Our immediate tasks are to i) realise envisaged sales (even when demand is lacklustre), ii) streamline the completed projects wherein we have encountered difficulties, iii) commission projects underway and iv) trim excess working capital tied up – team Atul is already seized of these tasks. Our six enduring mandates remain just as important: i) drive process efficiency in manufacturing and every other function, ii) pervade technology in every function – it is a deflationary force in an inflationary economy, iii) become world-class in people productivity, iv) remain lean in fixed cost, v) conserve cash while evolving the future (that is, measure performance by free cash flow) and vi) engage with customers on ideas with large potential. Atul Foundation undertook 40 projects under its six programs, namely conservation, education, empowerment, health, infrastructure and relief, all in sync with the national priorities, for serving society. The Foundation manages 15 institutions of which seven are public private partnerships; it is having 16 major ongoing projects. Atul Healthcare is a new institution and Community Based Rehabilitation andWater Recycling System are two new projects. The Foundation touched the lives of ~ 1,25,000 people (in seven states of India). The amount spent by the Foundation was ` 16 cr whereas the total spent was ` 40 cr. For more reading on the activities of the Foundation, please visit www.atulfoundation.org Despite the fact that our Company has come a long way in the key people processes (in particular, recruitment, learning and development, performance management and people planning), we see a need to further articulate and institutionalise them – this will enhance individual and collective performance and help us achieve the immediate tasks and enduring mandates mentioned in the paragraph nine above. We are therefore articulating the processes with internal functional and cross-functional teams and external HR consulting firms and institutionalising them along with team members across our Company particularly those with people responsibility. I value the members of team Atul - they have demonstrated commitment and dedication amidst unnerving uncertainties. I thank the consumers and customers – they set a higher bar and thus push us to stretch and also give us an opportunity to serve. I recognise the support of the supply chain partners. Bansi Mehta retired from the Board after distinguished affiliation of 31 years and Rajendra Shah will retire at the coming AGM after esteemed association of 41 years – I am indebted to them for their guidance, constructive approach and availability all the time. I am grateful to you, my every fellow shareholder, for your confidence, trust and understanding – these mean more than anything else. Even though 2023-24 is still in a slowdown mode, I am sure that our Company will emerge from these testing times in a stronger position than when it entered them. We consistently assess and discern between the ‘trend of the minute’ and those ‘shifts that are truly permanent’. Even if there is a lag for the demand to pick up, team Atul is using these times to broaden and deepen customer base and build new capabilities at the workplace. As we embrace responsibility and grasp opportunities embedded even in uncertain times, there is no limit to what we can achieve for our Company and in a small way for India. I therefore say that the best days for our Company are yet to come. Sincerely, Sunil Siddharth Lalbhai Chairman and Managing Director 1excluding one-time dividend income 2along with Amal Speciality Chemicals Ltd, 100% subsidiary of Amal True self-leadership is about self-examination by looking inwards, identifying mistakes and their reasons and correcting them as against examination of the faults outside. The real endeavour is to turn the attention inwards; this nurtures the human spirit. This concept is of course true for people, but it is equally rational if seen from the lens of science and technology. Process engineering laboratory – established to revalidate and improve manufacturing processes – is one such endeavour. We are working to institutionalise this concept personally and professionally. Process engineering laboratory, Atul site 19
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