIT) |
2048 |
1315 56 |
2507 |
1593 57 |
Capital employed |
4236 |
3666 16 |
5918 |
5029 18 |
Share to total revenue of CUMI (%) (without eliminations) |
34 |
30 |
22 |
24 |
Share to segment results (PBIT) of CUMI (%) |
49 |
38 |
46 |
34 |
Electrominerals Business Profile
The Minerals business of the Company spans India, Russia and South Africa with eight manufacturing facilities covering product groups - Fused Alumina (comprising Brown and its variants and White Fused Alumina), Silicon Carbide (crude, macro and fine), Monoclinic Zirconia, Calcia Stabilised Zirconia and Alumina Zirconia. The Company also manufactures a range of 'specialties' like Semi Friable Alumina, Surface and thermally treated grains, Solgel derived Alumina called as Azure S, Specialty Alumina and Ceramic fine powders for niche markets. To enhance its operational competencies, the business operates its own Bauxite mines and a 12 MW Hydel power plant to insulate the operations from fluctuations in power tariffs.
The business continues to focus on aggressive growth in the domestic and export market while catering to the requirements from internal customers. With a diversified product portfolio, the Electrominerals business provides customers with application specific products and solutions, aimed at attaining improved product performance, value and profitability. For this, the business ensures speedy execution of projects, yield and efficiency improvement initiatives, enhanced asset utilisation and undertakes joint product development programs with customers. New initiatives of the business in the areas like special products for refractory application, competitive solgel alumina and monocrystalline alumina, etc., are well received by the customers. The business also spearheads its Research and Development through a Department of Scientific and Industrial Research (DSIR) approved research facility located at Kochi.
While the business focus on regular operations with sweating of assets, value creation through process modification and improved asset utilisation, it progressively builds its capabilities and infrastructure for catering to the new and emerging transformational areas of opportunities like Graphene, High Purity Silicon Carbide, Battery materials and related areas through tie-ups for technology and by commissioning pilot scale plants. The Graphene facility started functioning during the year and the products are being adapted/functionalised for selective applications. The trials for developing high purity SiC have given encouraging results.
Key user industries for this business are Abrasives, Refractories, Steel, Brake linings, Nuclear energy, Wooden Laminates, Friction composites, Diesel Particulate Filter, semi-conductor and others.
The year 2022-23 opened many opportunities for the business and the business also commenced its sustainability journey to become more responsible to the society in terms of bringing better environmental controls and carbon footprint reduction. During the year, the business has engaged with the Confederation of Indian Industry (CII) for carbon footprint measurement and reduction in line with the Company's policy. The business has also initiated a new project for generating green energy by tying up with a Solar Power producer for the installation and commissioning of a 1.8MVA project at its campus in Edappally.
The business has seen an ever-increasing demand for its minerals due to the revival of Auto, Construction and Steel sector. The focus of the Government in infrastructure spending and continued growth of Steel industry has pushed the demand
for Abrasives and Refractory products in the domestic market. The ongoing war between Russia and Ukraine imposed certain challenges with some customers from Europe insisting on supply of non-Russian Originated materials. While there was consistent demand for applications like Diesel Particulate Filters (DPF) and Semi-Conductors, the business could not cater to them fully due to restrictions imposed on the usage of feed material available from Russian subsidiary.
The business could very well establish the new synthetic fusion-based materials in place of regular Brown Fused Alumina (BFA). The Okha facility in Gujarat continued producing various grades of bauxite materials using bauxites available locally.
Transformational products like Graphene and high purity Silicon Carbides are still evolving with testing & approval for selected applications and the business is confident of scaling up to a commercial level from next year.
The Electrominerals business on a standalone basis recorded revenue of ^7020 million compared to ^6207 million in the previous year.
The growth in the domestic business can be attributed to the revival of domestic Abrasives and Refractory customers, who are the biggest consumers of Electrominerals. Business has effectively implemented price corrections to the customers across market segments, to ward off the competition from Chinese suppliers. The business has also maintained a stable performance of its regular business on account of the consistent and stable performance reported by the user industries like Construction, Automobile, and Steel segment during the year.
Global players looking to reduce sourcing dependence on China can present opportunities for Mineral business.
The Russian subsidiary ran at near full capacity. Higher demand for Refractory grade materials aided the growth.
The Zirconia business at Foskor Zirconia also reported favorable results during the year.
Manufacturing strategies focused mainly on improving throughput by efficient operations supported by loss reduction through TPM initiatives and value creation through grain treatments. Continued focus on innovation, TPM measures enabled the business to be competitive and efficient in bettering its performance. The focused Joint Development Programs in selected areas with customers brought faster scaling up and co-solutions.
During the year, the business has received significant awards like Kerala State Energy Conservation Award and Manufacturing Innovation award from Kerala Management Association.
The business has successfully enhanced fusion capacities, and this is expected to augment the volume of ABV range of materials. The business has already taken initiatives to increase its crushing and grinding capabilities for White Fused Alumina (WFA) and modernisation of the processing facility for BFA during the year. This would further enhance the material availability of WFA and BFA from Minerals business.
The year saw probably the highest volatility in the availability and price of critical raw materials: Alumina, Graphite Electrode and Raw Petroleum Coke (RPC) in international and domestic market.
Foskor Zirconia which is into production of Monoclinic Zirconia and Calcia Stabilised Zirconia has also revived its operation with increased demand from customers. The Silicon Carbide operations at VAW were at its full capacity.
The business has successfully produced Graphene from its new facility and established three variants for commercial applications. The production trial of High Purity Silicon Carbide has been conducted and the chemical and physical properties are being evaluated.
Key Financial Summary in million) |
||||
Particulars |
Standalone |
Consolidated |
||
2022-23 |
2021-22 Change (%) |
2022-23 |
2021-22 Change (%) |
|
Revenue |
7020 |
6207 13 |
16338 |
13120 25 |
Segment results (PBIT) |
985 |
612 61 |
2753 |
1942 42 |
Capital employed |
2536 |
2152 18 |
9209 |
7037 31 |
Share to total revenue of CUMI (%) (without eliminations) |
28 |
28 |
36 |
40 |
Share to segment results (PBIT) of CUMI (%) |
23 |
18 |
51 |
42 |
During the year, the Company generated ^3440 million cash surplus from its operations on a standalone basis. All debts have been serviced on time. The Company's long-term borrowings as on 31st March 2023 stands at nil while short-term borrowings was at ^1040 million. The capital expenditure program of
^1570 million and investments in subsidiaries of ^807 million were financed from internal accruals.
The Company continued to have a reasonable cash generation during the year, due to prudent capital expenditure and efficient working capital management. The debt at the consolidated level increased to ^2301 million. The cash and cash equivalent
level (net of borrowings) at a consolidated level stands at ^1663 million.
The debt-equity ratio for the Company was 0.05 at standalone and 0.08 at consolidated level. The Company's Balance Sheet remains robust and it augurs well for the growth in the prevailing conditions.
The credit ratings of the Company, 'A1+' for short-term borrowings and 'AA+ Stable' for long-term borrowings were re-affirmed by CRISIL. Over the years, the Company has been resorting to a prudent mix of rupee and foreign currency borrowings to finance its operations and achieve a reduction in financing costs. The finance cost at a standalone level is at ^150 million compared to ^10 million last year. The Company earned ^1 million by investing surplus cash available for short term.
At a consolidated level, the finance cost increased to ^235 million from ^56 million. The increase in borrowings has resulted in higher finance costs. The capital expenditure program of ^3017 million was financed majorly out of internal accruals.
