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Sudarshan Annual Report 2020-21

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Sudarshan Annual Report 2020-21 During challenging times, we can spiral into fear and worry or use the situation to make us stronger. Over the past 15+ months, the novel coronavirus has caused unprecedented fear and uncertainty across the globe. In addition, the year was full of other challenges, but it was our perseverance that got us through the hard times. All we as a team knew was that there is always something to be gained from the most difficult situation. Amid sharp and dramatic changes, we conducted our daily work, amid economic uncertainty we grew, and amid an array of natural disasters we made it happen. Our character helped us accept and adapt to the changing events, cope with the turbulent times, and bounce back stronger. The resilience helped us grow stronger, while continuing to serve the essential sectors. It was truly a remarkable year for Sudarshan. What we all, faced last year, and how we got together to fight it, will forever be etched in our memories. It was a unique year, indeed. Best lessons are learnt in difficult times and the pandemic and all other adversities which we went through last year has taught us invaluable lessons of gratitude, agility, adaptability and a lot of other key lessons for life. During these GROWING trying times, the Company focused not on complaining about the problems but to resolve the challenges on the way and be STRONGER. resilient. MAKING IT Despite all the adversities, we have grown stronger as we had HAPPEN! the grit and determination to make it happen! “All the adversity I’ve had in my life, all my troubles and obstacles, have strengthened me. You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” — Walt Disney CORPORATE OVERVIEW Statutory Reports Financial Section HOW WE MADE IT HAPPEN HIGHLIGHTS OF THE YEAR: 1-39 CorPorAte overvIew 30 Protecting Environment With a strong mindset WE MADE IT HAPPEN 03 Highlights of the Year, We made it Happen 32 Developing Communities, making Them stronger 04 Message from the managing Director 34 Board of Directors: People Who Make It Happen Investing for growth 06 Strong Global supplier of Colour solutions 36 Corporate Information: Board composition • Close to commissioning capex projects of ~₹ 600 crores which are crucial for our growth journey ahead. 08 Performance Highlights: We made it! 38 List of Directors of subsidiary Companies Spirited Growth in uncertain time: 12 A decade’s journey • Despite these challenges, we could deliver a spirited performance by recording a 9% growth in sales while 14 Awards and Accolades 40-123 StAtutory rePortS expanding the operating margins by 100 bps. 16 Growing stronger by Converting 40 Management Discussions and Analysis • Recorded a consolidated revenue of ₹ 1,864 crores as against ₹ 1,708 crores last year. Challenges Into opportunities 45 Directors’ Report • EBITDA grew significantly withmargins at 15.4% as against 14.4% last year. 18 Strategic Pillars That Lend a strong support 87 Business responsibility report • Profit before tax without exceptional items was recorded at ₹ 190 crores which was agrowth of 17% over last year. 96 Report on Corporate Governance 20 Building Capabilities: Building strength 22 Building Capacities: Building future Credit rating upgrade 124-279 FINANCIAL SeCtIoN 24 Building a Stronger Portfolio • While pursuing our growth aspirations and with large capex under implementation, we have effectively maintained 26 Expanding reach: Growing Base 125 Standalone and improved our financial metrics and key ratios. This is reflected in our long-termrating upgrade by one notch 28 Business model That makes Us stronger 203 Consolidated from A+ to AA- Towards world-class manufacturing • Building world-class operations with Integrated transformation across productivity, quality (including change management), safety and others InvEsTor Information CIN : L24119PN1951PLC008409 Invested in renewable energy BSE Code : 506655 • Investment in solar power plant with capacity of 19.495 MWh power, cost saving ~₹ 201 lakhs. NSE Symbol : SUDARSCHEM Bloomberg Code : SCHI:IN Dividend recommended : ` 6 per share To Know more about investor related information & annual th AGm Date and Time : 6 August, 2021 04:00Pm general meeting, please visit: AGm mode : Video Conferencing www.sudarshan.com Disclaimer: This document contains statements about expected future events and financials of Sudarshan Chemical Industries Limited, which are forward looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements may not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as several factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors 35,922 Mn referred to in the Management Discussion and Analysis section of this Annual Report. Market Capitalisation ANNUAL REPORT 2020-21 3 CORPOrate OVERVIEW Statutory Reports Financial Section transportation disruptions