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Annual Report We are Signify Our purpose is to unlock the extraordinary potential of light for brighter lives and a better world. Signify is the world leader in lighting. We provide our customers with high-quality, energy efficient lighting products, systems and services. By turning light sources into data collection points, we can connect more devices, places and people through light, contributing to a safer, more productive and smarter world. Last year, we changed our legal name to Signify Innovations India Limited in India, after our parent company changed its name from Philips Lighting N.V. to Signify N.V., following the amendment of the company’s articles of association in Amsterdam, The Netherlands. The choice of our new company name originates from the way light has become an intelligent language, which connects and conveys meaning. Our position as an industry leader in connected lighting for the home and professional segments makes Signify the lighting company for the Internet of Things. Therefore, we believe that our new name will further shape our company’s profile as both the world leader in lighting and the lighting company for the Internet of Things. Signify will continue to use the Philips brand for its products, the most trusted lighting brand in the world, under the existing licensing agreement with Royal Philips. Chairman's Message Dear Stakeholder, Looking back at 2018, I am very pleased with our company’s commitment to create value for our customers across all our businesses in India and the progress we have made on our objectives. Last year, we changed our name from Philips Lighting India Limited to Signify Innovations India Limited. This new name is a clear expression of our strategic vision and purpose – to unlock the extraordinary potential of light for brighter lives and a better world. The adoption of LED lighting gathered significant pace in the country during the past year, owing to declining LED prices and favorable government initiatives such as UJALA and SLNP (Streetlight National Programme). Homes, commercial and government projects across the country rapidly transitioned from conventional to LED lighting. The government of the day also implemented several streetlighting projects across the country, installing LED streetlights that offer higher energy efficiency and light output. Our strategy is delivering results We stayed focused on executing our strategic priorities and continuously shaping the transformation of the lighting industry. While the decline in conventional lighting products is ongoing, we continued to increase our market share and profitability in this segment, benefitting from our last man standing strategy. Our new LED product innovations such as Philips TBulb and Philips CeilingSecure Downlighter enabled our total LED-based sales to grow and represent 82% of our total sales. However, increasing competition in the LED segment from low priced brands from some organized and unorganized players has resulted in substantial price erosions, thereby impacting our profit margins in few categories. While your company continued to lead the industry and delivered many prestigious projects like Varanasi Ghats, smart city lighting, new age offices, retail and industrial lighting projects; our professional lighting solutions business experienced slower growth compared to the previous year, impacted by reduced government spending on account of the recent general elections. With the world around us becoming more connected, we are also innovating and exploring new services and applications of lighting for the IoT (Internet of Things) world. This year we introduced LiFi, which offers a fast internet connection through lighting, with pilot installations already underway. We also launched our Interact IoT platform that enables our professional customers to unlock the full potential of connected lighting for the IoT by delivering new insights that helps them drive operational efficiencies and take more effective decisions. This innovative technology supports your company’s strategy to deliver new data-enabled services as value expands from lighting products and systems to services. Increasing urbanization in the country also resulted in a higher demand for LED downlighters and connected lighting solutions, especially from urban homes, thereby propelling our home lighting business. Our commitment to the society Light is a fundamental need of human life, as it expels darkness and creates opportunities for people to work, study and move after sunset. As a significant part of our country’s population is still living in the dark without electric light, our Corporate Social Responsibility (CSR) programs aim to enable under-served communities to have sustainable access to light. We positively impacted 57,594 lives this year with our CSR programs spread across the breadth of the country. We illuminated schools, villages and playgrounds through solar based lighting and imparted skill-based training to youth, with support from our valued project partners. On behalf of our Board of Directors and our Leadership team, I extend my appreciation to our talented employees who are committed to our company’s purpose on a daily basis. I also thank our customers for their trust and loyalty, which provides us motivation and energy to continue our leadership in the industry. Finally, I would like to thank our shareholders for their confidence in us and our strategy. Warm Regards, Murali Sivaraman Chairman Signify Innovations India Limited Financial Highlights Total Income Profit Before Tax Earnings per share ` 3,592Cr. ` 295.9Cr. ` 34.34 Board of Directors Mr. Murali Sivaraman Chairman of the Board, Chairman of Audit Committee Member of Nomination and Remuneration Stakeholders Relationship Committee Mr. Sumit Padmakar Joshi Mr. Vinayak Deshpande Vice Chairman, Managing Director and CEO Independent and Non-executive Director Member of Nomination and Remuneration Chairman of Stakeholders Relationship Committee Stakeholders Relationship, Banking and Member of Audit, Nomination and other Operations, CSR Committee Remuneration Committee Ms. Vibha Paul Rishi Mr. Sukanto Aich Independent and Non-executive Director Whole-time Director & Chief Marketing Officer Chairperson of Nomination and Remuneration, Member of Banking and other Operations CSR Committee Member of Audit Committee Committee and CSR Committee 2018 - A Spectacular Performance We illuminated 11 historical monuments in the holy city During the year, we of Varanasi with our Color illuminated one of the oldest Kinetics façade lighting We were named as the Industry and most revered temple of solutions Leader in the 2018 Dow Jones India - the Somnath temple Sustainability Index in the in Gujarat with our Color Electrical Components and Kinetics façade lighting Equipment category for the solution second year in a row We also had the honour to illuminate the Red Fort We partnered with the New Delhi Municipal Corporation (Lal Quila) with our Color Kinetics façade lighting (NDMC), replacing their 6,000 conventional streetlights solution, using 2,500 mono-colour light points to with our Philips CityTouch ready Smart Streetlight enhance the architectural glory of this System, enabling the municipal body to remotely monitor prestigious monument their street lighting infrastructure We launched our Interact Internet of Things (IoT) Platform in India during the We became the first global year, enabling our We introduced our Philips lighting company to offer LiFi professional customers to CeilingSecure LED downlighter enabled luminaires from our unlock the full potential of focused on the home lighting existing office lighting portfolio. connected lighting for the IoT segment. This first-of-its-kind Light Fidelity (LiFi) is a technology product can be easily installed in which high quality LED lighting and prevents ceiling damage provides a broadband Internet when customers want to replace connection through light waves their inoperative downlighter From Darkness to Light Light is a fundamental part of our lives. With a flick of a switch, it transforms darkness into places where people can work, learn and create. Many of us take this for granted. But 200 million Indians still do not have access to electric light. For these communities, the productive day ends at sunset. Mobility after dark is limited and simple activities like accessing sanitation can be dangerous. Children cannot study. Shops cannot do business. Emergency relief workers cannot help people. Many families who can’t obtain or afford electric light instead burn coal, wood, kerosene or candles for illumination. These fuels can be costly and dangerous - 1.5 million people die annually from using kerosene lamps, which cause fires and respiratory illnesses. Our Focus - We help to create positive change in the society by focusing our efforts in three key areas: 1. Lighting Lives 2. Lighting Entrepreneurs 3. Humanitarian Lighting Drives our focus on extending the Provide training to lighting Supplying technology and day for communities where entrepreneurs to develop and supporting lighting infrastructure electric light is inaccessible or build their businesses, for humanitarian projects, as light simply unaffordable, with help from employability focused skill plays a critical role in delivering sustainable lighting. This includes trainings for electricians and solar emergency assistance for disaster solar lighting in villages, schools technicians. relief and refugee support. and playgrounds in rural india. CSR Projects implemented in India in FY
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