With the Indian entity enjoying a significant natural hedge, a cautious approach was adopted to hedge the remaining exposures. The Company adopts prudent tax management policies.
There are no material changes and commitments, affecting the financial position of the Company which have occurred between 31st March 2023 and the date of this Report.
INDIAN ACCOUNTING STANDARDS (IND AS) - IFRS CONVERGED STANDARDS
The Company, its Subsidiaries, Joint Ventures and its Associate in India adopted lnd AS with effect from 1st April 2016 pursuant to the Companies (Indian Accounting Standard) Rules, 2015 notified by the Ministry of Corporate Affairs on 16th February 2015.
The Company has an Internal Control System commensurate with the size, scale and complexity of its operations. The controls have been designed and categorised based on the nature, type and risk rating so as to effectively ensure the reliability of operations with adequate checks and balances. The Internal Audit team evaluates the effectiveness and adequacy of internal controls, compliance with operating systems, policies and procedures of the Company and recommends improvements, if any. Significant audit observations and the corrective/preventive action taken or proposed to be taken by the process owners are presented to the Audit Committee. A periodic review of adherence to the agreed action plan is carried out. The scope of Internal Audit is annually determined by the Audit Committee considering the inputs from the Statutory Auditor and the Management.
Capital and revenue expenditures are monitored and controlled with reference to approved budgets. Investment decisions are subject to detailed evaluation and formal approval according to schedule of authority in place. A Periodical review of capital
expenditure with reference to benefits forecasted is done. Physical verification of assets is also periodically undertaken.
The Audit Committee reviews the overall functioning of Internal Audit on a periodical basis. The Committee also discusses with the Auditors periodically on their views on the financial statements including the financial reporting system, compliance with accounting policies & procedures, adequacy and effectiveness of the Internal Control Systems in the Company.
During the year, the Board with the recommendation of the Audit Committee re-appointed M/s. Deloitte Touche Tohmatsu India LLP as Internal Auditors of the Company.
Internal Control is a process, effected by an entity's Board of Directors, Management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting and compliance - as defined by the Committee of Sponsoring Organisations (COSO) of the Treadway Commission (appointed by SEC, USA).
As per Section 134(5)(e) of the Companies Act, 2013, the term 'Internal Financial Controls' (IFC) means the policies and procedures adopted by the Company for ensuring:
(a) orderly and efficient conduct of its business including adherence to company's policies;
(b) safeguarding of its assets;
(c) prevention and detection of frauds and errors;
(d) accuracy and completeness of the accounting records; and
(e) timely preparation of reliable financial information.
The three key components of IFC followed by the Company are:
i. Entity Level controls (ELC) that the Management relies on to establish the appropriate tone at top relative to financial reporting are - Code of Conduct, Enforcement of Delegation of Authority, Hiring and Retention practices, Whistle blower mechanism and other approved policies and procedures.
ii. Process Level controls (PLC), to ensure that processes are predictable, stable and consistently operating at the targeted level of performance, with only a normal variation are classified into Manual or IT - Dependent or Automated Controls. They are also classified as Preventive or Detective.
iii. General IT Controls to ensure appropriate functioning of IT applications and systems built by the Company to enable accurate and timely processing of financial data are - User Access rights management and Logical access; Change management controls; Password policies and practices; Patch management and License management; Backup and Recovery of data.
The adequacy of Internal Financial Controls is ensured by:
• Documentation of the risks and controls associated with the major processes;
• Validation and classification of existing controls to mitigate risks;
• Identification of improvements and upgrades to the controls;
• Improving the effectiveness of controls on residuary risks through data analytics;
• Performing testing of controls by the independent Internal Audit;
• Implementation of sustainable solutions to Audit observations.
The Audit Committee periodically reviews Internal Financial Controls to ensure that they are adequate and are operating effectively.
This year, we have been strengthening the connection between the Human Resources function and the business. We have partnered with businesses to deliver on building capabilities for the future. At the beginning of the year, HR team across businesses spent time understanding and assessing the growth plans of businesses. All these dialogues and reflections translated into programmes to develop talent and capability across functions and levels. The objective has been to build human assets in a way that is relevant to the business and its growth charter. A clear example of this is the year-long induction of the largest batch of Graduate Engineering Trainees who were selected from campuses across India. These young graduates were then placed across Divisions in functions including Manufacturing, Quality, R&D and Sales.
Safety continues to be the key area of focus for the Company. Behaviour-based safety training both in-person as well as virtual were conducted to promote a culture of safe working across factories. Safety awareness sessions continued on a regular basis to bring in more awareness on safety. Drive Zero is an initiative to ensure Zero accidents and Zero Harm to people working in all the manufacturing sites and area offices of Abrasives. Eight Level approach was adopted to create a sense of ownership towards safety and to have a structured approach for building a safe work culture. Safety Excellence model rolled out and various activities are initiated in EMD plants like Theme based monthly audits and Role plays. Plants received safety awards from Kerala Government and National Safety council for the safety performance.
The learning and development function could cover a greater number of learning programmes with customised development interventions across levels and wider participant coverage.
CUMI SUPER STAR program, a specially designed programme for development of supervisory staff Phase-2 was launched to enable the Supervisors to manage their work effectively and in engaging with their teams to improve productivity
through developmental inputs, frameworks and techniques. 99 supervisors underwent various functional capability building sessions on 7 Quality Control Tools, problem solving, Statistical Process Control, 4MCM, Lean principles and mistake proofing. This was followed up with 18 Action learning projects to implement the learning on the job. A 1-day experimental learning outbound program was also planned for all the 99 supervisors based on behavioural competencies like planning, time management, emotional intelligence, collaboration, communication and customer focus. A valedictory function was organised in which all the supervisors were certified to have successfully completed the program and top projects and participants were recognised and rewarded. Apart from this a Customised 2 day Supervisory Development program exclusively designed for 23 supervisors of EMD.
Based on the inputs from Graduate Engineer Trainee batches 2018 to 2021, a customised development calendar was released exclusively, and programs were conducted on topics like APQP, FMEA, LEAN, TPM and finance for Non-finance and session on Data analytics using excel and power BI.
YOLO, a customised intervention for the GET batch of 2022 was launched with a 1 one year development journey covering Campus to corporate workshop, POSH, Whistle blower, 5 lights QC tools, low cost automation, Industrial safety, design,basic machining, materials technology and Industrial safety. GET's also underwent finishing school at Murugappa polytechnic were learning on machines was covered.
CUMISEAD, a customised program for first time managers and individual contributors was rolled out in the month of February, with the objective of Enhancing self-awareness, improving interpersonal effectiveness and driving impactful results through systematic and structured behavioural tools and techniques. The intervention started with Manager as Coach workshop to help the reporting managers to coach participants throughout the 6 month learning journey. The program has a combination of classroom training, assignments, action learning projects and one to one coaching sessions. Currently, the first batch of 20 employees are undergoing this intervention and module -1 has been completed.
Customised business need based programs were conducted. 2 Batches of Data analytics using Power BI were conducted for Abrasives division covering 65 employees across different functions. The program was delivered in a blended mode with e-learning, classroom and action learning projects with multiple rounds of review to help the participants to use POWER BI Dashboards for analytics and decision-making in the internal monthly reviews. For Industrial ceramics division a customised business specific program on crucial conversations was conducted for 30 participants to provide inputs on high impact conversations skills, cross cultural sensitivity and handling difficult customers.