made things The commitment, courage, determination, very difficult. However, in second half, with and agility demonstrated by our people the easing of lockdown along with strong throughout the year deserves to be recovery in domestic demand and continued appreciated. The outstanding performance resilience in exports demand, the Company despite all the difficulties is a testament MEssAGE demonstrated a strong performance. The to the strength of our character and the speciality business remained buoyant, and resilience of our people. FROM THE the non-speciality segment saw traction We have started the new financial year after remaining subdued during the early with a renewed sense of energy and months. confidence, to march towards our vision, MANAGING Despite these challenges, we could deliver which is a collective aspiration of all of us a spirited performance by recording a at sudarshan. This year, we will continue to DIRECTOR 9% growth in sales while expanding the work towards our long-term vision and focus operating margins by 100 bps. We recorded on growth priorities such as driving new a consolidated revenue of ₹ 1864 crores launches with rigor and speed. Additionally, as against ₹ 1708 crores last year. EBITDA we will drive implementation of World grew significantly with margins at 15.4% Class Manufacturing initiatives to further as against 14.4% last year. Profit before tax strengthen our operations and transform without exceptional items was recorded at Roha and Mahad into world class sites. ₹ 190 crores which was a growth of 17% We are also focusing on strengthening our over last year. supply chain through strategically important backward integration projects. We continue In terms of expansion, we progressed well to strengthen our leadership bench and on capex projects. overall, ₹ 600 Crores of people pillar, and continue to drive towards capex plan was initiated in fY20, and we are creating an innovative and performance confident that we will fully implement the driven work culture Dear Stakeholders, same by fY22. multiple projects which are It was indeed a difficult year, and I would like This past year has been a tough one now in the final stage of implementation are likely to soon get commercialised. Post to thank all the stakeholders for standing for everyone, both personally and at this capex, we will have a product portfolio alongside us as we faced the crisis together work. During 2020, we at sudarshan equivalent to that of global leaders. Despite and came out more resilient. My sincere have dealt with multiple lockdowns, pursuing our growth aspirations and with gratitude to all my fellow Board members, Cyclone Nisarga hampering our a large capex under implementation, we management team, employees, customers, production sites as well as a Covid-19 have effectively maintained and improved suppliers, government officials, and our outbreak on our own Roha campus our financial metrics and key ratios. This is shareholders for their continued trust, and now the challenges of the reflected in our long-term rating upgrade belief, and support in our journey of making second wave of Covid-19. by one notch from A+ to AA-. We have Sudarshan a reliable and sustainable leading During the initial half of the financial also started the journey towards World global pigment player. year, domestic demand remained Class Manufacturing - Building world class We remain optimistic about the business sluggish due to lockdowns. The operations with integrated transformation potential and will continue to drive towards company also faced supply chain across productivity, quality and safety. our Vision. constraints during this period. This progress shows that even though Sincerely, Moreover, limited availability of these difficult times tested our resolve, Rajesh Rathi manpower and material as well as they brought out the best in each of us. Managing Director 4 SUDARSHAN CHEMICAL INDUSTRIES LIMITED ANNUAL REPORT 2020-21 5 CORPOrate OVERVIEW Statutory Reports Financial Section STRONG GLOBAL SUPPLIER CoSmetics OF COLOUR SOLUTIONS serving for over 70 years in Indian and global pigment markets, sudarshan Chemical Industries Limited The Company has two manufacturing plants in mahad and roha and 2 dedicated r&D centre globally. Harnessing the opportunities (‘Sudarshan’ or ‘the Company’) has emerged as one of in the segment and moving along its constant endeavours, Sudarshan during the year, made a steady progress in new product the leading producers in India. With high-end pigments development. With a vision of building world-class operations with integrated transformation, the Company continuously works on at its core, the Company manufactures an extensive new products and customised solutions. This has enabled sudarshan to spread its wings to 85+ countries. range of organic, Inorganic and Effect Pigments and Dispersions. The Company has a dominant market share of 35%+ in India.
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