Training need-based programs were rolled out on functional topics like 8D problem solving, Cost Effective Automation,
6 Sigma, 7QC Tools, APQP & Design for Manufacturing, and Behavioral programs on interpersonal skills, emotional intelligence, negotiation skills, strategic planning and execution and design thinking for innovation. The program on emotional intelligence was delivered as a high impact program in partnership with PSG institute of Management.
Lean Six Sigma initiative was started in the year 2020 to eliminate variations in the existing process to improve process capability and competency of the personnel by using problemsolving statistical methods in Abrasives business. Continuing the journey of Lean Six Sigma, during FY 2022-23, 41 continuous improvement projects were executed across all functions. The projects were aimed at cost saving, revenue enhancement and internal efficiency improvement. Around 43 members from various functions were selected and coached in green belt DMAIC process. Promotional activities like ATOM (A Theme One Month) and gallery displays are done to ensure continuous refreshment of six sigma tools. Six sigma project teams participated in external competitions viz. CII, NITE, ISQ TOPS etc., and achieved 2 external awards.
Apart from this, train the trainer program was organised in which 30 internal experts within CUMI were identified and went through a workshop on training and facilitation skills. 34 leaders also underwent the Awareness session on Prevention of Sexual Harassment.
The Catalyst, a voluntary, self-directed mentoring programme where employees directly sign up for dialogues with mentors, continued its role in people development. During the year, we have assigned mentors from catalyst to 18 Graduate Engineer Trainees.
Platform for Accelerated Career Experience (PACE) - the platform for cross-functional experiential learning continued to engage and provide employees with an opportunity to work on different projects of their choice. The year saw 14 new projects and the projects are in different stages of implementation.
Knowledge Management
Knowledge Management framework was introduced, and a pilot project was initiated in EMD for Knowledge Management. Various initiatives have been taken up among the retiring employees as well as the serving employees to capture the knowledge available in the organisation in a structured way. An IT platform is used to capture data, storage of data and for easy retrieval of the data.
Employee Engagement
Employee recognition through different platforms continued to recognise employees for their achievements. Employees who exhibited exceptional values during the year were recognised with Shine Awards. Total of 90 nominations received and 11 employees won the award. They were facilitated along with their families during the award distribution ceremony.
In continuation to the Employee Engagement survey conducted in Q4 of FY 2021-22, Focused Group Discussion was conducted
across divisions and action plan implementation were initiated based on the outcomes to improve the Engagement score.
The Employee Engagement Index was 69 per cent against the score of 60 per cent in 2018 (AON). The employees feel good that CUMI as an organisation has great reputation, they feel a sense of belonging among teams, feel proud of their work and enables them to demonstrate the Five Lights.
The predominant areas of improvement are compensation and benefits, performance-based differentiation in Incentives & Increments and more opportunities for fun at work.
Based on the survey outcomes, focus group discussions were conducted for all the employees and action plans were created to improve employee experience. Consolidation of inputs & implementation of Action plan was initiated from November 2022 & is in progress. Significant part of the actions have been completed and others are in progress and on schedule to be completed.
Every quarter, we recognise and reward employees of all functions on their projects that they have completed in the previous quarter (month/quarter) with regards to Cost Saving - variable/fixed, First Time Right, NPI establishment, Sales topper (region wise), Best Support to business, Best NPI/ NPD Launch and Process improvement projects. 'You made a difference' is a quarterly recognition programme conducted in EMD to recognise the special contributions of employees.
Achiever's Gallery was initiated to recognise employees for improvements, Kaizens, suggestions in PQCDSM. Circle wise the shop floor teams were evaluated by an apex cross-functional team and rated on 43 parameters.
To motivate and recognise the internal trainer and build more talent pool internally, the Company launched a monthly best trainer recognition programme at Hosur named CUMI Acharya. They were evaluated by the feedback ratings and number of training sessions they have conducted.
On Teacher's day, the Company recognised 39 Internal Trainers across all functions as CUMI Acharyas and honored them for their contribution. Across the Wave initiative was launched in the month of December which is a leadership inspiration programme.
CUMI Participated in the 13th CII HR Excellence Assessment. The purpose was to have a deeper and closer objective assessment of our HR ecosystem and to identify opportunities for improvement and to have an outside in perspective. A team of Assessors with Senior HR professionals from across industries visited and conducted a detailed assessment of our HR systems and practices in December. They spent time at our factory locations and interacted with our colleagues from shopfloor to Board room. As an outcome of the assessment, CUMI is honored to receive the 'Significant Achievement in HR excellence' certification from the Confederation of Indian Industry. The scores have improved from the last participation.
This recognition is evidence of a robust ecosystem and confirmation that we are on the right path to building a people-first future. The assessment report is a guiding note in our journey on excellence. Action plans based on the feedback report are being reviewed.
Employee Relations
Cordial relationships have been maintained with employees and unions despite the disruptions and volatile business conditions and the wage settlements have brought in greater flexibility in operations, adherence to TPM practices ensuring high standards of productivity. During the year, 3 factory units signed off wage settlement increasing productivity target and without loss of any manhours.
Talent Acquisition & Talent Management
Hiring of fresh talent and development of future leaders continued as a strategic focus area. The focus was to continue creating a talent pipeline in the middle management level by hiring Graduate Engineer trainees. The Company continued its onboarding of Graduate/Post-Graduate Engineer Trainees who have been undergoing a year long training program.
The quality of hiring has been enhanced by introducing Thomas Personal Profile Analysis (PPA). The capability of the HR team is constantly enhanced by undergoing training program on PPA and getting certified on the same. Lateral hires with greater emphasis on referrals, job boards and internal transfers lowered sourcing costs.
High Potential Talents who were identified as future leaders through multi-source feedbacks and assessments were enrolled for different development programmes. Employees who are identified as potential business leaders are undergoing a development programme through Indian Institute of Management, Ahmedabad (IIMA). They have completed the program and have been certified.
Employees who are identified as mid-level leaders were enrolled in CUMI Leadership Programme, a customised development programme designed and executed in collaboration with Great Lakes Institute of Management. They have completed the program and have been certified.
High Potential employees in junior-level management are being identified through a performance - potential matrix. The assessment will take 2-year performance data and a potential score from Thomas General Intelligence report. The exercise is completed and the critical talent have been identified. Individual Development Plans are being evolved in discussion with the respective employee and reporting manager.
Performance Management System (PMS)
In order to drive the performance-oriented culture, the goal setting process of 2022-2023 and the appraisal process of 2021-2022 were completed during July 2022. Based on the PARC review, the rewards were distributed among the qualifying employees. Rewards include recurring salary revision,
promotional reward, salary correction for critical talent, one-time cash reward for exceptional contribution. The incentive payout is also completed depending on the Balanced Score card (BSC). Some of the employees were considered for promotion/salary correction during January 2023 as a part of mid-year review process.
Despite continuing to be a challenging year from an operational perspective, the Company continued to be a proud recipient of several awards and recognitions reiterating its commitment to excellence.
• MMA (Madras Management Association) Award for Managerial Excellence 2022.
• EMD was awarded the IEI Industry Excellence Award 2022.
• EMD has been recognised with GOLD Award for Energy Management and Conservation by Society of Energy Engineers & Managers (SEEM).
• EMD was awarded the Kerala State Energy Conservation Award 2022 in appreciation of the commendable achievements towards energy conservation and management in the category of Large-Scale Energy Consumers.
• Russian subsidiary, VAW awarded 'Best Managers and Organisations' in 2021.
• Super Refractories won TPM Strong Commitment Award for Ranipet Factory.
• Abrasives won Gold medal in the 16th CII Six Sigma National Competition.
• Abrasives was awarded Gold in CCQC 2022 award instituted by the Quality Circle Forum of India, Madurai Chapter for six sigma project.
• 5th National Convention on Innovative QC Teams - NCIQCT - 2022 by Abrasives team.
• Won Bronze award in QIT (Quality Improvement Teams) Convention- October 2022 by NITE - National Institute. for Transformation and Excellence by Abrasive team.
• Achieved Special Award - Deming Trophy for best use of Statistical Tools by Abrasives team.
• 5th SMED Competition by ABK AOTS, Chennai, participated and won RHODIUM AWARD by Abrasives team.
• EMD - Maniyar Team won the Gold Award in ABK AoTS Competition.
• EMD- Koratty MGP Team Won the Platinum Award in Quality Circle Competition NCIQCT.
• Three of our units won Safety Award this instituted by Government of Kerala and National Safety Council.
• AZ Team won the CII Kerala State Quality Circle Competition in November 2022.
The total staff on rolls of the Company (including Joint Ventures and Subsidiaries) as on 31st March 2023 was 6015 with 3771 employees in India (previous year 5555 with 3674 employees in India).
The Russian subsidiary recorded sales of RUB 8067 million against RUB 7293 million during the previous year. The profit after tax stood at RUB 1239 million against RUB 1100 million. Growth was driven by the SiC and Refractories business. Volumes remained encouraging throughout the year. Considering the challenges that arose because of the Russia-Ukraine war, particularly in logistics to sell outside Russia, the business explored the opportunities to sell more within the domestic market and increased its volume share in Russia from level of 40-45 per cent to 55-60 per cent. There had been no impact on the operations and the installed capacities were being utilised at the same level as it was before the war. Also, collections were on time. On the logistics front, arrangements were made to Europe, India and other geographies through alternate routes. The products of VAW are not under any sanction nor is restricted. Neither VAW as an entity nor its directors or its employees are under any sanction.
Foskor Zirconia, South Africa, recorded a sales of ZAR 440 million compared to ZAR 354 million in the previous year with an uptick in demand for its products. The entity made a turnaround in its performance and profit after tax stood at ZAR 60 million against ZAR 15 million in the previous year. During the year, owing to a restructuring of the balance sheet mutually agreed between the shareholders of FZL as well as an improved financial performance, the Company saw a turnaround. The comment of the subsidiary's Auditors on the material uncertainty relating to going concern which was made in the previous year reports have been dispensed with and the Company is well on path for a sustainable growth in future.
In CUMI Australia, the business in Lined Equipment continued to be good on the back of an increase in demand for mineral processing. The Company's revenues grew from AUD 21.1 million to AUD 30.1 million registering the highest recorded revenues in the Company. Profit after tax was AUD 3.6 million against AUD 2.5 million last year.
Sterling Abrasives reported very good growth in revenues at ^1381 million compared to last year's sales of ^1118 million. Profits after tax increased to ^165 million from ^121 million during the last year. Continuing higher Agri acreage owing to good monsoon conditions, higher reception for certain new products among end users as well as enhanced exports helped growth.
During the year, considering the sustainability of the business under the current operating model in China owing to increasing travel restrictions and other challenging business conditions, it was decided to minimise the operations in CUMI Abrasives and Ceramics Company Limited (CACCL), the subsidiary based in China. Post the conscious call of tapering down the operations, the market is being served directly from India.
The sales of CUMI America during the year improved significantly to USD 18 million as against USD 12 million last year, driven by an increase in sales of both Bonded Abrasives
and Industrial Ceramics thereby improving profits. The profit after tax increased from USD 0.04 million to USD 2.16 million.
For CUMI Middle East, sales decreased from USD 2.2 million to USD 1.0 million. Loss for the year was at USD 0.13 million against a profit of USD 0.02 million during the previous year.
Southern Energy Development Corporation Limited (SEDCO), the gas-based power generation subsidiary recorded a sale of ^259 million as against ^245 million last year. The business made a loss after tax of ^44 million as compared to profit after tax of ^68 million during last year on account of the significant increase in gas prices and other generating & transmission charges.
Net Access India Limited, which provides IT facility management and other allied services grew from ^453 million to ^585 million. The profit grew from ^25 million to ^34 million.
CUMI International Limited, Cyprus recorded a revenue of USD 6.1 million representing mainly dividend income as against last year's income of USD 5.9 million. During the year, the Company made an investment of USD 9.6 million in CIL to enable suitable funding to its subsidiaries.
CUMI Europe s.r.o. is not in operation.
Last financial year, the Company made a strategic investment of 72 per cent in the share capital of PLUSS Advanced Technologies Private Limited by purchasing a part of the existing stake held by its promoters as well as entire stake held by TATA Capital Fund and other investors and also made a direct investment in the Company. During the year, the Company increased its investment in the Company by 0.74 per cent by acquiring additional 3724 shares. PLUSS Advanced Technologies Limited recorded a revenue for the year ^542 million as against ^190 million for the previous year (Post-acquisition from October 2021) and loss after tax for the year was at ^137 million as against ^96 million for the previous year (Post-acquisition) under acquisition accounting. The losses for the current year were reduced from ^70 million to ^38 million on an actual basis.
CUMI Awuko Abrasives GmbH had acquired the main assets of Awuko Abrasives Wandmacher GmbH & Co. KG, a company under insolvency in Germany during the year 2021-22. The operations of the Company continued to be impacted by the volatile business conditions and the newly inducted Management is in the process of stablising the operations. Awuko recorded a revenue of EUR 9.4 million and loss after tax was at EUR 3.7 million.
Rhodius Abrasives GmbH - During the last financial year, CUMI International Limited incorporated an operating company in Germany to acquire the Abrasives business of Rhodius Group. The increasing prices of raw materials and energy prices in Europe and challenging business conditions owing to the continuing geopolitical crisis has impacted the operations of the newly acquired subsidiary. Rhodius recorded a revenue of EUR 64.5 million and loss after tax of EUR 3.6 million.
ENTERPRISE VALUE ADDITION The Company has been able to continuously add value, the summary of which is given below: |
(^ in million) |
||||
Particulars |
2022-23 |
2022-22 |
2020-21 |
2019-20 |
2018-19 |
Generation of Gross Value added (excludes exceptional items (net) |
7201 |
6275 |
5153 |
5044 |
5072 |
Breakup on Application of Value added |
|||||
Payment to Employees and Directors |
2389 |
2169 |
1982 |
1979 |
1839 |
Payment to Shareholders (on payment basis) |
665 |
569 |
284 |
757 |
520 |
Payment to Government |
1050 |
899 |
638 |
709 |
946 |
Payment to Lender |
- |
- |
- |
- |
- |
Towards replacement and expansion |
3097 |
2638 |
2249 |
1599 |
1768 |
7201 |
6275 |
5153 |
5044 |
5072 |
|
- Gross value added is Revenue Less Expenditure (excluding depreciation + expenditure on Employees & Directors' service + Long term interest) - Payment to Government is Current tax + Dividend distribution tax. - Towards replacement and expansion is Retained earnings + Depreciation + Deferred tax. |
The Company has constituted a Risk Management Committee aligned with the requirements of the Companies Act, 2013 and Listing Regulations. The details of the Committee and its terms of reference are set out in the Corporate Governance Report forming part of this Report.
The Company has a robust business risk management process to identify, evaluate and mitigate risks impacting business including those which may threaten the existence of the Company. This framework seeks to create transparency, minimise adverse impact on the business objectives and enhance the Company's competitive advantage. This also defines the risk management approach across the enterprise at various levels including documentation and reporting. The framework has different risk models which help in identifying risk trends, exposure, and potential impact analysis at a Company level as also separately for the business segments. The Company also has developed a structured risk management policy encompassing the risk management objectives, principles, process, responsibility for implementation, maintenance of risk registers, review of risk movements, risk reporting framework etc. During the previous year, in collaboration with external advisors, the enterprise management framework was assessed for its maturity levels and due changes to the risk management policy and the manner of risk identification and categorisation were made. During the year, the Company has completed the automation of the upgraded enterprise risk management framework. The Risk Management Committee continued to review the risks and mitigation plan as per the adopted Charter and Risk Management Policy. During the year, dedicated focus on developing a cyber security framework for the Company was provided. The Company is in process of establishing an IT security framework commensurate with its size and operations and the next few years will be working on the implementation of the framework and its gradual extension to the global entities. Besides this, the review of geopolitical risks in the volatile global market conditions and periodic risk register review continued.
Risk management also forms an integral part of the Company's business plan.
The Company operates across various technology platforms and product verticals built over the years. Relative advantages and disadvantages of such technologies are studied and advances are tracked. Any new technology may impact the performance of the Company in the long run. The Company seeks to address these technology gaps through continuous benchmarking of the existing manufacturing processes with developments in the industry and in this connection has made arrangements with technical research institutions and technology consultants. The Company continues to make investments in the next level of Industry 4.0 in select modules. Industry 4.0 is the current trend of automation and data exchange in manufacturing technologies.
The requirements of power for the Company are majorly driven by the requirements of the Electrominerals business. The power requirement is partly met out of own generation from the Maniyar Hydroelectric plant. The entire production of power from Maniyar is utilised by the Electrominerals business. Apart from this, electricity is generated at the Company's subsidiary SEDCO and consumed at all its locations in Tamil Nadu. The rest of the requirement for electricity is managed by purchase from respective State Electricity Boards. Utilisation of power remains one of the key factors which can impact the profitability either favourably or adversely based on the changes in the power cost. As part of its strategy to build competitiveness, the Company continues to look for opportunities to add to its captive power generation. In Russia, the Silicon Carbide operations which also consumes large quantities of power sources it from local utility. In India, the Company is also exploring alternate power sources and towards this has commenced installation of clean energy sources such as solar for its captive consumption. Around 1.5 MWp capacity of solar power systems has been commissioned
at various factory locations which has generated around 15,00,000 units of electricity from cleaner sources, equivalent to saving 17550 trees and reducing 606 Tons of CO2 emissions. Also, a solar powered electric vehicle charging station has been installed at one of the factory location to encourage employees towards EV adoption. Also, the Company's subsidiary, SEDCO which was generating gas based electricity expanded its business model to service customers for solar based electricity, thus reducing the dependence on single source of energy.
The requirement of fuel is driven by the high-temperature processes in the Abrasives and Ceramics businesses. Any increase in the cost of fuel impacts profitability. Hence, the Company has put in place plans and implemented energy conservation measures to improve its competitiveness. Kindly refer Annexure D of the Directors for energy conservation measures undertaken.
The Company uses various raw materials such as Bauxite, Calcined Alumina, Zirconia sand, Raw Pet coke, Quartz and Graphite which have high price volatility. This is addressed through annual contracts to cover volatility due to price fluctuations and also mitigated through programs to identify alternative sources.
The Company deals with multiple currencies and is thus exposed to exchange risk on account of adverse currency movements. Foreign Exchange risk in foreign denominated loans, imports and exports is mitigated by adopting a country-based forex policy, periodic monitoring and use of hedging instruments. Efforts are being taken to manage both exports and imports to ensure that at a Company level, there is a natural hedging mechanism.
As a risk mitigation measure to address cyber security threats, the Company does quarterly penetration assessment testing for all internally and internet-facing applications. The security threat awareness is periodically published to create awareness among employees and stakeholders for handling the risk proactively. The security process is included as an important step in the IT policy of the Company. There is a considerable amount of work undertaken on scoping of information specific to the role defined to prevent any data or information leak, through continuous monitoring on the business-critical IT assets. Considering in some locations the hybrid mode of work has become the new normal, data security and protection against the risk of phishing, malware attacks was given priority. Awareness mailers were disseminated across to mitigate risk of such attacks and requisite infrastructure upgrade to support the remote working conditions in a secured manner was initiated.
As mentioned earlier, the Company is in the final stages of completing the establishment of a cybersecurity framework as a part of its IT Strategy. We have partnered with an external expertise to assist in developing this framework after undertaking maturity assessment for both IT and OT capabilities. The implementation of the framework will commence in the coming years.
The Company's input materials are not commoditised and does not warrant for any specific hedging to be undertaken. With respect to output materials, adverse impact of changes in commodity prices on user industries could impact the sales which are mitigated by the development of alternate products, establishing new range of applications etc., as detailed above. The other mitigation measures for dealing with increase in fuel costs, non-availability of raw materials etc., have been dealt with separately in above paragraphs.
The risks associated with COVID-19 cannot be ignored as the pandemic still continues in an intermittent manner with the risk of another wave with the same or new variant still lingers. The priority for the Company continues to be the safety and health of all its employees and other stakeholders with minimal disruption to operations. To mitigate the risks related to any subsequent infection waves, if any, the Company is well prepared with its workforce of more than 95 per cent vaccinated with the first and second dose. Drives were conducted during the year for the booster shots of the vaccines which helped minimise the impact as and when different variants of the virus emerged.
Further, dedicated task forces for taking concerted and quick decision on matters relating to COVID-19 have been set up under the supervision of Head-HR. The quarantine centers to handle any sudden spurt of infections at the Company's plant location remain to be activated any time. The Company also ensures that safety protocols and government guidelines are being strictly followed including monitoring the same vide its compliance management system.
Considering the declining trend of the COVID pandemic and with the situation almost normalising across the globe, the risks associated with the same reported until last year is not being specifically disclosed in this report. However, the Management is conscious of the emerging variants and continues to monitor the situation and take precautionary action. The risks across operations, human resources, IT, supply-chain etc., which were identified and the mitigation plans to address the risks continue to be on the risk radar of the Company.
BUSINESS OUTLOOK AND OPPORTUNITIES
India's recovery from the pandemic was relatively quick, and growth in the upcoming year will be supported by solid domestic demand and a pickup in capital investment. Navigating the growth paradox amid an increasingly volatile global backdrop remains the key challenge. The Government of India has largely continued with its focus on driving capex by enhancing the gross budgetary support for Roadways, Railways, and Defense sectors. The budget had a strong focus on capex and infrastructure development as well as giving more money in the hands of the middle class and improving Agricultural income along with job creation through skill development for the weaker section.
This should all go well for the Company. CUMI has continued its focus on growth from core businesses, expansion through acquisitions, and working on emerging areas like clean energy, electric mobility, semi-conductors, and advanced
manufacturing. The key strategies have been outlined in Performance of Business Segment section.
Even as India's outlook remains bright, global economic prospects for the next year have been weighed down by the combination of a unique set of challenges expected to impart a few downside risks. Multi-decadal high inflation numbers have compelled central banks across the globe to tighten financial conditions. The impact of monetary tightening is beginning to show in slowing economic activity, especially in Advanced Economies. Besides this, adverse spillovers from the prolonged strains in supply chains and heightened uncertainty due to geopolitical conflict have further deteriorated the global outlook. Hence, global growth is expected to bottom out at 2.8 per cent in 2023 before rising modestly to 3.0 per cent in 2024. Global inflation is estimated to decrease, although more slowly than initially anticipated, from 8.7 per cent in 2022 to 7.0 per cent in 2023 and 4.9 per cent in 2024 (IMF's World Economic Outlook, April 2023).
Notwithstanding the same, the Company continues to explore and identify alternate and new opportunities for its various product segments across all its businesses in sectors including Clean energy, Semi-conductors, Defence, Digital, etc., to drive growth.
The Company has not accepted any deposits from the public falling within the ambit of Section 73 of the Companies Act,
2013 read with Companies (Acceptance of Deposits) Rules,
2014 and no amount of principal or interest was outstanding as on the Balance Sheet date.
The particulars of loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 are given below:
(^ Million) |
|||
Description |
As on 31.03.2022 |
Movement (Net of Deletions) |
As on 31.03.2023 |
Loans given by the Company |
- |
- |
- |
Corporate guarantee given by the Company |
5195.33 |
(4899.78) |
295.55 |
Investments made by the Company |
9684.86 |
790.36 |
10475.22 |
The Company as per the requirements of the Companies Act, 2013 and Regulation 23 of the Listing Regulations has a Policy for dealing with Related Parties. The Securities and Exchange Board of India vide the SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021 notified on 9th November 2021 has significantly amended the monitoring framework for dealing with Related Parties by listed entities. Consequentially, the Company has amended its existing policy on dealing with Related Parties on 21st March 2022 duly factoring the processes and procedures to be established to supervise the
expanded list of transactions with the extended list of Related Parties. During the year, the policy on Related Party transactions was reviewed and revised on 29th March 2023.
In line with its policy, all Related Party transactions both under the Companies Act, 2013 as well as the Listing Regulations are placed before the Audit Committee for its review and approval. Prior approval of the Committee is obtained on a quarterly basis for transactions that are foreseen and are of repetitive in nature. Omnibus approvals in respect of transactions that cannot be foreseen or envisaged are also obtained as permitted under the applicable laws and the thresholds are periodically reviewed. The list of Related Parties is reviewed and updated periodically as per the prevailing regulatory conditions. Further, considering the regulatory changes in the SEBI Listing Regulations on the enhanced monitoring of transactions with Related Parties since April 2022 (and April 2023), awareness sessions across the various subsidiaries of the Company, both domestic and overseas was conducted to brief the requirements of the amended Listing Regulations. Following this, the changes were effected in their reporting framework as well as in the monitoring process at the entity level.
The details of transactions proposed to be entered into with Related Parties are placed before the Audit Committee for approval on an annual basis before the commencement of the financial year. Thereafter, a statement containing the nature and value of the transactions entered into by the Company with Related Parties is presented for quarterly review by the Committee. Further, revised estimates or changes, if any to the proposed transactions for the remaining period are also placed for approval of the Committee on a quarterly basis. Besides, the Related Party transactions entered during the year are also reviewed by the Board on an annual basis.
During the Audit Committee meeting held on 29th March 2023, the transactions of the subsidiary companies with their Related Parties as well as those envisaged with the Related parties of the Company were placed before the Audit Committee of the Company. The approval of estimates and revisions to this list of transactions is planned in the same manner as done for the parent company (detailed above).
All transactions with Related Parties under the Companies Act, 2013, entered during the financial year were in the ordinary course of business at arm's length and hence, no particulars are required to be entered in the Form AOC-2. Further, all transactions entered into with Related Parties during the year even at arm's length basis in the ordinary course did not exceed the thresholds prescribed under the Companies (Meetings of Board and its Powers) Rules, 2014 or Listing Regulations or the Company's Policy in this regard and hence, no disclosure was required to be made in Form AOC-2. Accordingly, there are no contracts or arrangements entered into with Related Parties during the year to be disclosed under Sections 188(1) and 134(3) of the Companies Act, 2013 in Form AOC- 2. The form is enclosed as Annexure E to this report.
There are no materially significant Related Party transactions made by the Company with its Promoters, Directors, Key Managerial Personnel or their relatives which may have a potential conflict with the interest of the Company at large.
The Company's policy on dealing with Related Parties as approved by the Board is available on the Company's website at the following link https://www.cumi-murugappa.com/ wp-content/themes/CUMI/pdf/policies/Policy-on-Related-Party-Transactions.pdf. None of the Directors and KMPs had any pecuniary relationship or transaction with the Company other than those relating to remuneration in their capacity as Directors/Executives and corporate action entitlements in their capacity as shareholders of the Company.
CORPORATE SOCIAL RESPONSIBILITY
All CSR activities undertaken by CUMI are rooted in the principle, towards prosperity in harmony with people and planet. We believe that social responsibility is not just a corporate obligation that has to be carried out, but rather an opportunity to make a difference. All our CSR programmes are aimed at inclusive growth and sustainable development of the community.
The Company continues to engage in Corporate Social Responsibility (CSR) activities directly as well as through implementation agencies registered with the Central Government, in line with its stated CSR policy.
The Company had set up the CUMI Centre for Skill Development (CCSD) in the year 2012 at Hosur, to build a skill bank of a technically competent and industry ready workforce from the less privileged sections of the society. During the FY 201516, the Company replicated this model in Edapally, Cochin. During the FY 2018-19, the Company along with its Joint Venture - Murugappa Morgan Thermal Ceramics Limited replicated this model in Ranipet, Tamil Nadu. CCSD provides specialised training based on National Council on Vocational Training syllabus for the rural youth drawn from socially and underprivileged sections of the society. Three-year training is imparted with a stipendiary payment and free boarding facilities, thus enabling the enrolled students to earn while they learn. The job-oriented skill training enhances their employability and aids in uplifting their socio-economic status. The technically trained students can be employed by any industrial entity once they complete the training programme. The Company continues to harness the potential of CCSD centres so far established. The Company takes pride in informing that few students have earned accolades at national/regional level for their par excellence performance in academic and technical areas.
In addition to the CCSD, the Company has also been contributing to the cause of health and education by making grants to AMM Foundation. Further, during the year, grants were also made to Shri A M M Murugappa Chettiar Research Centre (MCRC) for research in rural development.
Further, during the year, the CSR activities in the healthcare sector involved grants for conducting pediatric cardio surgery at Sri Sathya Sai Sanjeevani Hospitals besides installation of
oxygen generator at Sir Ivan Stedeford Hospital. Sri Sathya Sai Health Education Trust established in May 1970 started Sri Sathya Sanjeevani Hospitals in 2012 primarily to address congenital heart disease free of cost to the needy children. Sir Ivan Stedeford Hospital, a multi-speciality hospital set up in 1966 located in Ambattur, Chennai aims at providing quality medical care through latest technology to cater to the medical needs of the poor and needy sections of the society at an affordable cost. AMM Foundation, an autonomous charitable trust, is engaged in philanthropic activities in the field of education and healthcare since 1953. The Company's focus areas for grants to implementing agencies continued to be in the education and health sector. The grant to AMM Foundation for the education sector was through contributions to Vellayan Chettiar Higher Secondary School, Tiruvottiyur (VCHSS) - which has been making a difference in the field of education for the past 50 years. The school runs with the vision - To provide Quality Education with good virtues, for the underprivileged and marginalised communities around Tiruvottiyur. As part of Skill development, a CSR Spend was made towards coaching the students of Murugappa Youth football academy (MYFA) by engaging BVB Febballakademie GmbH, a firm from Germany specialised in football coaching. They conducted a camp for three days covering five training sessions for the MYFA students.
Further, the Company had also contributed towards essential medical equipment like Wheel chair, Stretcher Trolley, ECG equipment, BP Checkup equipment, Computers, Sugar testing equipment and Clinical microscope for setting up at Shri Padmavathi General hospital at Madurantakam, Chengalpattu, run by Sri Padmavathy Trust for Socio Economic Uplift of rural communities.
MCRC is a non-Governmental voluntary research organisation working on devices and technologies for rural application of eco-friendly technologies to combat pollution. MCRC is recognised by Department of Scientific and Industrial Research, Government of India as a Scientific and Industrial Research Organisation to conduct research in various areas and is approved by the University of Madras, Chennai to offer Ph.D. programmes in the areas of Energy, Bioenergy and Biomass for rural development. During the year, a grant was made to MCRC for research and development on biological waste water treatment using Microbial, Enzymes etc., for rural villages.
The local community assistance programmes undertaken at various plant locations included Education & Child development, Health care, Youth empowerment, Women empowerment, flood relief activities across locations, Educational sponsorships of underprivileged children, livelyhood programs for the women, sports, recreation and support for basic infrastructure for the public utility and schools etc.
Besides the above, the Company also actively pursued local community assistance programmes in and around its plant and office locations anchored by its employees.
The Company's CSR policy is available on the Company's website at the following link https://www.cumi-murueappa.com/wp-content/uploads/2021/04/CSR-Policy-2021.pdf Annual report on the CSR activities in the prescribed format is annexed hereto as Annexure B and forms part of this Report.
The Company in line with the Companies Act, 2013, formulated an annual action plan, which was approved by the Board of Directors, in pursuance of the CSR Policy of the Company, based on which spending on CSR activities were undertaken for FY 2022-23. The Company spent ^49.41 million towards CSR activities and no amounts remain unspent at the end of the year.
As at 31st March 2023, the CSR spend made directly and through implementing agencies has been utilised in full and hence, the Company is in compliance with the provisions of Section 135 of the Act and the rules referred therein.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING
The Company's ethical and responsible behaviour complements its corporate culture. Being a public listed company, the Company recognises that its accountability is not limited only to its shareholders from a financial perspective but also to the larger society in which it operates. In November 2018, the Ministry of Corporate Affairs (MCA) constituted a Committee on Business Responsibility Reporting (the Committee) to finalise business responsibility reporting formats for listed and unlisted companies, based on the framework of the National Guidelines on Responsible Business Conduct (NGRBC). Through its report, the Committee recommended that Business Responsibility Reporting (BRR) be upgraded to Business Responsibility and Sustainability Reporting (BRSR) where disclosures are based on ESG parameters, compelling organisations to holistically engage with stakeholders and go beyond regulatory compliances in terms of business measures and their reporting. SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the top 1,000 listed companies (by market capitalisation) from fiscal 2023, while disclosure was voluntary for fiscal year 2022. The Company is ranked 222 position as per the market capitalisation at NSE as on 31st March 2023. The Business Responsibility and Sustainability Report for the year ended 31st March 2023 in terms of Regulation 34(2) of the Listing Regulations is annexed to this Report as Annexure C and this report describes the initiatives undertaken under the Environment/Social/ Governance perspective.
GOVERNANCEBoard of Directors and Key Managerial Personnel
As at 31st March 2023, the Board of the Company comprised eight Directors of which majority (five) are independent.
During the year, Mr. P S Raghavan and Mr. Sujjain S Talwar were re-appointed as Independent Directors for a second term of five years effective 9th May 2022 and their re-appointment was approved by the shareholders vide special resolution at the 68th Annual General Meeting in August 2022.
Mr. M M Murugappan, Director retires by rotation at the forthcoming Annual General Meeting and being eligible
has offered himself for re-appointment. A proposal for his re-appointment is included in the Notice convening the 69th Annual General Meeting for consideration and approval by the shareholders.
Further, during the year, Mr. N Ananthaseshan, Managing Director whose term of office was expiring on 22nd November 2022 was re-appointed as Managing Director for a second term from 23rd November 2022 to 31st December 2024. The Board considered and approved his appointment on 28th October 2022 and the approval of the shareholders had been obtained vide a postal ballot process on 7th December 2022.
The Company has received declarations from all its Independent Directors confirming that they meet the criteria of independence prescribed both under the Companies Act, 2013 and the Listing Regulations. In the opinion of the Board, all the Directors appointed/re-appointed during the year are persons with integrity, expertise and possess relevant experience in their respective fields.
All the Independent Directors of the Company have registered their names in the Independent Director's Databank as required under the Companies Act, 2013 and the Rules referred therein. The Independent Directors are also required to take up an online proficiency self-assessment test within two years from the date of inclusion of their name in the Independent Directors' databank with an exemption provided to Directors fulfilling the criteria prescribed under the Act and the Rules referred therein. The completion of the online proficiency self-assessment test is exempted for most of the Directors. Some of the Independent Directors including those required to do so have completed the self-assessment. Mr. P S Raghavan and Mrs. Soundara Kumar (though being exempt) have completed their proficiency self-assessment within the timelines.
As on the date of this Report, Mr. N Ananthaseshan, Managing Director, Mr. Sridharan Rangarajan, Director - Finance & Strategy, Mr. P Padmanabhan, Chief Financial Officer and Ms. Rekha Surendhiran, Company Secretary are the Key Managerial Personnel of the Company as per Section 203 of the Companies Act, 2013.
During the year, eight Board Meetings were held, the details of which are given in the Corporate Governance Report.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its various Committees as per the evaluation framework adopted by the Board on the recommendation of the Nomination and Remuneration Committee. Structured assessment forms were used in the overall Board evaluation comprising various aspects of the Board's functioning in terms of structure, its meetings, strategy, governance and other dynamics of its functioning besides the financial reporting process, internal controls and
risk management. The evaluation of the Committees was based on their terms of reference fixed by the Board besides the dynamics of their functioning in terms of meeting frequency, effectiveness of contribution etc.
Separate questionnaires were used to evaluate the performance of individual Directors on parameters such as their level of engagement and contribution, objective judgement etc., The Managing Director's evaluation was based on leadership qualities, strategic planning, communication, engagement with the Board etc.
The Chairman was also evaluated based on the key aspects of his role. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman, the Board as a whole and the Non-Independent Directors was carried out by the Independent Directors at their separate meeting held during the year.
The Board evaluation process continues to be conducted in a paperless mode.
Policy on Appointment and Remuneration of Directors
Pursuant to Section 178(3) of the Companies Act, 2013, the Nomination and Remuneration Committee of the Board has formulated the criteria for Board nominations as well as the policy on remuneration for Directors and employees of the Company.
The criteria for Board nominations lays down the qualification norms in terms of personal traits, experience, background and standards for independence besides the positive attributes required for a person to be inducted into the Board of the Company. Criteria for induction into Senior Management positions have also been laid down.
The Remuneration policy provides the framework for remunerating the members of the Board, Key Managerial Personnel and other employees of the Company. This Policy is guided by the principles and objectives enumerated in Section 178(4) of the Companies Act, 2013 and reflects the remuneration philosophy and principles of the Murugappa Group to ensure reasonableness and sufficiency of remuneration to attract, retain and motivate competent resources, a clear relationship of remuneration to performance and a balance between rewarding short and long-term performance of the Company. The policy lays down broad guidelines for payment of remuneration to Executive and Non-Executive Directors within the limits approved by the shareholders. Further details are available in the Corporate Governance Report. During the year, the Remuneration Policy was amended in line with the changes in SEBI Listing Regulations.
The Board Nomination criteria and the Remuneration policy are available on the website of the Company at https://www.cumi- murueappa.com/policies-disclosure/.
Composition of Audit Committee
The Audit Committee of the Board comprises five members of which majority are Independent Directors i.e. four members.
Mr. Sanjay Jayavarthanavelu is the Chairman and other members are Mr. Aroon Raman, Mr. Sujjain S Talwar, Mrs. Soundara Kumar and Mr. Sridharan Rangarajan. During the year, six Audit Committee meetings were held, the details of which are provided in the Corporate Governance Report.
Statutory Auditors
In line with the requirements of the Companies Act, 2013, the Company, with the approval of the shareholders at the Annual General Meeting held on 1st August 2022 re-appointed M/s. Price Waterhouse Chartered Accountants LLP (Reg. No. FRN 012754N/N500016) (PWC) as the Statutory Auditors of the Company to hold office from the conclusion of 68th Annual General Meeting until the conclusion of the 73rd Annual General Meeting (AGM) on a remuneration of ^62,50,000/- (excluding out of pocket expenses incurred by them in connection with the Audit and applicable taxes) for the FY 2022-23 and the remuneration decided by the Board for the subsequent years based on the recommendation of the Audit Committee.
As required under Regulation 33 of the Listing Regulations, the Auditors have confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
The Report given by M/s. Price Waterhouse Chartered Accountants LLP on the Financial Statements of the Company for the year ended 31st March 2023 is provided in the financial section of the Annual Report.
There are no qualifications, reservations, adverse remarks or disclaimers given by the Auditors in their report. During the year under review, the Auditors have not reported any matter under Section 143(12) of the Companies Act, 2013, and hence there are no details to be disclosed under Section 134(3)(ca) of the Act.
Pursuant to Section 148 of the Companies Act, 2013, read with Companies (Cost Records and Audit) Rules, 2014 and amendments thereof, the Company is required to maintain cost accounting records in respect of products of the Company covered under CETA categories like Organic and Inorganic chemicals, Electrical or Electronic machinery, Steel, Plastic and Polymers, Ores and Mineral products, other Machinery, Base Metals etc. Further, the cost accounting records maintained by the Company are required to be audited.
The Board, on the recommendation of the Audit Committee, had appointed M/s. S Mahadevan & Co. (Firm No. 000007), Cost Accountants, Chennai to audit the cost accounting records maintained by the Company under the said Rules for the FY 2022-23 on a remuneration of ^5,00,000/-. Further, they have also been appointed by the Board to conduct the cost audit for the FY 2023-24 at a same remuneration of ^5,00,000/-.
The Companies Act, 2013, mandates that the remuneration payable to the Cost Auditor is ratified by the shareholders. Accordingly, a resolution seeking the shareholders' ratification of the remuneration payable to the Cost Auditor for the
FY 2023- 24 is included in the Notice convening the 69th Annual General Meeting.
M/s. R Sridharan & Associates, Practising Company Secretaries, Chennai was appointed as the Secretarial Auditor to undertake the Secretarial Audit of the Company for the FY 2022-23. The report of the Secretarial Auditor is annexed to and forms part of this Report as Annexure F. There are no qualifications, reservations, adverse remarks or disclaimers given by the Secretarial Auditor in the Report.
In terms of Regulation 24A of the Listing Regulations, there is no material unlisted subsidiary incorporated in India. Material unlisted subsidiary for the purpose of this Regulation is a subsidiary whose income/net worth exceeds 10 per cent of the consolidated income/net worth respectively of the Company and its subsidiaries in the immediately preceding accounting year. Hence, there is no requirement for a Secretarial audit to be conducted for any of the Company's subsidiaries in India.
The compliance management system, KOMRISK tracks compliances across the various factories and offices of the Company. This tool has a comprehensive coverage of the various applicable laws including auto updation based on the regulatory changes from time to time.
In terms of Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on Corporate Governance including the certificate from a Practising Company Secretary confirming compliance is annexed to and forms an integral part of this Report.
Mr. N Ananthaseshan, Managing Director and Mr. P Padmanabhan, Chief Financial Officer have submitted a certificate to the Board on the integrity of the Financial Statements and other matters as required under Regulation 17(8) of the Listing Regulations.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions contained in Section 134(3)(c) of the Companies Act, 2013, the Board to the best of its knowledge and belief and according to the information and explanations obtained by it confirms that:
• in the preparation of the annual accounts, for the financial year ended 31st March 2023, applicable accounting standards have been followed and no material departures have been made from the same;
• the accounting policies mentioned in Note 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;
• proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company for preventing and detecting fraud and other irregularities;
• the annual accounts have been prepared on a going concern basis;
• that internal financial controls to be followed by the Company have been laid down and that such internal financial controls are adequate and operating effectively;
• proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
ANNUAL RETURN
The Annual Return in Form MGT-7 is available at https://www.cumi-murueappa.com/policies-disclosure/.
SECRETARIAL STANDARDS
The Company is in compliance with the Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2).
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO
The information on Energy Conservation, Technology Absorption, Expenditure incurred on Research & Development and forex earnings/outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed to and forms part of this Report as Annexure D.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company and its future operations.
PARTICULARS OF EMPLOYEES
The information on employees and other details required to be disclosed under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to and forms part of this Report as Annexure A.
Under the Company's Employee Stock Option Scheme 2007 (ESOP Scheme 2007), no Option grants have been made since February 2012 and all Options granted under the scheme have been vested and accordingly exercised or lapsed. The Employee Stock Option Plan 2016 (ESOP Plan 2016) was implemented in February 2017 with the approval of the shareholders and currently governs the grant of options to employees. During the year, eligible employees were granted in aggregate 276,500 options under the ESOP Plan 2016. The disclosures with respect to options granted under the ESOP Scheme 2007 and ESOP Plan 2016 are contained in the Corporate Governance Report. Further, the disclosures relating to Stock Options as per Securities and Exchange Board of India
(Share Based Employees Benefits) Regulations, 2014 as repealed at present and superseded by Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 read with the circular issued by SEBI on 16th June 2015 have been provided on the Company's website and is available in the link https://www.cumi-murugappa. com/wp-content/uploads/2023/07/Disclosure-under-ESOP-Regulations.pdf. Both ESOP Scheme 2007 and ESOP Plan 2016 are in compliance with the Securities and Exchange Board of India (Share Based Employees Benefits) Regulations, 2014 as repealed at present and superseded by Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
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
31st March 2023. There was no instance of one time settlement with any Bank or Financial Institution.
The Board gratefully acknowledges the co-operation received from various stakeholders of the Company viz., customers, investors, channel partners, advisors, suppliers, government authorities, banks and other business associates during the year. The Board also places on record its sincere appreciation of all the employees of the Company for their commitment and continued contribution to the Company.
On behalf of the Board
Chennai M M Murugappan
May 8, 2023 Chairman
Quick Links
Carborundum Universal Ltd. Quick Links
Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
Date Sources:Live BSE and NSE Quotes Service: TickerPlant | Corporate Data, F&O Data & Historical price volume data: Dion Global Solutions Ltd.
BSE Quotes and Sensex are real-time and licensed from the Bombay Stock Exchange. NSE Quotes and Nifty are also real time and licenced from National Stock Exchange. All times stamps are reflecting IST (Indian Standard Time).
By using this site, you agree to the Terms of Service and Privacy Policy.